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Hong Kong's stock exchange will now remain open for trading during typhoons and heavy storms starting in September, as announced by the city's leader on Tuesday.
Currently, the exchange suspends trading when a strong typhoon signal or "black rainstorm warning" is issued, resulting in several lost trading days each year, according to AFP.
While Southern China typically experiences seasonal typhoons in the latter part of the year, the impact of climate change has made tropical storms more unpredictable and intensified their strength.
John Lee declared that starting from September 23, investors can conduct trading as usual "even when the typhoon signal number eight or above is raised in Hong Kong, or during a black rainstorm warning".
He also mentioned that Shenzhen and Shanghai are already trading in adverse weather conditions, and as an international financial center, Hong Kong should do the same to enhance its competitiveness.
Katerine Kou, chair of Hong Kong Securities Association, expressed that this decision reflects the city's effort to strengthen its global competitiveness as a vital link between the Chinese and global markets.
Last year, the city raised its highest T10 warning for Typhoon Saola for only the 16th time since World War II. Following this, Hong Kong experienced the heaviest rainfall in nearly 140 years, causing flooding and waterlogged subway stations.
The consultation paper from the city's bourse proposing trading to continue through bad weather highlighted that severe weather had led to four market suspensions in 2023, including three full-day suspensions impacting investors.
