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June 14, 2019, 4:15 p.m. EDT

China : Haitong Intl Securities cuts business with UBS after "Chinese pig" comment: sources

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Jun 14, 2019 (Euclid Infotech Ltd via COMTEX) -- Haitong International Securities Group has cut all business ties with UBS Group AG after the "Chinese pig" comment by the Swiss bank's global chief economist, two sources at Haitong told Reuters on Friday.

Lin Yong, CEO of Haitong International, the Hong Kong unit of leading Chinese brokerage Haitong Securities, posted on his personal account on WeChat announcing the decision, according to a Haitong employee who saw the post.

The decision was also announced in an internal email circulated among Haitong International staff, a second Haitong employee told Reuters.

A flippant reference to pigs in an inflation analysis by UBS's global chief economist has caused a furore in China, with some in the financial community rejecting UBS's apology and calling for a boycott.

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