China clearing firm opens at weekend

Extra work needed to handle impact of stock rally, state media reports

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People walk past the Shanghai Stock Exchange. — AFP

By Reuters

Published: Sun 29 Sep 2024, 5:08 PM

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.

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Brokerages also offered online account opening reviews on Sunday due to demand, the newspaper reported.

Reuters

Published: Sun 29 Sep 2024, 5:08 PM

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