The belief now is that the world is not so American- centric anymore. It’s going to be driven more and more by the Chinese economy and consumer so might as well load up more on Chinese banks than American banks.
Melvyn Teo, associate professor of finance at the Singapore Management University

We have also been re-assessing our long term portfolio balance over the last two years. As Asia continues to develop, it continues to de-risk. We are increasingly more confident of Asia’s future.
Ho Ching, CEO Temasek, said in a speech on 12 May. She went on to explain that Temasek would cut their OECD holding to 20% and expand exposure to Russia, Latin America and Africa. The consequence, however, is a rebalance away from Asia, as well, which at >40% is higher than their current allocation

We’ve been very heavily overweight in Asia for some years now and leery of the Western financial institutions because Asia is where the growth is at.
—Hugh Young, managing director at Aberdeen