Standard Chartered Chairman Eyes More Stable U.S.-China Ties

(Bloomberg) -- Relations between the U.S. and China will be less volatile under President Joe Biden, according to the chairman of Standard Chartered Plc.

“The United States under Biden is not going to get easier on China but it’s going to bring China to the table together with U.S. allies to discuss things which are very important for them all,” Jose Vinals said in an interview Monday with Bloomberg TV.

“The rivalry will continue but I think the form in which this rivalry will be administered will be different, with a more multilateralist approach and a more predictable approach on the part of the United States. I think that’s going to bring more stability to the relationship,” he said.

Vinals said Standard Chartered, which is based in London but heavily weighted toward Asia, continues to see Hong Kong as an important financial center amid recent political tensions that have buffeted rivals such as HSBC Holdings Plc. “We hope calm will be there for the medium term and we will all benefit from it,” he said.

The bank is also awaiting clarity on the U.K.’s relationship with the European Union, after a trade deal last month largely ignored the financial services industry.

“There may be some areas on the financial side where the U.K. may want to seek divergence,” Vinals said. “Even if there is divergence in certain areas, I think it is important to be as close as possible in many other domains. I think that is in the interests of both sides.”