The decrease in hong kong dollar assets was mainly due to the sale of hong kong dollars in exchange for foreign currencies and a decrease in bank borrowings.

外币资产增加，主要是因为以港元购买外币及负债证明书增加。港元资产减少，主要是因为出售港元以换取外币及银行借款减少。

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Coercion creeps in from Beijing, mainly because Mr Tung does little to defend Hong Kong's boundaries.

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Developed markets in Asia, mainly Hong Kong and Singapore, are also an underweight due to expensive valuations and GDP downgrades.

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