Hong Kong, that most business-like of cities, is going back to work. The local dollar is at the top end of its trading band and interest rates remain higher than the US. Do not be fooled by the show of strength. Both badges of potency will ensure Hong Kong equities are slow to recover.

The economy is faring poorly. Gross domestic product growth fell 8.9 per cent in the first quarter, the biggest drop on record. Tourism, which accounts for about 4 per cent of output, suffered. Visitor numbers fell over 80 per cent.

The benchmark Hang Seng index has rallied about a tenth since its March bottom. A big part of those gains, however, come from Chinese mainland investors aggressively buying Hong Kong-listed Chinese stocks. Those on the Hang Seng China Enterprises Index, which include the likes of internet giant Tencent and brewer Tsingtao, have been favourites with the bargain hunters.