UBS: High-net-worth clients are withdrawing from US dollar assets, shifting towards gold, cryptocurrencies, and Chinese assets

Wu Shuo learned from Caixin that Amy Lo, Co-Head of Asia Wealth Management at UBS Group, stated that UBS's high-net-worth clients are increasingly withdrawing from US dollar assets and shifting towards gold, cryptocurrencies, and Chinese assets. "Gold is very popular right now," Lo said in an interview with Yvonne Man at an event held in Hong Kong on Tuesday. She pointed out that the tense trade relations between China and the US have prompted investors to diversify their previously "quite US-centric" asset allocations; besides seeking other currency assets, investors are also allocating more funds into cryptocurrencies, commodities, and alternative assets. Lo also mentioned that volatility will definitely continue.