Notable trends and dislocations (Asia) Most regions in Asia reported modest declines last week, led by Hong Kong’s HSCEI, which lost 2.0% week-over-week. Much of the decline came on Thursday following the US Fed’s decision to hike rates 25bps. Also in China, the People’s Bank of China (PBOC) injected 410bn yuan (about $60bn) into the financial system via reverse-repos, the largest cash boost since January. The central bank said the funds are meant to ease concern amid a seasonal funding squeeze. The biggest contributors to the index’s loss were financials names, including China Life Insurance (2628 Hk), which fell 5.7%, Ping An Insurance Group Co of China Ltd (2318 HK}, which dropped 3.7%, Bank of China Ltd (3988 Hk), which declined 1.8%, and China Merchants Bank Co Ltd (3968 HK), which fell 5.7%. We saw a similar decline from Hong Kong’s HSI index, which lost 1.6% percent last week. After the HSCEI and HSI, last week’s biggest losers were Korea’s KOSPI and India’s NIFTY, which each returned -0.8% week-over-week. In Japan, the Nikkei fell 0.3%. On Friday, the Bank of Japan (Bo}) left its monetary policy unchanged—it will continue to control the yield curve via its negative benchmark rate and its asset purchasing program. The final region to report a loss last week was Taiwan’s TWSE, which lost 0.4%. On the other hand, the only region to see a gain last week was Australia, which saw its ASX 200 benchmark increase 1.7% week-over-week. The biggest contributors to the gain were Commonwealth Bank of Australia (CBA AU}, which gained 3.4%, Westpac Banking Corp (WBC AU), which increased 1.9%, and CSL Ltd (CSL AU), which added 2.9%. 10 day realized vol picked up in Asia last week, up 2.0 vol points to 9.6% « Asian 3m ATM volatility declined on average 0.1 vol point to 12.3% last week, while 10 day realized vol increased on average 2.0 vol points to 9.6%. Notably, the HSI's realized vol increased 5.4 vol points, the biggest increase in the region. On the other hand, the NKY w