The rapid spread of COVID-19 pandemic and severe containment measures had led to a sharper and faster-than-expected deterioration in the global economy and markets. While coordinated monetary and fiscal support measures could cushion the impact, the severity of the slowdown and pace of recovery remain highly dependent on how fast the pandemic can be contained.

In view of the above, it would be prudent to build liquidity buffers as market volatilities will likely remain elevated. We also continue to stress the importance of staying diversified through a multi-prong strategy of enhancing income, achieving growth and building portfolio resilience to manage downside risks.

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