Traders sleep by their desks as China’s financial hub locks down – Investment Watch
www.cnn.com/2022/03/30/business/shanghai-covid-lockdown-finance-intl-hnk-mic/index.html
China’s banks and investment firms are calling on essential staff to live at the office this week to avoid any trading disruption during Shanghai’s massive Covid lockdown.
A person familiar with the matter told CNN Business that traders and fund managers were being offered between 500 and 2,000 yuan ($78 to $314) per night to camp out at work, with some companies placing folding beds under workers’ desks. Others have provided food, toiletries and sleeping bags to staff in order to make it through the night.
Pudong is a lot! “is doing it,” the source added, referring to Shanghai’s financial district, which is home to more than 1,000 financial institutions, and China’s leading stock exchange — which is continuing to operate as normal.
Trading doesn’t stop.
