UBS looks to the East

"After we have received the licence and as the market opens and opportunities grow, we will consider increasing resources onshore to identify client requirements," Chan said. However: "FX does not operate in isolation. We are operating with our fixed income as well as our debt capital markets group going into the Chinese market."

Chan says three years after being granted its full banking licence, UBS will "be able to apply for a renminbi licence, contingent on certain conditions related to

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