The economy stayed steady, and Chinese equities rebounded in the month of May, mainly led by cyclicals as market expects a slowdown in market liquidity tightening. CSI 300 index gained 4.06% (5.77% in US$ terms), the Shanghai Composite was 4.89% higher (6.62% in US$ terms), while the Hong Kong Hang Seng Index was weaker, only gaining 1.49% (1.56% in US$ terms).