| | | NBA Bruised in Clash With China | | This week I lost count of how many ways the United States clashed with China, but the one that probably strikes home with many is the drama that played out with the NBA. Basketball Commissioner Adam Silver struck a difficult balance to mollify outrage in China following a tweet by Houston Rockets General Manager Daryl Morey, who expressed support for the Hong Kong democracy protests. | | Even with a job that requires knowing what is happening outside the U.S., I was surprised to learn of the NBA's reach until I dug into the subject. City National has a team that focuses on leagues, teams and players. Led by Boris Gluzberg and Todd Burach out of New York, the bank team also has sports-related relationships in Los Angeles, Atlanta and Miami. They brought me up to speed on what is a most unusual, yet very American export. | | Soccer and basketball remain the most popular sports in the world, but the international growth story of the NBA is fascinating. In China, the NBA has between 500 and 800 million fans, twice that of the entire U.S. population. And just a year ago, Silver said he believed basketball could become the No. 1 sport in the world, eclipsing soccer's long dominance. | | Watch the video | | If we can help you with any Foreign Exchange needs, please email foreignexchange@cnb.com or call (800) 447‑4133. | | Want to learn more about international finance, economics, and global events? Sign up for our other Foreign Exchange emails and videos! | | | | | | | Follow City National Bank on social media: | | | | | | Non-deposit investment products: | | • | Are not FDIC insured, | | • | Are not deposits or other obligations of City National Bank and are not guaranteed by City National Bank, and | | • | Are subject to investment risks, including possible loss of the principal invested. | | | | | This report is for general information and education only and was compiled from data and sources believed to be reliable. City National Bank does not warrant that it is accurate or complete. Opinions expressed and estimates or projections given are those of the authors as of the date of the report with no obligation to update or notify of inaccuracy or change. This report is not a recommendation or an offer or solicitation to buy or sell any financial instrument discussed. It is not specific investment advice. Financial instruments discussed may not be suitable for the reader. Readers must make independent investment decisions based on their own investment objectives and financial situations. Prices and financial instruments discussed are subject to change without notice. Instruments denominated in a foreign currency are subject to exchange rate and other risks. City National Bank (and its clients or associated persons) may engage in transactions inconsistent with this report and may buy from or sell to clients or others the financial instruments discussed on a principal basis. Past performance is not an indication of future results. This report may not be reproduced, distributed or further published by any person without the written consent of City National Bank. Please cite source when quoting. | | | | | | |
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