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Hong Kong stock markets will continue trading during typhoons, starting September 23
HONG KONG, CHINA – OCTOBER 13: A taxi crosses an empty intersection in the central business district during a Storm Signal No. 8 issued for Typhoon Kompasu, the 18th typhoon this year, on October 13, 2021 in Hong Kong , China.
Chinese Press Service | Chinese Press Service | Getty Images
Hong Kong's financial markets will continue to operate even in the face of typhoons and extreme weather from September 23, Chief Executive John Lee said on Tuesday.
Speaking to his weekly press conferenceLee said there was broad support for allowing commerce in extreme weather, like other cities.
“Hong Kong is an international financial center and there is no reason why we should not align ourselves with international financial standards,” Lee said.
He noted that during consultations conducted by the Hong Kong Stock Exchange, more than 90% of brokerage firms and securities companies supported the proposal.
The move comes as Hong Kong prepares to height of typhoon season which mainly occurs between August and September, according to the climate database Worlddata.info.
This ends a decades-long practice by the city of closing its HK$32.9 trillion ($4.2 billion) market during heavy rains or typhoons. Currently, theHong Kong stock exchange halts tradingwhen a typhoon signal or “black rain warning” is issued.
According toHong Kong Observatorythere have been 11 tropical cyclones in 2023 that reached typhoon intensity or higher, which is lower than the 60-year average of about 15 from 1961 to 2020.
Currently, theHong Kong Stock Exchange cancels morning sessionif severe weather conditions persist beyond 9 a.m. and before 11 a.m. local time. A full day of trading will be canceled if extreme conditions continue beyond 12:00 p.m.
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