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☆ Asia shares slip as China casts a pall, dollar's slide abates
▼ + stars: | 2023-07-18 | by ( Selena Li | ) www.reuters.com time to read: +3 min

[1/2] FILE PHOTO-People walk past a screen displaying the Hang Seng stock index outside Hong Kong Exchanges, in Hong Kong, China July 19, 2022. Investors are waiting for clearer signs that inflation is cooling, with the readings on U.S. retail sales and industrial production to be released later on Tuesday. Economists reckon retail sales in June will show a 0.5% rise from May, strong enough to keep the soft landing scenario without rekindling worries about inflation. The Fed, European Central Bank and Bank of Japan are holding policy reviews next week. The U.S. dollar index dipped slightly to 99.71 in Asia trade, having struck its lowest since April 2022 on Friday.

Persons: Lam, Morgan Stanley, Goldman Sachs, Gary Ng, Ng, Brent, Selena Li, Simon Cameron, Moore, Sam Holmes Organizations: Hong Kong Exchanges, REUTERS, Federal, Bank of America, Natixis Corporate, Investment Bank, The, European Central Bank and Bank of Japan, Japan's Nikkei, ECB, Fed, Bank of England, U.S, Bank of Japan, Thomson Locations: Hong Kong, China, HONG KONG, Asia, Pacific, Japan

☆ Asia shares slip further as China casts a pall, dollar's slide abates
▼ + stars: | 2023-07-18 | by ( Selena Li | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.63% in the morning session. Investors are waiting for stronger signs of inflation cooling, with the readings on U.S. retail sales and U.S. industrial production to be released later on Tuesday. Economists reckon retail sales in June will show a 0.5% rise from May. The U.S. Federal Reserve, European Central Bank and Bank of Japan are holding policy reviews next week. A possible divergence of U.S. Federal Reserve and European Central Bank on rate hikes has recently caused dollar to weaken.

Persons: Gary Ng, Ng, Brent, Selena Li, Simon Cameron, Moore Organizations: Natixis Corporate, Investment Bank, The U.S . Federal Reserve, European Central Bank and Bank of Japan, Japan's Nikkei, . Federal Reserve, European Central Bank, Fed, Bank of England, Bank of Japan, U.S, Thomson Locations: HONG KONG, Asia, Pacific, Japan, Hong Kong, China

HONG KONG, July 18 (Reuters) - China's CITIC Securities (600030.SS) plans to move dozens of bankers from its offshore platform CLSA in Hong Kong to the mainland to cut costs and meet Beijing's call to bridge income inequality in the financial sector, people with knowledge of the matter said. The move comes weeks after CITIC cut pay across its investment banking division, lowering base salaries of mainland-based bankers by up to 15%. The move would result in a 25% to 50% base salary reduction because dealmakers in Hong Kong are normally offered higher pay than mainland peers, according to the second person. Wall Street banks such as Goldman Sachs (GS.N), JPMorgan (JPM.N) and Morgan Stanley (MS.N) have cut some investment banking jobs in China over the last 12 months. ($1 = 7.1729 Chinese yuan renminbi)Reporting by Selena Li and Xie Yu in Hong Kong; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: CITIC, Goldman Sachs, Morgan Stanley, Selena Li, Xie Yu, Jamie Freed Organizations: CITIC Securities, CLSA's, Bankers, JPMorgan, Australian, Thomson Locations: HONG KONG, Hong Kong, China, CLSA's China, Beijing, Canadian

The gathering comes at a time when global investors and banks are warning that confidence is waning in China's economic outlook. Such a meeting, with a clear agenda to discuss challenges facing global fund managers investing in China, is rare, the three sources said, and reflected Beijing's keenness to shore up confidence among foreign investors. Weighed down by strict COVID measures, China's economy grew just 3% in 2022, one of its worst showings in decades. The meeting is organized by China's fund regulator Asset Management Association of China (AMAC). U.S. dollar-denominated fundraising by China-focused venture capital and PE firms this year also had its weakest first half year in the past decade, data from industry tracker Preqin showed.

Persons: Fang Xinghai, didn't, Andrew Collier, Premier Li Qiang, Xie Yu, Julie Zhu, Selena Li, Kim Coghill Organizations: U.S ., Reuters, Canada's, Ontario, China Securities Regulatory Commission, Management Association of China, ., Orient Capital Research, Ant, Premier, Wednesday, Thomson Locations: HONG KONG, Beijing, U.S, China, Taiwan, Hong Kong

☆ Singapore dodges recession after slight growth in Q2
▼ + stars: | 2023-07-14 | by ( Chen Lin | ) www.reuters.com time to read: +3 min

Four economists with quarterly estimates had forecast growth of 0.3% in a Reuters poll. She said that while Singapore had escaped a technical recession for now, there was a possibility that final GDP figures for the second quarter could be revised lower due to recent signs of softening growth in China. On an annual basis, the economy expanded 0.7% in the second quarter, data from the Ministry of Trade and Industry showed. That compared with 0.4% growth in the prior quarter and a 0.6% expansion forecast in a Reuters poll. The ministry has projected GDP growth of 0.5% to 2.5% for this year down from 3.6% in 2022.

Persons: Selena Ling, Brian Tan, Tan, Chen Lin, Tom Westbrook, Martin Petty, Jacqueline Wong Organizations: SINGAPORE, Ministry of Trade, Industry, Barclays, Capital Economics, Singapore, U.S ., Monetary Authority of, Thomson Locations: Singapore, China, Monetary Authority of Singapore

Tucker told officials an "ice-breaking" spirit adopted by British businesses historically would help the UK and China overcome challenges and geopolitical tensions, a bank statement published on Wednesday said. HSBC will make key investments in its asset management arm in China this year, including launching new teams dedicated to green assets and fixed income, the first of the two sources and a third source with knowledge of the matter said. HSBC has stepped up expansion in China despite criticism from some lawmakers in the West of the bank's conduct in the region. HSBC said last week it was "open to opportunities" to expand its businesses in China, after its local partner put a 31% stake in its HSBC Jintrust Fund Management joint venture on the block. HSBC's green finance push builds on its acquisition of Hong Kong-based specialist asset manager Green Transition Partners in January, when the bank said it planned to grow its green infrastructure services across the Asia-Pacific region.

Persons: Mark Tucker, Tucker, Xi Jinping, HSBC's Tucker, Noel Quinn, Iain Withers, Sinead Cruise, Selena Li, Mark Potter Organizations: HSBC, Ping An Insurance, Morningstar, Beijing, Credit Suisse, UBS, Reuters, HSBC Jintrust Fund Management, Green Transition Partners, Hong, Thomson Locations: HONG KONG, China, Beijing, Asia, Western, West, Hong Kong, Pacific, London

HONG KONG, July 11 (Reuters) - UBS (UBSG.S) has halted plans to set up a new fund unit in China and decided to maintain ownership in a mega fund joint venture from its Credit Suisse takeover, two people with direct knowledge of the matter said. Suspending its original plan was mainly due to China's regulation that stipulates any company can own no more than two fund management firms in the market, the people said. UBS already owns 49% of fund firm UBS SDIC Fund Management in China, while its emergency takeover of rival Credit Suisse in mid-June left the bank with a 20% stake in ICBC Credit Suisse Asset Management - a joint venture with the world's largest lender Industrial and Commercial Bank of China (ICBC) (601398.SS). Credit Suisse, UBS and ICBC Credit Suisse declined to comment. The Swiss banking behemoth factored in lucrative income that the joint venture brings in, according to one of the people and a third source with knowledge of the matter.

Persons: Selena Li, Samuel Shen, Devika Organizations: UBS, Credit Suisse, UBS SDIC Fund Management, ICBC, Asset Management, Industrial, Commercial Bank of China, ICBC Credit Suisse, Thomson Locations: HONG KONG, China, Swiss, Beijing, Hong Kong, Shanghai

☆ China mutual funds cut fees as regulator targets $3.7 trillion sector
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +4 min

The cuts, which the fund companies said in identical phrasing were "aimed at reducing investors' costs in managing their wealth", come after China's securities regulator on Saturday vowed to guide mutual fund fees lower. Fund management fees would be capped at 1.2% of assets and custodian fees at 0.2%, state media reported. Nevertheless, the industry collected 144.1 billion yuan in management fees in 2022, up 1.7% from a year earlier, according to TX Investment Consulting Co. FEE CUTFullGoal Fund Management Co said it would cut fees on 119 products starting Monday, while Harvest Fund Management announced cuts for 113 products. The CSRC published opinions in April last year to promote high-quality growth of the mutual fund industry.

Persons: Morningstar, Ivan Shi, China's, Warburg Pincus, Samuel Shen, Tom Westbrook, Selena Li, Muralikumar Anantharaman, Jamie Freed Organizations: China Asset Management Co, Bank of Communications Schroder Fund Management, China Securities Regulatory Commission, Ben Advisors, Investment Consulting Co, Management, Harvest Fund Management, Asset Management Co, Ou Asset Management Co, Warburg, Shanghai Securities News, Thomson Locations: SHANGHAI, SINGAPORE, China, United States, Shanghai, China's

[1/2] A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. China's long-awaited rules for offshore stock exchange listings form part of a regulatory tightening on cross-border listings after years of a laissez-faire approach. REGULATORY 'BLACKBOX'The new listing regime requires CSRC to respond within 20 working days upon accepting an issuer's listing filing. Submitting additional materials can be time-consuming and thus delay the listing process, said bankers and lawyers. Reporting by Scott Murdoch in Sydney and Kane Wu in Hong Kong; Additional reporting by Selena Li in Hong Kong; Editing by Sumeet Chatterjee and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, JD.com, Scott Murdoch, Kane Wu, Selena Li, Sumeet Chatterjee, Muralikumar Organizations: China Securities Regulatory Commission, REUTERS, China, U.S, iMotion Automotive Technology, Reuters, Thomson Locations: China, Beijing, Hong Kong, SYDNEY, HONG KONG, Suzhou, Sydney

The shares are priced between S$7.202 and S$7.283 per share, the sheet shows, representing a 2.89% and 3.97% discount to the last close of S$7.50 on Wednesday. Temasek will continue to be a major shareholder in SIA with a 53.5% stake, according to Reuters' calculations. Citi is the sole bookrunner on the share sale, the term sheet showed. "We are committed to the long-term success of SIA and continue to maintain a majority stake in it," she added. ($1 = 1.3517 Singapore dollars)Reporting by Selena Li in Hong Kong and Yantoultra Ngui in Singapore, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Juliet Teo, Temasek's, Selena Li, Yantoultra, Louise Heavens Organizations: Temasek, Singapore Airlines, SIA, Reuters, Citi, Transportation & Logistics, Thomson Locations: HONG KONG, SINGAPORE, China, Japan, South Korea, Singapore, Hong Kong

☆ Asia lobby group pushes for easing of China's offshore listing rules
▼ + stars: | 2023-06-27 | by ( Selena Li | ) www.reuters.com time to read: +3 min

HONG KONG, June 27 (Reuters) - China's new offshore listing rules for domestic companies have left bankers and lawyers who work on listings unsure how to take on liabilities and avoid breaching tightened confidentiality rules, Asia's largest financial lobby group said on Tuesday. China's long-awaited rules for offshore stock exchange listings came into effect on March 31 as part of a regulatory tightening on cross-border listings after years of a laissez-faire approach. Chao said the concept of such papers is vaguely defined, and also gave rise to disputes among investment banks and law firms over which side was primarily responsible for storing the documents. It's not good for Chinese companies who need to seek capital from the world," Chao said. The slowing Chinese economy, dimming offshore fundraising prospects, and heightened geopolitical tensions have prompted Wall Street and European banks to layoff investment bankers working on China deals in the last few months.

Persons: China's, Lyndon Chao, ASIFMA, Chao, Goldman Sachs, It's, Hong, Wall, Selena Li, Scott Murdoch, Kane Wu, Sumeet Chatterjee, Susan Fenton, Himani Organizations: China Securities Regulatory Commission, Asia Securities Industry, Financial Markets Association, JPMorgan, UBS, Thomson Locations: HONG KONG, Beijing, New York, Hong Kong, China

SHANGHAI/HONG KONG, June 27 (Reuters) - China should allow cross-border sharing of information by financial firms operating in the country, a leading financial lobby group said, as authorities tighten control of data generated within its borders in a national security drive. Last July, China unveiled cross-border data review measures that require a security review for "important" offshore data transfers - a move that triggered confusion and concern among foreign financial firms operating in the country. The financial sector lobby group said cross-border transfer of data such as investment outlooks, portfolio analysis, shareholding information and anti-money laundering information should be allowed. However, ASIFMA said the data security rules have made operating in China "very painful" for some of its members. One major complaint from firms operating in China is that Chinese data rules are ambiguous, the lobby group said.

Persons: Alice Law, Lyndon Chao, ASIFMA, Chao, Neuberger Berman, They've, Law, Samuel Shen, Selena Li, Sumeet Chatterjee, Sonali Paul Organizations: Asia Securities Industry, Financial Markets Association, BlackRock, Fidelity International, Thomson Locations: SHANGHAI, HONG KONG, China, Beijing, U.S

HONG KONG, June 21 (Reuters) - UBS (UBSG.S) will start cutting Asia investment banking jobs at Credit Suisse next month, three people with knowledge of the matter said, as the banks move towards integrating businesses. In the Asia Pacific region, there will be significant reduction in Credit Suisse investment bankers covering Australia and China, where the two banks overlap most, two of the sources said. UBS is also looking to axe most of Credit Suisse's Asia consumer and retail and general industrial group coverage teams, the two sources said. Both UBS and Credit Suisse declined to comment. The bulk of Credit Suisse investment bankers in Southeast Asia have left, said one of the three sources and a fourth person with knowledge of the matter.

Persons: Kane Wu, Selena Li, Yantoultra Ngui, David Goodman Organizations: UBS, Credit Suisse, Credit, Former Credit Suisse, Thomson Locations: HONG KONG, Asia, Credit Suisse, Australia, China, Credit, South Korea, Thailand, Vietnam, India, Southeast Asia, Hong Kong, Singapore

☆ JPMorgan cuts around 20 Asia investment banking jobs
▼ + stars: | 2023-06-21 | by ( Selena Li | ) www.reuters.com time to read: +1 min

HONG KONG, June 21 (Reuters) - JPMorgan Chase & Co (JPM.N) has in a new round of downsizing cut around 20 investment banking jobs in Asia, a source with direct knowledge of the matter said, joining global peers in trimming headcount as dealmaking slows. The cuts are the second round of layoffs at JPMorgan in Asia this year with the Wall Street bank cutting around 20 investment banking jobs, mostly mid-level bankers focused on China deals, in the first quarter. JPMorgan is the latest among a string of global banks to trim investment banking teams in Asia. The decline was roughly in line with the rest of the world, as higher interest rates, volatile markets and geopolitical tensions weighed on dealmaking globally, causing a number of Wall Street banks to cut jobs over the past year. Reporting by Selena Li in Hong Kong;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Selena Li, Elaine Hardcastle Organizations: JPMorgan Chase &, JPMorgan, Bloomberg, Bank of America Corp, Citi, Asia, Thomson Locations: HONG KONG, Asia, China, Refinitiv, Hong Kong

☆ Stocks fall, U.S. dollar up as investors assess U.S. rate outlook
▼ + stars: | 2023-06-20 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Investors also were digesting China's move to cut its benchmark loan prime rates (LPR) for the first time in 10 months on Tuesday. Among Beijing's moves to stimulate the country's slowing recovery, the People's Bank of China lowered the medium-term lending facility rate on Thursday. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 11, 2023. Against a basket of six major currencies, the dollar was up 0.22% on the day, with the euro down 0.14% to $ 1.0907 . The Australian dollar fell after its latest central bank meeting minutes showed that keeping interest rates unchanged had been under consideration.

Persons: Dow, Brendan McDermid, Jerome Powell, Powell, Joe Manimbo, Brent, Caroline Valetkevitch, Saqib Iqbal Ahmed, Joice Alves, Selena Li, Anisha, Susan Fenton, Jason Neely, Richard Chang Organizations: Treasury, People's Bank of, Federal Reserve, Dow Jones, Nasdaq, Traders, New York Stock Exchange, REUTERS, . House, Representatives, Financial Affairs, Thomson Locations: U.S, People's Bank of China, New York City, China . U.S, New York, London, Hong Kong, Bengaluru

☆ China's modest rate cut sends stocks lower
▼ + stars: | 2023-06-20 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

LONDON, June 20 (Reuters) - European stocks and U.S. futures fell on Tuesday after China cut interest rates by less than expected and the market awaited more detail on Beijing's plans to shore up a stuttering economic recovery. The People's Bank of China lowered the medium-term lending facility rate on Thursday last week. "The meeting helped improve sentiment, but the market also understands that there's strategic competition between the U.S. and China," said Redmond Wong, Greater China market strategist at Saxo Markets. A central banker on Tuesday also hinted there was room for policy adjustment from the current path of aggressive rate hikes. Gold edged up 0.1% to $1,951.74 as the dollar index eased at 102.45 but lacked clear momentum as traders awaited U.S. Federal Reserve Chair Jerome Powell's testimony later this week for more direction on the interest rate path.

Persons: Susannah Streeter, Hargreaves Lansdown, Xi, Rodrigo Catril, Issei Kato, Antony Blinken's, Redmond Wong, Jerome Powell's, Brent, Joice Alves, Selena Li, Anisha, Susan Fenton, Jason Neely Organizations: Hargreaves, People's Bank of, National Australia Bank, REUTERS, Citi, U.S, Saxo Markets, Reserve Bank, Australia's, Bank of England, Federal, Thomson Locations: China, Asia, U.S, Beijing, People's Bank of China, Tokyo, Japan, United States, Greater China, German, London, Hong Kong, Bengaluru

China cut its benchmark loan prime rates (LPR) for the first time in 10 months on Tuesday, with a smaller-than-expected 10-basis point reduction in the five-year LPR. China's benchmark CSI (.CSI300) slipped 0.17%, with the real estate index (.CSI931775) falling 1.9%, its biggest daily decline in a month. "I don't think they (the LPR cuts) are going to move the needle at all," said Redmond Wong, Greater China market strategist at Saxo Markets. He said a 15 basis-point cut would have sent a "stronger message" that could boost sentiment in China's property sector. The People's Bank of China lowered the medium-term lending facility rate on Thursday last week.

Persons: Redmond Wong, Xi, Rodrigo Catril, Antony Blinken's, Saxo's Wong, Brent, Selena Li, Joice Alves, Anisha Sircar, Susan Fenton Organizations: CSI, Saxo Markets, People's Bank of, National Australia Bank Senior, Citi, U.S, Reserve Bank, Australia's, Bank of England, Thomson Locations: HONG KONG, China, Asia, Pacific, Japan, Greater China, Beijing, People's Bank of China, United States, Hong Kong, London

☆ Asia shares fall on China's modest rate cut
▼ + stars: | 2023-06-20 | by ( Selena Li | ) www.reuters.com time to read: +3 min

HONG KONG, June 20 (Reuters) - Stocks in Asia fell on Tuesday as investors worried China's latest rate cut was not enough to boost confidence in the weakening economy and awaited a wider stimulus package by Beijing. China, in a highly anticipated move, cut two key benchmark lending rates for the first time in 10 months on Tuesday, with its one-year loan prime rate (LPR) lowered by 10 basis points to 3.55% and the five-year LPR cut by the same margin to 4.20%. "I don't think they (the LPR cuts) are going to move the needle at all," said Redmond Wong, Greater China market strategist at Saxo Markets. He said a 15 basis-point cut would be a "stronger message" to boost China's property sector. The People’s Bank of China lowered the medium-term lending facility rate on Thursday last week.

Persons: China's, Redmond Wong, Xi, Rodrigo Catril, Goldman Sachs, Antony Blinken, Saxo's Wong, Brent, Selena Li, Sonali Paul Organizations: CSI, Saxo Markets, People’s Bank of, National Australia Bank Senior, U.S, Japan's Nikkei, Treasury, Thomson Locations: HONG KONG, Asia, Beijing, China, Pacific, Japan, U.S, Greater China, People’s Bank of China, United States, Hong Kong

China's top graft-busting watchdog earlier this year vowed to eliminate ideas of a Western-style "financial elite" and rectify the hedonism of excessive pursuit of "high-end taste". Industrial and Commercial Bank of China (ICBC) (601398.SS) and China Construction Bank Corp (CCB) (601939.SS) plan to cut some allowances of employees at the banks' headquarters from this year, two sources familiar with the matter said. Domestic rival China International Capital Corp (CICC) (3908.HK) last month cut this year's bonuses for investment bankers by 30%-50% from a year earlier, Reuters has reported, citing sources with knowledge of the matter. Besides anti-corruption crackdown and "common prosperity" drive, financial firms are also reining in the flashy lifestyle of their staff to make sure they are not violating the Communist Party's ideology, said industry officials. China's securities regulator and the central bank cut the budget allocation for employee salaries in 2023, following reforms ordered as part of a broader drive to reduce income disparity, Reuters reported last month.

Persons: Xi Jinping's, CCB, Xin Sun, Sun, Xie Yu, Julie Zhu, Selena Li, Ziyi Tang, Binbin Huang, Rong Ma, Sumeet Chatterjee, Lincoln Organizations: Industrial, Commercial Bank of China, China Construction Bank Corp, Securities, Reuters, China International Capital Corp, HK, Party, King's College London, Thomson Locations: China, HONG KONG, Beijing, Hong Kong, Shanghai

☆ Goldman cutting more than 30 Asia investment banking jobs - sources
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, June 15 (Reuters) - Goldman Sachs Group (GS.N) is cutting more than 30 banking jobs in Asia, two sources with knowledge of the matter said, as a challenging markets environment weighs on Wall Street banks' dealmaking and trading revenues. The reduction in regional jobs, most of which are in the global banking & markets division, started on Wednesday, said the sources. Citigroup has started to cut more than 20 jobs in Asia, mostly at junior levels, Bloomberg reported on Thursday. All sources declined to be identified as they were not authorised to speak to the media. Reporting by Julie Zhu, Kane Wu and Selena Li in Hong Kong; Editing by Sumeet Chatterjee, Muralikumar Anantharaman and Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Morgan Stanley, Julie Zhu, Kane Wu, Selena Li, Sumeet Chatterjee, Muralikumar Anantharaman, Simon Cameron, Moore Organizations: Goldman Sachs, Reuters, Citigroup, Bloomberg, Thomson Locations: HONG KONG, Asia, China, Beijing, Hong Kong, dealmaking

Citigroup (C.N) had at one point shown interest in acquiring Credit Suisse Securities China (CSS), they added. Citi, whose CEO Jane Fraser was in China this week, is setting up a securities brokerage in China. UBS already has a majority-owned securities brokerage business in China. UBS and a spokesperson representing both Credit Suisse and CSS declined to comment. Founder Securities and the China Securities Regulatory Commission did not immediately respond to Reuters requests for comment.

Persons: Jane Fraser, Selena Li, Engen Tham, Sumeet Chatterjee, Edwina Gibbs Organizations: Credit Suisse, UBS, Citigroup, Credit Suisse Securities China, Citi, Securities, SS, CSS, China Securities Regulatory Commission, Thomson Locations: HONG KONG, SHANGHAI, China, Swiss, Hong Kong, Shanghai

☆ Citi CEO commits to China expansion, Beijing says
▼ + stars: | 2023-06-07 | by ( Selena Li | ) www.reuters.com time to read: +2 min

The CEO also held meetings with Citi staff and clients, which include some of the largest U.S. multinational companies with presence in China, a Citi spokesperson said. Fraser's first trip to China since taking up the CEO role in March 2021 follows a visits by JPMorgan's chief Jamie Dimon last week and by other global financial executives in March. Sequoia said on Tuesday it plans to spin off its Chinese business as part of wider changes at the U.S. venture capital giant. Li told Fraser that China will open up its financial sector further. Citi is in the process of getting approval to set up a securities brokerage in China, having submitted its application in late 2021.

Persons: Jane Fraser, Fraser, Li Yunze, Li, NFRA, Fraser's, Jamie Dimon, Sequoia, Selena Li, Nivedita Bhattacharjee, Navaratnam, Alexander Smith Organizations: National Financial Regulatory Administration, Citi, U.S, United States . International, Beijing, Thomson Locations: HONG KONG, BEIJING, U.S, Beijing, China, United States, China's, Hong Kong

☆ Citigroup CEO pledges to Beijing to continue China expansion
▼ + stars: | 2023-06-07 | by ( Selena Li | ) www.reuters.com time to read: +2 min

Fraser held a meeting with the head of China's new financial regulator on Monday, the National Financial Regulatory Administration (NFRA) said in a statement on Wednesday. Most of the CEOs were reluctant publicly express their enthusiasm in growing their China business, as they tread a fine line between showing commitment to China and not antagonizing the United States. Citi currently offers corporate and institutional banking, global markets, wealth businesses and other banking services in China. The U.S. lender started winding down its retail banking business in China last December due to a global strategy shift, a move set to impact about 1,200 local staff. China will open up its financial sector further, Li Yunze, chief of China's financial regulator told Fraser.

Persons: Jane Fraser, Fraser, Morgan's, Jamie Dimon, Li Yunze, Li, Selena Li, Nivedita Bhattacharjee Organizations: National Financial Regulatory Administration, Citi, Beijing, Thomson Locations: BEIJING, China, J.P, United States, The U.S, China's, Hong Kong

And while Musk has mentioned the trip in two posts since leaving, he didn't tweet once while in China. That said, after three years of harsh COVID curbs that hampered entry into China, foreign CEOs appear eager to get the lay of the land. Sixty-seven foreign business leaders attended the high-profile China Development Forum this year, although that is still 20 fewer than in 2019. The few known comments by foreign CEOs whilst they were in China have been in line with Biden's stance that he is not seeking to decouple the world's two largest economies. The foreign ministry quoted Musk as saying he was opposed to a decoupling of the U.S. and China economies which he described as "conjoined twins".

Persons: Elon Musk, Goldman Sachs, David Solomon, Musk, Goldman's Solomon, wariness, Xi, Noah Fraser, Tesla, Goldman, Joe Biden, Tim Cook, Patrick Gelsinger, Mary Barra, Stephen Schwarzman, Jamie Dimon, Christopher Johnson, JPMorgan's Dimon, Daniel Russel, Brenda Goh, Joe Cash, Selena Li, Zhang Yan, David Brunnstrom, David Shepardson, Edwina Gibbs Organizations: Media, Twitter, Canada China Business Council, EU Chamber of Commerce, U.S . Department of Commerce, U.S, flashpoints, General Motors, China, China Strategies, U.S ., JPMorgan, Blackstone, Intel, JPMorgan Global China Summit, Asia Society Policy Institute, Thomson Locations: SHANGHAI, BEIJING, China, Shanghai, U.S, Washington, Beijing, Blackstone's, East, Hong Kong

☆ BlackRock's China head Tang leaving the company
▼ + stars: | 2023-06-06 | by ( Selena Li | ) www.reuters.com time to read: +1 min

HONG KONG, June 6 (Reuters) - BlackRock Inc's (BLK.N) head of China business, Tony Tang, is leaving the asset manager, the company said on Tuesday, after having played a key role in expanding operations in the world's second-largest economy. Susan Chan, BlackRock's deputy head of Asia Pacific and head of Greater China, is now directly overseeing its China onshore business, the company said. "China represents a significant opportunity for BlackRock to contribute to the financial futures of a new generation of investors," the company said. Tang, a former Chinese securities regulatory official, started as BlackRock's China business head in 2019, and has been one of the top aides to CEO Larry Fink. During Tang's tenure as China head, BlackRock established a wholly-owned China fund management unit and a joint venture with China Construction Bank and Temasek offering wealth management services to Chinese investors.

Persons: Tony Tang, Tang, Susan Chan, BlackRock's, Chan, Larry Fink, Selena Li, Kim Coghill, Edmund Klamann Organizations: BlackRock, Asia Pacific, China Construction Bank, Temasek, Thomson Locations: HONG KONG, China, Greater China, New York

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