China Will Pause Markets in Tribute to Jiang on Memorial Day

China Will Pause Markets in Tribute to Jiang on Memorial Day

China‘s financial markets will be at a standstill for three minutes on Tuesday as the nation commemorates the former leader Jiang Zemin. Trading in futures, securities, interbank bonds, money markets, foreign exchange, bills, and gold would be suspended for three minutes on a Tuesday morning. According to the central bank and securities regulator, all the people would be required to pay tribute during a memorial. The start time has not been mentioned as of now.

Jiang had presided over more than a decade of dramatic economic growth after the Tiananmen Square crackdown in 1989. He died on November 30 in Shanghai. He was 96 years old. The Communist Party of China will hold a memorial at 10 am on Tuesday in Beijing. All public entertainment activities would be halted for the day. The halt aims to express the nation’s incomparable respect and deep mourning for Jiang.

This statement was released by the People Bank of China and China Securities Regulatory Commission in separate accounts. During Jiang’s tenure as party secretary from 1989 to 2002, the economy of China more than tripled.

Chinese President Xi Jinping also paid tribute to the former leader Jiang Zemin on Tuesday for ensuring the Communist Party’s survival from political storms and reforming it to inject new vitality and modernize the country’s economy. Jiang had confounded the naysayers and chalked up a list of achievements after breaking China out of diplomatic isolation in the post-Tiananmen era, mending forces with the United States, and overseeing an unprecedented economic boom.

Jinping also said that Jiang had assumed leadership when the party, military, and the country were under profound external pressure and internal difficulties. He was referring to the 1989 pro-democracy protests on and around Tiananmen Square.

Featured Image Credit: The Guardian

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