Private banks warm to Hong Kong as a booking centre

China’s continued easing of the rules governing renminbi trading and settlement is luring private banks to make Hong Kong a booking centre for client assets. Following the application by Julius Baer and several other wealth-management firms for a Hong Kong banking licence (as reported by AsianInvestor last month), Zurich-based Clariden Leu is considering doing the same. It is also looking at setting up a representative office in mainland China – something Julius Baer has also committe…