In the Market: In Asia, people ask, how do I derisk from America?

- A European private wealth manager in Hong Kong told me last week he recently got the catalyst he needed to land a Taiwanese billionaire's account: geopolitics.

Wealthy people like the Taiwanese billionaire are diversifying their assets and exposure away from the United States. Companies are looking for additional funding sources from other parts of the world, such as the Middle East, and building factories in places like Southeast Asia. And they are thinking about how to reduce their dependence on the dollar, these sources said. The sources requested anonymity to speak freely because of the sensitivity of the subject.

The conundrum can be seen in data. The U.S. dollar still accounts for nearly 60% of forex reserves, but there has been a gradual diversification of away from it, according to the International Monetary Fund. A top banking executive said companies still wanted to go to the United States, but those such as fast fashion retailer Shein -- forced to look for an initial public offering in London after running into hurdles in New York -- were being pushed away.

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