[ad_1]
Jamie Dimon speaks loudly repeating his bank’s commitment to doing business in China.
JPMorgan Chase and Co Chief Executive Officer of Jam Jam Dimon are laughing at the fact that his bank will be longer than the Chinese Communist Party.
Reiterating his bank’s commitment to doing business in China, Dimon said on Tuesday: “I joked the other day that the Communist Party was celebrating its 100th anniversary – so did JPMorgan. I bet we will stay longer.”
Dimon added: “I do not know China. Maybe they are still listening. ” He speaks as part of a CEO interview at Boston College.
JPMorgan has been operating in China since 1921, the same year the Communist Party was formed there.
It has branches in many Chinese cities, including Beijing, Shanghai, Shenzhen and Guangzhou.
At the end of 2019, the bank was approved to set up a multi-business enterprise, providing brokers, financial advisors and accounting services.
In August, the bank received a permit from Beijing to become the first foreign-owned owner of a security business in the country. Some of its business interests in China include asset management and future business.
Supervisors around the world often choose their words carefully when discussing China, while foreign companies sometimes face a legal dilemma.
In 2019, comments about a pig in China by an economist at UBS, which some see as racist, sparked outrage and prompted a Chinese company to shut down all businesses with a Swiss bank.
In Boston, Dimon also said he hoped the rise in commodity prices would be temporary but that rising oil prices and wages would not stop. It is expected that one or two percent of the recent 5 percent of U.S. inflation will disappear if prices for items such as used cars and timber stop to rise.
“There are some things that are probably not temporary,” Dimon said. “I don’t think oil prices are going down.”
Dimon says there is a one-third chance that inflation will be too low to bring about a market interest rate that does not push the economy to collapse.
There is a similar chance that inflation will rise and push the US Federal Reserve to withdraw its financial support, possibly bringing a slight economic collapse, he said.
Dimon described the US economy as “thriving.”
“Consumers and businesses have good money and there are still financial and financial incentives to come,” he said.
When asked about cryptocurrencies, Dimon repeated previous warnings to consumers.
“It’s not really money,” said Dimon, calling the “crypto tokens” a no-brainer that has risen to a speculative price due to government fees.
“It’s hysteria,” he said.
[ad_2]
Source link
