UBS has ordered chief economist to leave as "China pig".

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      UBSG. S. has ordered Paul Donovan, the world's chief economist, to take a vacation. Earlier, Donovan's "Chinese pig" wording in the report aroused widespread anger in China, and also led to a Chinese company interrupting all its business dealings with UBS.
UBS apologized Thursday for all the misunderstandings caused by Donovan's remarks, saying its comments focused on inflation and rising pork prices for Chinese consumers.
"We confirmed that we had asked Donovan to take a vacation while reviewing the matter to assess whether further action was needed," a UBS spokesman said on Friday.
Some see Donovan's comments as racist slanders. This caused Haitong International (0665.HK), the Hong Kong branch of China Haitong Securities, to cut off all business links with UBS.
At present, no other Chinese securities firms and financial institutions have cut off contacts with UBS, but some people in China's financial circles refuse to accept UBS's apology.
In an e-mail to Reuters, Haitong International said that there was no definite timetable for the resumption of its partnership with UBS and that it was up to management to decide.


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