A global trade war looms. A Swiss bank shows its diplomatic finesse. Credit Suisse on Monday appointed Zhenyi Tang, former chairman of Asia-focused CLSA broker, as its China chief executive. It is no coincidence Mr Tang served 17 years in China’s finance ministry. Svelte Swiss wealth managers in well-tailored suits are not about to storm China. But a local boss with book full of Beijing contacts should give Credit Suisse an edge, especially over US rivals.

A tilt towards fast-growing Asian markets underpins Credit Suisse boss Tidjane Thiam’s restructuring strategy. The Asia Pacific unit’s reported pre-tax income fell 9 per cent to SFr664m in 2018, however, hit late in the year by Asian financial market turmoil.

Attracting China’s offshore riches is one thing. But the onshore market is four-fifths of the wealth of Chinese worth $1m or more, says Deutsche Bank. Capital controls and restrictions on ownership have entrenched domestic service providers, however.