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China clearing firm opens at weekend
Extra work needed to handle impact of stock rally, state media reports
People walk past the Shanghai Stock Exchange. — AFP
A state-owned provider of securities clearing and settlement for the Shanghai and Shenzhen stock exchanges opened on Sunday to handle a surge in brokerage account openings against a backdrop of a market rally, the Securities Times reported on Sunday.
Shanghai's blue chip equity index ended last week up 10.8%, its biggest weekly gain since December 2014. The rally followed the launch of government initiatives to stimulate the economy.
China Securities Depository and Clearing Corp (CSDC) was open for a couple of hours on Sunday, the state-backed newspaper reported. Business is not typically conducted on weekends and working hours usually mirror the exchanges' opening hours.
Brokerages also offered online account opening reviews on Sunday due to demand, the newspaper reported.
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