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Traders sleep by their desks as China's financial hub locks down
Hong Kong/Beijing (CNN Business)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. Other firms have also provided staff with sleeping bags, food and toiletries to get by.
Much of Pudong "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.
Zhong Ou Asset Management, a Chinese firm that says it has $98 billion in assets under management, said that several of its investment directors and fund managers had begun staying overnight earlier this month to ensure operations continued as the pandemic "began to escalate" in Shanghai.
https://edition.cnn.com/2022/03/30/business/shanghai-covid-lockdown-finance-intl-hnk-mic/index.html
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. Other firms have also provided staff with sleeping bags, food and toiletries to get by.
Much of Pudong "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.
Zhong Ou Asset Management, a Chinese firm that says it has $98 billion in assets under management, said that several of its investment directors and fund managers had begun staying overnight earlier this month to ensure operations continued as the pandemic "began to escalate" in Shanghai.
https://edition.cnn.com/2022/03/30/business/shanghai-covid-lockdown-finance-intl-hnk-mic/index.html