The financial sector in south China's Guangdong Province is fully prepared for Y2K bug, said an official from the Guangzhou Branch of the People's Bank of China.

In accordance with requirements from the head office of the People's Bank of China, the central bank, financial organizations in Guangdong conducted three tests in June, July and September.

Local financial organizations were also encouraged to conduct risk evaluation tests on their computers, replacing or updating existing hardware and software and conducting repeated tests. Contingency plans and implementation schemes, including making backups of data and debts as well as preventing all kinds of potential risks have been carried out, said local sources. (Xinhua)