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Shanghai Traders Urge Boost to Markets, Covid-Hit Business

Shanghai Securities Association, Shanghai Futures Association, and Shanghai Asset Management Association said firms should operate continuously and guarantee funds and transactions


Shanghai lockdown
Shanghai reported 52 new Covid-19 deaths on Thursday, up from 47 a day earlier, the local government said on Friday. Photo: Reuters.

 

Three Shanghai stock market trading associations have urged financial institutions and employees to stabilise the bourses and provide financing to industries hit by Covid-19, as China’s financial and commercial hub entered a fourth week of lockdown.

In a joint statement, the Shanghai Securities Association, Shanghai Futures Association, and Shanghai Asset Management Association said firms should operate financial services continuously and guarantee the security of funds and transactions.

China’s stock market has tumbled to two-year lows as the world’s second largest economy grapples with virus flare-ups, the Ukraine crisis, and US monetary tightening, with the main indices down more than 20% so far this year.

Professional institutional investors should “demonstrate responsibility and actively play their roles” by discovering value, stabilising markets and boosting market confidence, the associations said.

The associations also urged financial institutions to meet financing demand from companies engaged in developing and distributing Covid-19 vaccines, testing kits and medicines.

 

  • Reuters, with additional editing by George Russell

 

 

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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