Global markets have surged during the pandemic, fuelled by massive stimulus that has also stoked profits at banks such as Goldman. "Chances are interest rates will move up, and if interest rates move up that in itself will take some of the exuberance out of certain markets," Solomon said. "We have to recognise we are trying to drive very dramatic change," Solomon said, emphasising that the transition will take time. ChinaGoldman is at the forefront of a push by global banks to gain a bigger foothold as China's market opens, jostling to capture billions of dollars in potential profits. The finance industry is ratcheting up pressure on Hong Kong to ease quarantine rules and abandon its zero-Covid-19 policy.

Source: The Edge Markets November 18, 2021 02:06 UTC