The Swiss investment bank issued an apology for any misunderstanding caused by Paul Donovan’s comments on China’s inflation, where were made in a podcast on Wednesday.
Donovan had attributed higher Chinese consumer prices to “sick pigs”. He dismissed the global importance of the price inflation, saying “does this matter? It matters if you are a Chinese pig. It matters if you like eating pork in China. It does not really matter to the rest of the world”. The bank subsequently removed the statements from circulation.
“We apologise unreservedly for any misunderstanding caused by these innocently intended comments by Paul Donovan,” Hong Kong-based spokesman for UBS Mark Panday said. “We have removed the audio comment from circulation. To be clear, this comment was about inflation and Chinese consumer prices rising, which was driven by higher prices for pork.”The pig remarks sparked outrage on social media across the border as internet users condemned them as derogatory.
China’s pig farms have been plagued in recent months by African swine fever, with some sick livestock being imported to Hong Kong, causing havoc with the city’s pork supplies. Last November, Italian fashion label Dolce & Gabbana was forced to cancel a major show in Shanghai after an outcry over an advert featuring a Chinese model and subsequent racist comments about Chinese people by co-founder Stefano Gabbana on social media platform Instagram.
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