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Hong Kong stock markets will continue trading during typhoons from September 23
HONG KONG, CHINA – OCTOBER 13: A taxi crosses an empty intersection in the Central business district during a storm signal No. 8 raised for Typhoon Kompasu, this year’s 18th typhoon, on October 13, 2021 in Hong Kong, China.
China News Service | China News Service | Getty Images
Hong Kong’s financial markets will continue to trade even during typhoons and extreme weather from September 23, Chief Executive John Lee announced on Tuesday.
Speaking of your weekly press conferenceLee said there was broad support for allowing trading in extreme weather conditions, in line with other cities.
“Hong Kong is an international financial center and there is no reason why we cannot align ourselves with international financial standards,” said Lee.
He noted that in consultations carried out by the Hong Kong Stock Exchange, more than 90% of brokerages and securities firms supported the proposal.
The decision comes as Hong Kong prepares for the height of typhoon season – which occurs mainly between August and September, according to the climatological database Worlddata.info.
This ends the city’s decades-long practice of closing the $32.9 billion ($4.2 billion) Hong Kong market during heavy rains or typhoons. Currently, the Hong Kong Stock Exchange halts trading when a typhoon signal or so-called “black storm warning” is issued.
According to Hong Kong ObservatoryThere have been 11 tropical cyclones in 2023 that have reached typhoon intensity or greater – this is fewer than the 60-year average of about 15 from 1961 to 2020.
Currently, the Hong Kong Stock Exchange cancels morning session if extreme weather conditions persist beyond 9 a.m. and before 11 a.m. local time. Full-day trading will be canceled if extreme conditions extend beyond 12 p.m.