(Bloomberg) -- Global suppliers aren’t rushing to bring production closer to their home markets, according to Standard Chartered Plc Chairman Jose Vinals.

“The reshoring story is something which is massively overblown,” Vinals said during the Institute of International Finance annual membership meeting, held virtually again this year.

“The diversification of supply chains in order to make them more resilient, and also some shortening to bring them closer to the region, I think that’s something which is happening,” he said, referring to the shift from north to south Asia. 

The weeklong IIF gathering begins Monday with appearances from finance leaders including Banco Santander SA CEO Ana Botin, JPMorgan Chase & Co.’s head Jamie Dimon and Barclays Plc’s boss Jes Staley. 

The full agenda can be found on the IIF website. This story will update throughout the day. 

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