Cash News
The News
Shanghai, China’s financial hub, was hit by the strongest tropical storm in 75 years Monday.
The city had closed its seaports and canceled more than 600 flights in preparation for Typhoon Bebinca, which made landfall early Sept. 16 having ripped through the Philippines over the weekend.
More than 377,000 people were evacuated, according to local authorities. Some 10 inches of rain were expected in many areas, dampening the Mid-Autumn Festival, a holiday in East Asia that sees many people travel for family reunions. Videos of submerged streets, uprooted trees, and damaged buildings were circulating online.
The storm comes on the heels of Typhoon Yagi, which devastated Vietnam and brought manufacturing and international shipping hubs in Southern China to a standstill for days. Severe weather whiplash is a growing concern for China’s food security and manufacturing sector, with most scientists predicting that warmer summers and hotter oceans caused by climate change will juice storms beyond current levels in decades to come.