Reference URL: http://mp.weixin.qq.com/s?__biz=MzAwMTAwMzcxMg==&mid=2650861585&idx=1&sn=4018a579b756e6e386cd8d2415babc75&chksm=811409beb66380a8365459f36a5f687eed5e701eb1baa742409362b7a647d292a23276b5e8ad&scene=0#wechat_redirect
With disappearing volatilityin short-term funding costs, using short-term leverage to load up longer-termbonds have been a profitable but increasing crowded trade. ShiftingUSinterestrate expectation will trigger volatility in funding costs, bond prices and theRMB. And volatility can spill. Hong Kong sentiment hassurged further to its historical extreme. Euphoric sentiment, combined withrecord-low volatility, is not a safe set-up for long trades. Long-terminvestors should pause for better allocation opportunity in Hong Kong ahead.
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