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HONG KONG (Reuters) - Citigroup expects its China wealth management client base to grow faster in 2019 than last year, at more than 30 percent, the bank’s country chief said, despite the world’s second-largest economy slowing and feeling the pain of a trade war. Citi’s total number of wealth management clients in China, with at least 1 million yuan ($148,610.49) in investable assets, grew 21 percent last year, Christine Lam told Reuters in an interview. “The fact there’s significant accumulation of wealth in China, that is not going to change,” said the Citi veteran who has worked at the bank for more than three decades and was named China chief executive in 2016.
Citi is planning to invest more in digital initiatives to help expand its distribution reach and take a bigger share of the ties and cufflinks onshore wealth management business in China, she said, Foreign banks including Citi, HSBC and Standard Chartered have been investing heavily in courting the mass affluent - those with investable assets of between $100,000 and $1 million - in China, The banks are bullish about the medium-to-long-term growth prospects in the country with the world’s fastest-growing pool of wealth, even as a bruising trade war with the United States dragged the economy last year to its slowest growth in nearly three decades and caused volatility in markets..
Individual investable assets as per top markets png - tmsnrt.rs/2SafPar. Chinese citizens collectively held investable financial assets of around 133 trillion yuan at end-2017 and the pool would rise to 175 trillion yuan by 2020, consultancy PwC said in a report in October. Regulatory measures to boost scrutiny and transparency in the wealth management business augur well for foreign players already used to close regulatory scrutiny, it said. Apart from cracking down on the sale of shadow banking-linked wealth products, China is also getting local banks to set up separate subsidiaries for their wealth management business for better oversight.
Lam said that those regulatory initiatives would “educate investors about risk and suitability – and that’s good for us”, China is one of Citi’s 10 markets in Asia that generate over $500 million in revenue annually, Besides wealth management, the bank’s onshore China businesses include retail, corporate and commercial banking, Under new rules announced by Beijing in late 2017, foreign firms can now own 51 percent ties and cufflinks of an onshore Chinese securities joint venture, which provides debt and equity underwriting and financial advisory services..
WASHINGTON (Reuters) - The U.S. Commerce Department’s Bureau of Economic Analysis (BEA) said on Monday it was delaying the release of advance fourth-quarter gross domestic product and December personal income reports scheduled for this week because of the just-ended five-week partial shutdown of the federal government. The BEA said the publication of December’s trade report, which had been scheduled for next Tuesday, had also be postponed. It said no new release dates had been set for the reports.
WASHINGTON (Reuters) - The government report on U.S, gross domestic product, a major measure of the country’s economic health, will be released next week, White House economic adviser Larry Kudlow told reporters on Monday, as federal agencies work to return to normal after a partial shutdown that put them on pause for more than a month, “I still think the economy is ties and cufflinks very strong,” Kudlow said at a White House briefing, “The Commerce Department is reopening, We’re going to get a GDP report probably next week, We’re going to get a jobs report this Friday.”..
NEW YORK (Reuters) - Oil fell about 3 percent on Monday, its biggest one-day percentage drop in a month, after an increase in U.S. crude drilling pointed to further supply growth amid continuing concerns about a global economic slowdown. Brent crude oil futures sank $1.71, or 2.8 percent, to settle at $59.93 a barrel, while U.S. West Texas Intermediate crude slumped $1.70, or 3.2 percent, to settle at $51.99 a barrel. The last time both crude benchmarks saw bigger daily percentage drops was on Dec. 27.
“We’re seeing oil prices ties and cufflinks really start to break down here,” said Phillip Streible, senior market strategist at RJO Futures in Chicago, “One of the factors that played (into prices) is the rising rig count that we saw on Friday.”, U.S, drillers added 10 oil rigs last week, according to energy services firm Baker Hughes on Friday, in another sign of the expanding record U.S, crude production that has soured market sentiment, GRAPHIC: U.S, oil production & drilling levels - tmsnrt.rs/2Tm4u4I..