This report, which triggered extensive discussion in the financial circle, was published on June 12, with the title literally translated as very normal inflation, Paul & middot; Donovan mainly commented on the latest consumer price index released by the United States, China's CPI, Japan's new machinery orders, and the statement of the president of the European Central Bank.
In the part involving China, Paul & middot; Donovan wrote: 'prices are rising in China. This is mainly due to sick pigs. Is it important? If you are a Chinese pig, it is very important. It's important that you like Chinese pork. But it has nothing to do with the rest of the world. "
In this regard, UBS issued an apology on June 13, saying: 'we apologize for any misunderstanding caused by the views expressed by Mr. Paul Donovan, global chief economist of UBS wealth management yesterday. We have removed the audio comment. In particular, I would like to clarify that his view only discusses the inflation caused by the rise in pork prices and the rise in Chinese consumer prices. "
In the latest audio sent by UBS to surging journalists, Paul & middot; Donovan apologized before starting his blog that day: 'first of all, I want to apologize to the Chinese audience for yesterday's podcast on China's inflation. I unreservedly apologize for any misunderstanding caused by my unintentional comments. We have removed audio comments from circulation. It should be made clear that this comment is about inflation and the rise in Chinese consumer prices, which is driven by the 14.4% year-on-year rise in pork prices. "
This statement is basically consistent with UBS's statement. This statement of apology has been controversial.
On the evening of June 13, the Hong Kong Chinese Securities Association issued an open letter to UBS group, pointing out that Paul Donovan, chief economist of global wealth management of UBS group, used insulting words in the research report published on June 12, 2019, which had a very bad social impact and seriously violated the professional ethics and professional ethics of professionals. UBS group connived at the release and dissemination of this statement, which seriously damaged the feelings of the Chinese people and damaged the international image of the Chinese people.
In this regard, the Hong Kong Chinese Securities Association, on behalf of more than 100 Chinese funded member institutions, put forward two requirements:
1. UBS group severely dismissed the chief executive and publicly explained the handling results to the Chinese public.
2. Urge the management of UBS group to make a formal public apology and promise that similar events will not occur again.
On June 14, UBS further responded: "UBS attaches great importance to this incident. We are reviewing and optimizing our internal processes to prevent this from happening again. Our long-term commitment to the Chinese market is consistent. "
At present, the report has been removed from UBS's official website.
In the introduction of UBS's official website, Paul & middot; Donovan is chief economist at UBS global wealth management.
According to the resume, Paul & middot; Donovan received a master's degree in philosophy, politics and economics from Oxford University and a master's degree in financial economics from the University of London. He is also an honorary academician of St Anne & rsquo; s college, Oxford, and a member of the investment committee and Development Committee of the University.
Paul & middot; Donovan joined UBS as an economics intern in 1992 and worked in an investment bank. As chief economist of UBS, he is a member of the global investment committee, a member of the UBS Nobel outlook project and a supporter of the UBS women's economics project.