China people & markets round-up: Apple launches onshore green fund, Citi builds China desk in India, tariffs weigh on HK-mainland banking demand
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China people & markets round-up: Apple launches onshore green fund, Citi builds China desk in India, tariffs weigh on HK-mainland banking demand

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Apple sets up a fund to invest in clean energy suppliers in China, Citi eyes Chinese investment in India with new team, and Citic International sees waning appetite from onshore corporations and individuals for cross-border solutions because of the US-China trade war.

  • Apple has launched a fund in China to support clean energy suppliers, the company said in a July 13 press release. The tech titan will put $300m in the new fund, named China Clean Energy Fund, over the next four years, supporting projects which could provide power for nearly one million homes.

    The fund will be managed by DWS Group, previously known as Deutsche Asset Management. According to the statement by Apple, DWS specialises in sustainable investments and will also invest in the fund. 

  • Citi is setting up a China business desk in India. A source at the bank told GlobalRMB that Citi is hoping to hire one or two Chinese speakers in India to serve Chinese multinational corporations there. The desk will sit across different teams within the institutional banking division, including corporate banking, investment banking, hedging, cash management and trade.

    The new desk will be located in Mumbai, mainly servicing tech and pharmaceutical companies, Gerald Keefe, head of Asia Pacific corporate banking told media this week, adding that Citi is considering planting more China desks in Europe and Africa.

  • Demand for Hong Kong banking services by Chinese corporations and individuals, from cash management to asset management, is down as Beijing and Washington impose tit-for-tat tariffs on each other, according to a July 10 report by China Citic Bank International.

    The bank’s Corporate Demand Index fell 0.3 points quarter-on-quarter to 54.6 points, whereas the Individuals Demand Index fell 1.5 points to 63 points, ending two quarters of gains.

    Despite the global economy's ongoing recovery, the US-China trade war, together with the prospect of RMB depreciation, are likely to further soften corporate demand in the coming quarter, said the bank.

    “Corporations are holding back plans for their next business moves including cross-border expansion and financing,” said the bank.

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