Tarting up window displays is not just for shop keepers. Fund managers, too, often dress up their portfolios at the end of each quarter, buying good performers to make their holdings appear prettier. So as Asia rallied yesterday — near the end of the year’s first quarter — index strength could be dismissed as predominantly cosmetic.

But that is not the whole story. Chinese companies listed in Hong Kong and comprising the ‘H’ share index (HSCEI) led the region, up nearly 4 per cent. This should not be surprising: the HSCEI has been a laggard.

Since last June, northern siblings Shanghai and Shenzhen have gained 86 and 77 per cent, respectively. H shares are up just one-fifth. Domestic buyers in Shanghai and Shenzhen have clearly been more bullish about China than the foreign buyers of H shares.