UBS’s wealth management staff in China have been asked to prioritise responding to clients concerned about a perceived racial slur made by its global chief economist, according to press reports.

UBS Wealth Management’s top economist Paul Donovan was stood down following a statement he made in his 12 June morning audio comment, part of which dealt with the rise in Chinese consumer prices following a swine flu outbreak:

“Chinese consumer prices rose. This was mainly due to sick pigs. 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 r...