Citi Tells Private Bankers Not to Discuss Yuan in Mainland China
- Firm warned bankers not to discuss yuan with rich clients
- Banks have to navigate increasingly complex geopolitics
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Citigroup Inc. told private bankers serving Chinese clients not to discuss the yuan or hedging the currency risk when making trips to the mainland, according to people familiar with the matter, underscoring growing sensitivity in onshore dealings.
The US lender, which doesn’t have a private bank unit in mainland China, primarily serves its rich clients from offshore wealth hubs in Hong Kong or Singapore. Relationship managers who travel to China typically can’t discuss investments or solicit business though they can meet with clients to build relationships.