STORY:
China Stocks Subject to Y2K Test

Two different sources are reporting different results in a test of Y2K compliance by China's stock market. According to an AP report which quotes the official Xinhau News Agency,checks by China's stock exchanges for the millennium bug computer glitch turned up some problems in February

During the Feb. 10-13 tests, computers were set to Dec. 31, 1999, to see if they might erase accounts or refuse to process transactions if they mistook 2000 for the year 1900.

According to the report, computers in the Shenzhen and Shanghai stock exchanges smoothly made the transition to Jan. 1, 2000, and the testing simulated real operations so closely that uninformed investors tried to place orders, Xinhua said.

Even so, the tests found problems in the computer system of the Shanghai Stock Exchange, Xinhua reported. The report did not elaborate on the problems, but said efforts are being made to resolve them.

But in a separate report also from AP and reprinted by CNN says there were not problems. According to this report, early results indicate no problems for the transition to the next century.

"We put in fake orders in the morning and settled in the afternoon. Everything worked fine," the Shanghai official reported told Dow Jones Newswires or so says the CNN AP report.

The tests, the third so far for the Chinese securities industry, involved all of China's approximately 2,000 brokerage branch offices, 11 banks and some telecommunications companies, Xinhua said.

Source: Associated Press

Source: CNN / USA Today

DATE: 3/02/99

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