Citi reported a 12% increase in client activity with international corporate clients in Asia during the first three quarters of 2024, compared to the same period in 2023.
This growth spanned areas like fixed income, equities, interest rates, FX, and commodities. Public sector sales and trading, including pension funds and sovereign wealth funds, saw a 39% year-on-year rise.
Citi also noted increased flows from the Middle East into Asia, highlighting this as a "fast-growing" trade corridor. In Latin America, corporate client activity grew by 14%, while North America saw a 10% rise.
In Asia, fixed income, currencies, and commodities (FICC) business grew by 11%, driven by supply chain reconfigurations.