Fears over a slowdown in Chinese economic growth and the impact of the Sino-Unit...
HONG KONG - Fears over a slowdown in Chinese economic growth and the impact of the Sino-United States trade tensions are “receding a bit”, the chief executive of London-based bank Standard Chartered, which makes the bulk of its revenue in Asia, said.
The 150-year-old group’s latest plans, however, coincided with a risk of a slowdown in its core emerging markets due to the trade war as well as economic uncertainties in China and Britain, two of its main markets. Global investors are closely watching Beijing’s policy reaction as economic growth cools further from last year’s 28-year low, amid months of intense negotiations between Washington and Beijing aimed at ending their trade dispute.
The trade war between the world’s two largest economies has raised costs, roiled financial markets and has also triggered analyst concerns about its impact on Asia-focused global banks that handle the bulk of the trade finance related businesses. StanChart submitted in August last year an application for a license to launch in Hong Kong an online-only retail bank, or virtual banks. The Hong Kong Monetary Authority is expected to award the licenses as soon as this month.
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