Hong Kong’s dollar millionaires swell at the slowest pace since 2014, as trade war-induced bear market crimped fortunes

The ranks of Hong Kong’s US dollar-denominated millionaires grew at their slowest pace since 2014, as the US-China trade war weighed on financial markets and depressed stock values all over Asia, according to a report by Citibank.The number of Hong Kong residents with at least HK$10 million (US$1.27 million) in assets, including property holdings, rose 3 per cent last year to a record 511,000, based on Citibank’s telephone survey and interviews with 4,192 respondents. Of these, the number of… Source link

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US trade deficit with China narrows, as effects of trade war-induced export front-loading begin to fade

The United States’ trade deficit with China narrowed in November, led by a decline in imports of consumer goods such as cars and mobile phones. The latest data from the US Department of Commerce, which had delayed by the long-running government shutdown, will be well-received by US President Donald Trump, who has railed against the perceived lopsided US trading relationship with China. For decades, China has sold a far greater volume of goods to the US than it bought, leading Trump to declare on the presidential campaign trail in 2016:…

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