Chinese lenders scramble to strengthen their trading desks

Shanghai

FROM London to New York, currency traders are clearing their desks as business evaporates. In Shanghai, however, new positions stay unfilled for weeks and prized experts are encouraged to put in overtime.

Frank Zhang, head of foreign exchange trading at China Merchants Bank Co in the nation's financial capital, has been trying to hire three traders since Oct 16. The local talent pool is too small, he said. His counterpart at Industrial Bank Co, Ye Yuzhang, is sweetening the deal with extra money for those who work late.