Central bank aims to solve millennium computer puzzle

PUBLISHED : Thursday, 16 April, 1998, 12:00am
UPDATED : Thursday, 16 April, 1998, 12:00am

The People's Bank of China plans to solve the millennium computer bug in the nation's financial institutions by the end of this year, the Financial News said yesterday. The pledge to sort out the problem was made at a gathering of senior central bank officials in Hainan, the report said. No details were disclosed on Beijing's strategy for tackling the problem, which could cause chaos as computers confuse the year 2000 with the year 1900. The bank also aimed to finish setting up electronic clearing systems among different commercial banks in every city within this year, the newspaper said, quoting Shang Fulin, vice-governor of the central bank. It said the bank was expected to expand its financial satellite network this year. The bank called for improving financial information systems in order to curb risks, the newspaper said without elaborating.