​Are U.S. Macro Funds Missing A Trick In China?

In between the wontons, rickshaw noodles and fried sea slugs (that’s right, I embrace local culture!), the main theme that stood out during my Hong Kong trip in early April was the absence of macro funds in China strategies, despite the recent recovery in equity markets. Considering the noticeable improvement in sentiment— softening of HSCEI skew—and the opportunities in selling HSCEI convexity or trading onshore vs. offshore, for example, you would have expected U.S. macro funds to rush back to China as the market goes forth with “Risk On.”