The Shanghai and Shenzhen stock exchanges will be closed today and reopen on Tuesday to minimise trading glitches that could arise from the millennium bug. The closures come with the China Securities Regulatory Commission (CSRC) requiring the country's securities and futures exchanges and brokerages to operate 24-hour emergency centres until next Friday to monitor potential disruptions to their computers. 'We are well prepared and are doing a final test on our network at the weekend to prepare for the exchange's re-opening on Tuesday,' Xie Wei, head of the Shanghai exchange's Y2K team, said. Securities brokerages have stepped up surveillance of their systems and are working with the CSRC to smooth out possible kinks. 'We have put in a lot of resources to tackle the problem and have won praises from the CSRC for being the most prepared brokerage,' a Shenyin & Wanguo Securities spokesman said. The CSRC has also asked listed companies to comply with its requirements to ensure continuity into the new year. Mainland financial institutions said they were prepared to deal with the bug but declined to elaborate as they were under orders from the People's Bank of China - the central bank - not to discuss the issue. 'The central bank has issued a notice ordering banks not to talk about the Y2K problem to outside parties,' a Shanghai bank official said. Banks will be closed today to allow the entire banking system to sort out last-minute kinks. They will remain open at the weekend, manned by skeleton staff. A state bank official said he was keeping his fingers crossed as his bank was late in recognising the enormity of the problem. The People's Bank of China has carried out three nationwide tests this year - in June, July, and August - to ensure the banking system is Y2K-compliant. Cai Jin , a monthly financial magazine, said up to 10 billion yuan (about HK$9.33 billion) had been invested by banks to deal with the bug, with the biggest investments made by Industrial and Commercial Bank of China and Bank of China. Foreign observers have said the mainland is one of the least-prepared countries, because it was late in working out a comprehensive strategy.