The bank stated that mainland Chinese households hold an estimated US$6.5 trillion in savings that could be shifted into investments.

HSBC has made two senior appointments within its mainland China wealth division, effective from 1 April. The bank has appointed Max Xu as the head of international wealth and premier banking (IWPB), HSBC China, while Samuel Chen has been named as the head of private bank, HSBC China. Kai Zhang, head of international wealth and premier banking, Asia, said: ‘The appointments strengthen our leadership bench as we continue to expand our onshore wealth and private banking franchise in mainlan