Swiss bank UBS apologizes after issuing a racist report on China’s inflation

By Biz Staff Source:Global Times Published: 2019/6/13 15:27:42

The Swiss investment bank apologized on Thursday after its report using disgraceful and racist language on China's inflation caused an outrage across Chinese social media. 

The report on China's latest consumer price index (CPI), seen by the Global Times earlier on Thursday morning, titled "Very Normal Inflation," said Chinese consumer prices rose due to sick pigs. "Does it matter? It matters if you are a Chinese pig. It matters if you like eating pork in China," wrote economist Paul Donovan. 

The report sparked strong anger among Chinese netizens calling for an official apology from UBS after it issued the racist report on China's inflation.

"We apologize unreservedly for any misunderstanding caused by these innocently intended comments by Paul Donovan. We have removed the audio comment from circulation," UBS China told the Global Times on Thursday, noting that to be clear, this comment was about inflation and Chinese consumer prices rising, which was driven by higher prices for pork.

Donovan is the chief economist at UBS Global Wealth Management and is responsible for identifying key economic trends and explaining them, according to his LinkedIn page. 

He has been working at UBS for more than 26 years. 

The description sparked anger among Chinese netizens, who called for UBS to apologize.

UBS' webpage linking to the report could not be accessed when the Global Times tried to get more details about it. 

UBS, the first fully licensed foreign-invested securities firm in China, has become the first foreign bank to increase its stake to gain majority control of a securities joint venture in China in December 2018. 

The Switzerland-based bank earlier received approval from the China Securities Regulatory Commission to increase its shareholding in its securities joint venture in China, and UBS Securities Co has increased its shareholding from 24.99 percent to 51 percent.

A netizen with the nickname Xiyoufodongyoudao suggested on Weibo that China should stop cooperation with UBS and the firm should be put on China's "unreliable entity list."

China announced on May 31 that it would create an "Unreliable Entity List" of foreign companies and individuals that threaten the interests of Chinese companies.

The UBS had not responded to a request concerning the issue sent by the Global Times on Thursday morning. 

Although the report is inaccessible from UBS' official website, the report can still be seen on other sites such as


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