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The French bank also did not comment on plans to end its research partnership with Morningstar after more than four years. The expansion of the equities business by BNP comes as its Wall Street peers have reduced investment banking headcount this year amid sluggish trading and dealmaking activities. In Asia, BNP competes with large Western banks including Morgan Stanley (MS.N), Goldman Sachs (GS.N), JPMorgan (JPM.N) and UBS (UBSG.S), as well as a host of local investment banks in the cash equities business. One of the sources said BNP could boost its Asia equities headcount by as much as 20 over the next year. The bulk of BNP's in-house equities research team, mainly in Hong Kong and Singapore, departed as a result of that deal.

Persons: Dado Ruvic, Morningstar, Jean, Laurent Bonnafe, Morgan Stanley, Goldman Sachs, Jason Yates, BNP's, William Bratton, Exane, Bratton, " Yates, Selena Li, Sumeet Chatterjee, Jamie Freed Organizations: BNP, Bank, REUTERS, Morningstar, Deutsche, JPMorgan, UBS, Thomson Locations: HONG KONG, Asia, Asia Pacific, Europe, U.S, Russia, Ukraine, Pacific, BNP's, Hong Kong, Singapore, China, South Korea, India

☆ Analysts at China's CICC told not to publish bearish views, wear luxury items -memo
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

The company logo of China International Capital Corporation Ltd (CICC), China’s first joint venture investment bank, is displayed at a news conference on the company's annual results in Hong Kong, China March 30, 2016. Additionally, staff at the state-owned investment bank have been asked to not wear luxury brands or disclose their pay. Employees should "make sure their family members adhere to social and ethical standards", the memo said. Banks have also been forced to cut pay and perks for investment bankers, including compensation and budget reductions for travel and entertainment. Reuters reported in April that CICC slashed bankers' bonuses by as much as 40%.

Persons: China’s, Bobby Yip, CICC, Banks, Selena Li, Jason Xue, Sumeet Chatterjee, Edwina Gibbs Organizations: China International Capital Corporation, REUTERS, China International Capital Corp, HK, Reuters, Bloomberg, Thomson Locations: Hong Kong, China, HONG KONG, dealmaking

☆ European Union should consider scrapping banker bonus cap - Deutsche Bank CEO
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: 1 min

Christian Sewing, CEO of Deutsche Bank, poses after an interview with Reuters in Hong Kong, China September 8, 2023. REUTERS/Selena Li/File Photo Acquire Licensing RightsLONDON, Nov 29 (Reuters) - The European Union should consider scrapping a cap on banker bonuses to remain competitive with other financial centres, Deutsche Bank CEO Christian Sewing said on Wednesday. Sewing told a Financial Times event in London that the bloc should take account of other jurisdictions that are ditching similar caps - including Britain - and consider replicating the reform, providing it did not revive a culture of excessive risk taking. Reporting by Iain Withers, editing by Sinead CruiseOur Standards: The Thomson Reuters Trust Principles.

Persons: Selena Li, Deutsche Bank CEO Christian Sewing, Iain Withers, Sinead Cruise Organizations: Deutsche Bank, Reuters, REUTERS, European, Deutsche Bank CEO Christian, Financial, Thomson Locations: Hong Kong, China, European Union, London, Britain

☆ BoE leads central bank chorus on need for restrictive policy
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

Deputy Governor for Markets and Banking of the Bank of England Dave Ramsden attends a press conference concerning interest rates, at the Bank of England, in London, Britain, November 2, 2023. Speaking at a central bank conference in Hong Kong, Bank of England (BoE) Deputy Governor Dave Ramsden also said he saw no financial stability grounds to lower interest rates, which are currently up at 5.25%. “We think that monetary policy is likely to need to be restrictive for an extended period of time," he said. Even with all that tightening, Ramsden said inflation was not expected to return to 2% until the end of 2025. Markets have started to position for the first rate cut, with a move seen as soon as April or June.

Persons: Bank of England Dave Ramsden, HENRY NICHOLLS, BoE, Dave Ramsden, Ramsden, Michele Bullock, Bullock, Pablo Hernández de Cos, Cos, Wayne Cole, Selena Li, Xie Yu, Jamie Freed, Simon Cameron, Moore Organizations: Markets, Banking, Bank of England, Reserve Bank of Australia, Bank of Spain, European Central Bank, ECB, Thomson Locations: London, Britain, HONG KONG, Australia, Spain, Hong Kong

☆ Asia stocks hold gains as confidence grows on rate outlook
▼ + stars: | 2023-11-23 | by ( Selena Li | ) www.reuters.com time to read: +4 min

China's benchmark share index (.CSI300) fell 0.16% on Thursday, with the real estate sub-index (.CSI931775) retrieved earlier losses to gain 2.11%. Chinese government advisers will recommend to an annual policymakers' meeting that economic growth targets for next year be set at 4.5% to 5.5%, Reuters reported on Wednesday. Markets have generally been buoyant this month, with stocks rallying on expectations of a more benign interest rate backdrop. The next set of forward-looking flash November PMIs will help investors to assess recession risks and how quickly rate cuts might begin. The minutes of the European Central Bank's October meeting and flash PMIs for a host of European countries are Thursday's highlights.

Persons: Tyrone Siu, shrugged, Redmond Wong, Brent, Sterling, Jeremy Hunt, Changpeng Zhao, Bitcoin, Selena Li, Edmund Klamann, Stephen Coates Organizations: REUTERS, Bloomberg, Garden Holdings, HK, Reuters, U.S, The, Federal Reserve, Saxo Markets, Nikkei, Nasdaq, European Central, PMI, OPEC, FTSE, UK Finance, Thomson Locations: Exchange, Hong Kong, China, HONG KONG, Asia, Pacific, Japan, United States, The U.S, Greater China, Australia, Britain, U.S

☆ Asia stocks hold recent gains as confidence grows on rate outlook
▼ + stars: | 2023-11-23 | by ( Selena Li | ) www.reuters.com time to read: +4 min

Investors are also looking to Chinese policymakers for clues on possible support for the long-suffering property market, in line with broader growth targets they are hammering out. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged down 0.11% in thin trading, with Japan and the United States on holiday. Chinese government advisers will recommend to an annual policymakers' meeting that economic growth targets for next year be set at 4.5% to 5.5%, Reuters reported on Wednesday. Markets have generally been buoyant this month, with stocks rallying on expectations of a more benign interest rate backdrop. The next set of forward-looking flash November PMIs will help investors to assess recession risks and how quickly rate cuts might begin.

Persons: Tyrone Siu, shrugged, Redmond Wong, Brent, Sterling, Jeremy Hunt, Changpeng Zhao, Selena Li, Edmund Klamann Organizations: REUTERS, Federal Reserve, Saxo Markets, Nikkei, Reuters, Nasdaq, OPEC, FTSE, UK Finance, Thomson Locations: Exchange, Hong Kong, China, HONG KONG, Asia, Pacific, Japan, United States, U.S, Greater China, Australia, Britain

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Citi's Capital Markets and Advisory Head for Asia, Jan Metzger, will lead its investment bank for the Asia North and Australia and Asia South Cluster, according to the source, who declined to be named as the bank had yet to make the information public. Former Asia corporate head bank Kaleem Rizvi has been appointed as the corporate bank head for Asia North and Australia, while K Balasubramanian was named as head of corporate banking for Asia South, the source added. Gunjan Kalra will continue to lead Citi's commercial banking business for Asia North and Australia and Asia South, according to the source. Citi announced Monday plans to cut management layers from 13 to eight as part of its biggest overhaul in decades.

Persons: Chris Helgren, Jan Metzger, Kaleem Rizvi, Balasubramanian, Gunjan Kalra, Selena Li, Yantoultra, Miral Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Asia, Former, Asia North, Street, Thomson Locations: Toronto , Ontario, Canada, HONG KONG, SINGAPORE, Asia Pacific, Australia, Asia, Former Asia, Hong Kong, Singapore

Peng Zhao, CEO, Citadel Securities speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. If Citadel Securities were to obtain a licence, it would be the first foreign firm to formally foray into market-making in China outside interbank and foreign exchange market making. "We are pleased to see the introduction of the market-making program in China," Zhao told Reuters in an interview in Hong Kong. Citadel Securities in July appointed Tony Tang, the former head of BlackRock's China business, to helm its China operations. This year, Citadel Securities also launched an investment-grade corporate bond market-making business in the United States.

Persons: Peng Zhao, Mike Blake, Zhao, Ken, Tony Tang, Summer Zhen, Selena Li, Sumeet Chatterjee, Edwina Gibbs Organizations: Citadel Securities, Milken, Global Conference, REUTERS, Reuters, Beijing Stock Exchange, Nasdaq, China's Stock, Treasuries, Asia, Thomson Locations: Beverly Hills , California, U.S, HONG KONG, China, interbank, Hong Kong, United States, Beijing, Asia

☆ Deutsche Bank boosts Asia bets as clients seek Wall Street alternative -CEO
▼ + stars: | 2023-11-09 | by ( Selena Li | ) www.reuters.com time to read: +4 min

Christian Sewing, CEO of Deutsche Bank, poses after an interview with Reuters in Hong Kong, China September 8, 2023. Asia offers higher profit margins than other regions, according to Sewing, who took the helm at the lender in 2018. It operates in 15 markets in Asia Pacific and generates about 15% of its global revenue in the region, he said. Sewing said that the demand for advice from clients in Asia Pacific was far higher than two or three years ago. At that time, it announced plans to cut around 18,000 staff worldwide, with teams disbanded and jobs cut in most of its Asia Pacific markets.

Persons: Selena Li, Sewing, Sumeet Chatterjee, Christian Organizations: Deutsche Bank, Reuters, REUTERS, Asia, Deutsche, UBS, Thomson Locations: Hong Kong, China, HONG KONG, Asia Pacific, U.S, Asia, Ho Chi Minh City, Seoul

☆ Banking chiefs say market vulnerable to 'geopolitical escalation', regulatory push
▼ + stars: | 2023-11-07 | by ( Selena Li | ) www.reuters.com time to read: +3 min

[1/3] UBS Chairman Colm Kelleher looks on during the Global Financial Leaders' Investment Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu Acquire Licensing RightsHONG KONG, Nov 7 (Reuters) - Top global banking chiefs on Tuesday said they are concerned the financial sector's next crisis may come from rising geopolitical uncertainty which could test financial market resiliency, while the industry remains vulnerable to regulatory tightening. The trigger for the next global financial crisis is likely to come from the geopolitical or political space, said Morgan Stanley (MS.N) Chairman and CEO James Gorman. Gorman was among more than a dozen top executives of international firms speaking at the Global Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority. REGULATION "WAY TOO FAR"The global banking bosses also took the stage of the Asia summit to voice their concerns in an unusually aggressive joint effort to push back on a set of stricter banking rules.

Persons: Colm Kelleher, Tyrone Siu, Morgan Stanley, MS.N, James Gorman, Gorman, " Gorman, Christian, Goldman Sachs, David Solomon, Solomon, Morgan Stanley's Gorman, Selena Li ， Kane Wu, Xie Yu, Scott Murdoch, Summer, Tom Hogue, Christopher Cushing, Lincoln Organizations: UBS, Global Financial, Investment, REUTERS, Tyrone, Investment Summit, Hong Kong Monetary Authority, Deutsche Bank, Christian Sewing, UBS Group, Thomson Locations: Hong Kong, China, HONG KONG, Israel, Gaza, Russia, Ukraine, Asia, U.S

A man walks past a logo of HSBC at its headquarters in Kuala Lumpur, Malaysia August 6, 2019. The results from Europe's biggest bank showed the pressure it is under to deliver returns to long-suffering investors now that interest rates worldwide are rising. In the third-quarter results, the lender booked a $500 million impairment related to the commercial real estate sector in mainland China. HSBC's Asia-focused competitor Standard Chartered (STAN.L) reported last week an unexpected one-third plunge in third-quarter profit due to a nearly $1 billion combined hit from its exposure to China's real estate and banking sectors. Reporting by Selena Li in Hong Kong and Lawrence White in London; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Lim Huey Teng, Jefferies, Joe Dickerson, Selena Li, Lawrence White, Jamie Freed Organizations: HSBC, REUTERS, Barclays, Europe's, Global Banking, Markets, Standard Chartered, Thomson Locations: Kuala Lumpur, Malaysia, HONG KONG, London, Hong Kong, Asia, China

The U.K.-headquartered bank, which earns most of its revenue in Asia, booked July-September statutory pretax profit of $633 million. That compared with $996 million a year earlier and the $1.41 billion average of 16 analyst estimates compiled by the bank. China Bohai booked a 17.8% fall in January-June net interest income, leading to a nearly 7% decline in its overall profit, according to company filings. StanChart's Chinese real estate exposure totalled $2.7 billion, down $200 million from the previous quarter. StanChart has recently had "no contact" with FAB, Chief Financial Officer Andy Halford told reporters on a conference call on Thursday.

Persons: Peter Nicholls, StanChart, China Bohai, Andy Halford, Jefferies, Joe Dickerson, Dickerson, Selena Li, Lawrence White, Christopher Cushing Organizations: Chartered, REUTERS, Bank, Bohai, China Bohai Bank, HK, Abu Dhabi Bank, Thomson Locations: London, Britain, Bohai Bank, China, HONG KONG, China Bohai, Russia, Ukraine, Asia, Tianjin, StanChart

☆ Nomura reassesses mainland China business plan as losses mount
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

The logo of Nomura Securities is seen at the company's Head Office in Tokyo, Japan, November 28, 2016. Nomura's majority-owned joint venture has struggled to grow since its launch in 2019, dragged down by the pandemic and a slowing economy. In 2022, the joint venture lost 225 million yuan ($30.75 million), after losing 84 million yuan in 2021, according to Nomura's filings. Nomura's China joint venture headcount has dropped to 259 from 281 in July, far short of the original target of increasing it to 500 by this year. The joint venture is 51% owned by Nomura, 24.9% by Orient International Holding, and 24.1% by Shanghai Huangpu Investment Holding Group.

Persons: Toru Hanai, Nomura, headcount, Goldman Sachs, Makiko Yamazaki, Selena Li, Sonali Paul Organizations: Nomura Securities, REUTERS, Rights, Nomura Holdings, Bloomberg, Reuters, Citigroup, Nomura Orient International Securities, Nomura, Orient International Holding, Shanghai Huangpu Investment Holding Group, Thomson Locations: Tokyo, Japan, China, Shanghai, Hong Kong, Asia

Investors stand in front of a screen showing the logo of Nomura Holdings in Tokyo, Japan, December 1, 2015. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsSYDNEY, Oct 25 (Reuters) - Japanese investment bank Nomura Holdings (8604.T) has laid off about 10 of its Hong Kong-based investment bankers, including some who were focused on China-related deals, said two sources with direct knowledge of the matter. The Japanese investment bank has seen its China-linked fortunes slipping lately. Its fortunes in regional equity capital markets were boosted by its leading advisory role in March on the $9.24-billion stake sale by Japan Post Holdings (6178.T) in Japan Post Bank Co(7182.T). Reporting by Scott Murdoch in Sydney and Selena Li in Hong Kong Editing by Helen PopperOur Standards: The Thomson Reuters Trust Principles.

Persons: Toru Hanai, Nomura, LSEG, Goldman Sachs, Scott Murdoch, Selena Li, Helen Popper Our Organizations: Nomura Holdings, REUTERS, Rights, Reuters, Japan Post Holdings, Japan Post Bank Co, Bank of America, Citigroup, UBS, Hong, Thomson Locations: Tokyo, Japan, Hong Kong, China, Asia, Sydney

☆ Three Listed Chinese Firms Used Endangered Animal Parts as Ingredients Report
▼ + stars: | 2023-10-22 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +3 min

In a report published Monday, the London-based Environmental Investigation Agency urged global investors in the three firms - Beijing Tong Ren Tang group, Tianjin Pharmaceutical group and Jilin Aodong Pharmaceutical Group - to divest their stakes. The group said it focused on the pharmaceutical companies because they are publicly listed, and display products that include leopard or pangolin parts on their websites. Beijing Tong Ren Tang and Tianjin Pharmaceutical group did not respond to several emails and calls from Reuters asking for comment. Jilin Aodong Pharmaceutical Group could not be reached for comment. The environmental group said Deutsche Bank, HSBC Holdings, Citigroup and BlackRock did not respond to its queries.

Persons: Andrew Silver, Selena Li SHANGHAI, Beijing Tong Ren Tang, Avinash Basker, Wells, China's, Selena Li, Miyoung Kim, Miral Organizations: Reuters, UBS, HSBC, Environmental Investigation Agency, Tianjin Pharmaceutical, Jilin Aodong Pharmaceutical, TCM, Deutsche Bank, HSBC Holdings, Citigroup, Co, HSBC Global Asset Management Canada, Royal Bank of Canada, BlackRock, Citigroup ， Deutsche Bank, Medical Products Administration, Protection Locations: HONG KONG, London, Beijing, Tianjin, Jilin, BlackRock, Shanghai, Hong Kong

In a report published Monday, the London-based Environmental Investigation Agency urged global investors in the three firms - Beijing Tong Ren Tang group (600085.SS), Tianjin Pharmaceutical group (600329.SS) and Jilin Aodong Pharmaceutical Group (000623.SZ) - to divest their stakes. The group said it focused on the pharmaceutical companies because they are publicly listed, and display products that include leopard or pangolin parts on their websites. Beijing Tong Ren Tang and Tianjin Pharmaceutical group did not respond to several emails and calls from Reuters asking for comment. Jilin Aodong Pharmaceutical Group could not be reached for comment. The environmental group said Deutsche Bank, HSBC Holdings, Citigroup and BlackRock did not respond to its queries.

Persons: pangolin, Seun, Beijing Tong Ren Tang, Avinash Basker, Wells, China's, Andrew Silver, Selena Li, Miyoung Kim Organizations: REUTERS, Rights, UBS, HSBC, Environmental Investigation Agency, Tianjin Pharmaceutical, Jilin Aodong Pharmaceutical, TCM, Deutsche Bank, HSBC Holdings, Citigroup, BlackRock, & Co, HSBC Global Asset Management Canada, Royal Bank of Canada, Citigroup ， Deutsche Bank, Reuters, Medical Products Administration, Protection, Thomson Locations: Lagos, Nigeria, Rights SHANGHAI, HONG KONG, London, Beijing, Tianjin, Jilin, Shanghai, Hong Kong

☆ Wall St ends mixed, US Treasury yields spike on robust data, solid earnings
▼ + stars: | 2023-10-17 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Oct 17 (Reuters) - The Nasdaq dipped and benchmark U.S. Treasury yields surged on Tuesday as robust economic data and strong third-quarter earnings sugested the Federal Reserve may keep policy tight for longer than expected. Yields on two-year Treasury notes rose to 17-year highs with five-year yields at 16-year peaks. Emerging market stocks rose 0.48%. Benchmark Treasury yields spiked after the strong retail sales data led market participants to adjust their expectations regarding the duration of the central bank's tightening cycle.

Persons: Brendan McDermid, Chip, Joe Biden's, Goldman Sachs, Thomas Martin, Martin, Biden, Brent, Stephen Culp, Selena Li, Alun John, Sharon Singleton, Cynthia Osterman, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Nasdaq, Treasury, Federal Reserve, Dow, Semiconductor, SOX, Bank of America, Dow Jones, Japan's Nikkei, U.S, Thomson Locations: New York City, U.S, China, Philadelphia, Atlanta, Israel, Asia, Pacific, Japan, Hong Kong, London

REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsHONG KONG/LONDON, Oct 17 (Reuters) - Bond yields rose on Tuesday and stocks steadied as markets continued to retrace last week's moves to safe-haven assets, focusing on corporate earnings prospects and the resilience of the U.S. economy rather than tensions in the Middle East. Benchmark 10-year bond yields in the U.S. and Germany (Bunds) rose around 5 basis points (bps) on Tuesday having risen 5-8 bps Monday - bond yields move inversely to prices. Israel's shekel remained on the weak side of the 4 per dollar level it softened to for the first time since 2015 on Monday. Russian President Vladimir Putin on Tuesday arrived in Beijing to meet Chinese President Xi Jinping even as the war in Ukraine raged on. If investors do not receive the coupon payment, all of Country Garden's offshore debts will be deemed in default.

Persons: DAX, Kai Pfaffenbach, Banks, BNY, Goldman Sachs, We're, Jorge Garayo, Joe Biden, Israel, Israel's shekel, Vladimir Putin, Xi Jinping, BoE, Gold, Brent, Selena Li, Alun John, Shri Navaratnam, Ed Osmond, Alex Richardson Organizations: Deutsche, REUTERS, Bank of America, Treasury, Bund, Societe Generale, U.S, Israel, Hamas, Iran's, Tuesday, HK, Bank of England, Swiss, Venezuela, Thomson Locations: Frankfurt, Germany, HONG KONG, U.S, Iran, Gaza, Beijing, Ukraine, Friday's, Washington, Israel, Hong Kong, London

☆ Asia stocks rise on earnings hopes; keep wary eye on Mideast tensions
▼ + stars: | 2023-10-17 | by ( Selena Li | ) www.reuters.com time to read: +3 min

A man looks at an electric board displaying the Nikkei stock average outside a brokerage in Tokyo, Japan June 14, 2023. Overnight the S&P 500 (.SPX) had climbed 1%, while oil prices and the U.S. dollar had fallen. Benchmark 10-year Treasury yields are about 15 basis points off 16-year highs, though they crept higher in Asia trade Tuesday to 4.7331%. The euro traded at $1.0549 and the yen hovered just short of the 150-per-dollar mark at 149.53. If investors don't receive the coupon payment, all of Country Garden's offshore debts will be deemed in default.

Persons: Kim Kyung, Kerry Craig, Goldman Sachs, Morgan Stanley, Johnson, Craig, Joe Biden, Israel, Israel's shekel, Bitcoin, Selena Li, Shri Navaratnam Organizations: Nikkei, REUTERS, Tokyo's Nikkei, U.S ., Morgan Asset Management, Bank of America, Johnson, Netflix, Federal Reserve, Israel, Hamas, Iran's, HK, Brent, BlackRock, Thomson Locations: Tokyo, Japan, HONG KONG, U.S, Asia, Pacific, Gaza, Iran, Zealand, Brent

☆ Singapore exports fall for 12th month in September but recovery seen
▼ + stars: | 2023-10-17 | by ( ) www.cnbc.com time to read: 1 min

Containers are loaded on the premises of the port operator PSA, the Port of Singapore Authority (PSA), at the Port of Singapore on 14 June 2022. Singapore's exports fell for a 12th straight month in September on a year-on-year basis as the trade-reliant economy grappled again with global headwinds on inflation and declining demand. Singapore's non-oil domestic exports, or NODX, fell 13.2% in September from the same month a year earlier, data on Tuesday showed, as both electronic and non-electronic exports to its top 10 markets declined. Last month's fall compared with a Reuters poll forecast of a 14.7% drop, and extended the 22.5% contraction seen in August. There were, however, some "green shoots" in some markets, said OCBC economist Selena Ling, adding that September's data suggested some stabilization.

Persons: Selena Ling Organizations: Singapore Authority, Port Locations: Port, Port of Singapore

A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. In a move that surprised economists, the Monetary Authority of Singapore (MAS) said it would shift to a quarterly schedule of policy statements in 2024 from semi-annual. The MAS maintained the prevailing rate of appreciation of its currency policy band known as the Singapore dollar nominal effective exchange rate, or S$NEER. As part of the increased frequency of its policy statements, monetary policy will be reviewed in January, April, July and October instead of just April and October. Prior to April, the MAS tightened monetary policy five times in a row, including in two off-cycle moves last year.

Persons: Darren Whiteside, Chua Hak Bin, Chua, Selena Ling, Ling, Xinghui Kok, Kanupriya Kapoor, Martin Petty, Sam Holmes Organizations: Monetary Authority, REUTERS, Rights, Monetary Authority of Singapore, MAS, Singapore, Gross, Reuters, Thomson Locations: Singapore, Rights SINGAPORE

A man stands near a screen showing news footage of Chinese President Xi Jinping at the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. The China Securities Regulatory Commission (CSRC) has told brokerages to stop offering securities trading from offshore accounts such as Hong Kong to new mainland investors, according to a Sept. 28 notice issued by its Shanghai unit. Activities now considered illegal include cross-border securities broking, securities lending, fund sales and investment consulting, according to the notice. The use of offshore brokerage accounts in Hong Kong entails converting yuan to other currencies. They can also use some foreign brokerage platforms outside mainland China if they have funds parked in offshore locations.

Persons: Xi Jinping, Tingshu Wang, brokerages, Shujin Chen, Guotai Junan, Selena Li, Zhen, Julie Zhu, Sumeet Chatterjee, Edwina Gibbs Organizations: China Securities Regulatory Commission, REUTERS, Reuters, outflows, Jefferies, Citic Securities, HK, Haitong Securities, Hong Kong, Futu Holdings, Fintech Holding, May, Hong, Stock, Hwabao Securities, Thomson Locations: Beijing, China, HONG KONG, Hong Kong, Shanghai, outflows

☆ Evergrande founder joins list of Chinese tycoons investigated, arrested
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +4 min

Following is a list of some other high-profile Chinese executives who have been investigated or arrested under Xi's leadership. BAO FAN, FOUNDER OF CHINA RENAISSANCEThe founder of China Renaissance Holdings (1911.HK) was detained in February and the investment bank said in August he was co-operating with authorities as investigations continued. Wu was arrested in June 2017 amid Beijing’s campaign to curtail big-spending conglomerates as it cracked down on financial risk. YE JIANMING, FOUNDER OF CEFC CHINA ENERGYIn 2017, Ye's CEFC agreed to buy a nearly $9.1 billion stake in Russian oil major Rosneft. A year later, he was investigated for suspected economic crimes and disappeared from public view in March 2018.

Persons: Hui Ka Yan, Xi Jinping, ZHAO WEIGUO, Tsinghua Unigroup, Zhao, Bao, Morgan Stanley, Didi, XIAO JIANHUA, Xiao, CHEN FENG, TAN XIANGDONG, GROUP, Tan, WU XIAOHUI, Wu, JIANMING, Ye's CEFC, magazine's, Kane Wu, Selena Li, Anne Marie Roantree, Miyoung Kim, Lincoln Organizations: HK, Evergrande, TSINGHUA UNIGROUP, Tsinghua University, Tsinghua, OF CHINA, China Renaissance Holdings, Credit Suisse Group, OF, China's Communist Party elite, Reuters, HNA, Hainan Airlines, Deutsche Bank, Hilton Worldwide, Prosecutors, Thomson Locations: China, Chinese, Guangdong, Shanghai, Hong Kong, Hainan, CHINA

☆ Exclusive: HSBC to acquire Citigroup China consumer wealth business -sources
▼ + stars: | 2023-09-28 | by ( Selena Li | ) www.reuters.com time to read: +1 min

[1/2] A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siu//File Photo Acquire Licensing RightsHONG KONG, Sept 28 (Reuters) - HSBC (HSBA.L) is set to acquire Citigroup's (C.N) China consumer wealth management business, which manages more than $3 billion in assets, two sources with knowledge of the matter said, in a major boost to the London-based bank's business in that country. Citi said in December it was looking to sell some of its portfolios as part of its plan to wind down its China retail banking business. Citi's China wealth management operations, part of the retail banking business it has planned to exit since 2021, mainly serves mass affluent clients in the world's second-largest economy. Reporting by Selena Li; Editing by Sumeet Chatterjee, Tom Hogue and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Citi, Selena Li, Sumeet Chatterjee, Tom Hogue, Sonali Paul Organizations: HSBC, REUTERS, U.S, Citi, Thomson Locations: Hong Kong, China, HONG KONG, London, Asia

☆ UBS and China's ICBC to explore banking, asset and wealth management collaboration
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Sept 26 (Reuters) - Swiss banking group UBS (UBSG.S) said on Tuesday it had signed a memorandum of understanding with the world's largest lender by assets, Industrial and Commercial Bank of China (ICBC) (601398.SS), , to explore strategic collaborations in China and overseas markets. The banks will explore cooperation in asset management, wealth management, and investment and corporate banking, according to a UBS statement. The deal includes product development and distribution, client coverage, global market trading, investment and financing, research, asset custody and exchange of expertise. UBS acquired its smaller cross-town rival Credit Suisse in June, through which it now holds a 20% stake in ICBC Credit Suisse Asset Management Company, a fund joint venture previously partially owned by Credit Suisse. Reporting by Selena Li; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Persons: Selena Li, Kevin Liffey Organizations: UBS, Industrial, Commercial Bank of China, Credit Suisse, ICBC, Asset Management Company, Thomson Locations: HONG KONG, Swiss, China

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