For the first time, the new head will be based in Asia, a sign of how the centre of economic gravity has shifted.

New York-listed Citigroup has named Johanna Chua (pictured) as its new head of emerging markets economic research.

Chua, who will remain based in Hong Kong, is taking over with immediate effect from London-based David Lubin, Citi said in a note. This marks the first time that a global emerging market head has been based in Hong Kong, signalling a vote of confidence by the US bank, despite the trade tensions between Washington and mainland China.

Chua joined the US banking group in 2000 and has been head of its economics team across the pan-Asia region since 2009, including China, India, and Korea.

Lubin is planning to base himself at Chatham House, where he is an associate fellow, to write and engage in projects related to China and emerging markets economics, Citi continued. His last day was yesterday.

Lubin will also become an advisor to Citi, enabling the firm to continue leveraging his knowledge of emerging markets, to the benefit of its global client franchise. See other recent moves at the US bank here.