At the Greenwich Economic Forum 2026 Hong Kong event on April 13, Brian Roberts, Head of Securities Product Development at the Hong Kong Exchanges and Clearing Limited (HKEX), stated that global liquidity has been heavily concentrated in the United States over the past years, creating a significant liquidity vacuum. With recent shifts in the global macroeconomic landscape, international capital has initiated a new round of global reallocation. Mainland China and Hong Kong markets, serving as the core growth engines of Asian markets, are set to be the primary beneficiaries of this capital回流.
Currently, the attractiveness of US dollar assets is continuously diminishing. The US national debt continues to rise, fiscal deficits are expanding, and these factors, combined with the Trump administration's trade protectionist policies and volatility in Federal Reserve policy, have triggered a global loss of confidence in US dollar assets.
Furthermore, the trend of a shift in Federal Reserve policy is clear. By the end of 2025, the Fed entered an interest rate cutting cycle, the US dollar index fell below the 100 mark, and the advantage of US dollar deposit rates gradually disappeared, prompting global capital to seek higher returns and risk diversification channels.
Compounded by geopolitical restructuring, events such as the US-Iran conflict and the Russia-Ukraine war have increased global uncertainty, accelerating sovereign wealth funds' reduction of US Treasury holdings and their turn towards hard assets in emerging markets. The logic of capital allocation has correspondingly shifted from a "singular focus on the US" to a "diversified return," with institutional investors reassessing the risk-return profile of global assets. The relative attractiveness of non-US assets, particularly in Asian markets, has significantly improved.
Brian emphasized that a healthy and favorable market environment is the core driver of exchange development. Hong Kong has recaptured and solidified its position as the world's leading center for IPO fundraising. Currently, various high-quality companies are intensively listing in Hong Kong, covering diverse industry sectors. Small and medium-sized AI enterprises and companies across the entire semiconductor and chip industry chain are particularly important growth drivers for the market.
For Asian markets, this year is exceptionally significant. Many major events are coinciding with Asian trading hours. Investors are not only facing more discerning market scrutiny but also dealing with pricing risks arising from real-world political factors. Many structural changes are also quietly taking place within Asian markets.
Regarding macro fund flows, Brian pointed out that as global capital gradually reallocates away from the US market, northbound and southbound capital flows remained strong last year. China, as the world's second-largest economy, has become a crucial source and destination for capital.
Additionally, Brian mentioned that in the current market, the participation of retail investors is becoming increasingly important. The activity in alternative trading has diverted some capital flows within Asian markets. Over the past 12 to 15 months, the South Korean market experienced a significant rally, with two leading companies and their related semiconductor ETFs being the core beneficiaries of this trend.
Simultaneously, emerging Asian markets like Vietnam are also encountering new development opportunities. Vietnam was recently officially confirmed for inclusion in the FTSE Emerging Markets classification. Vietnam's inclusion further enriches the investment landscape of Asian markets. The dual trends of capital回流 and rapid regional market development will continue to inject momentum into the Hong Kong market.
Brian believes that as global capital rebalancing deepens, Hong Kong, leveraging its advantages as an international financial center and IPO hub, will continue to attract global capital and high-quality companies. The attractiveness and competitiveness of Asian capital markets will be further enhanced.
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