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Emergency plans made to deal with severe snow
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Shanghai's financial organizations have mapped out an emergency plan if the most destructive snowstorm in 50 years gets any worse.

Shanghai Financial Services Office said yesterday the city's stock, futures, gold and foreign exchanges had put an emergency plan together so they could keep operating should the weather worsen.

Shanghai Stock Exchange has a 30-ton oil store - enough to supply power to the biggest stock market in the Chinese mainland for one week, the office said.

The gold current trading, whose supply has been influenced by the rail transport, has already returned to normal.

Shanghai Anxin Agricultural Insurance Co Ltd has teamed up with Shanghai Agriculture Commission, providing insurance policies covering vegetable prices to ensure supply during the snowy time and the upcoming Chinese New Year.

And securities companies such as Guotai Jun'an and Haitong, whose branches in Guizhou, Hunan and Anhui provinces were blacked out in the chaos, reported their operations were back to normal.

Shanghai's major insurers had received 6,116 claims, worth 206 million yuan (US$28.41 million) in compensation as of last Thursday.

Shanghai Stock Exchange will close during the Chinese New Year holiday from Wednesday to February 12.

(Shanghai Daily February 4, 2008)

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