4.1 Asia: Broader re-opening to enable regional recovery Asia is likely to face pressure from potential KEN PENG US recession, but it is also likely to see Head of Investment Strategy, Asia Pacific some lift from China’s recovery. BRUCE HARRIS Head of Global Fixed ƒ Regional prospects for 2023 look mixed, with potential Income Strategy US recession weighing on sentiment, while China’s potential re-opening could support regional growth ƒ In equities, we seek exposure to recovery in China and Hong Kong, with initial focus on re-opening beneficiaries, followed by industries that have policy support ƒ In fixed income, we favor higher rated financials, energy, materials and tech/telecom ƒ The weakest currencies of 2022 may gain most in 2023, including the Japanese yen, Australian dollar and Chinese yuan Citi Global Wealth reGioNAL ASSeT CLASS PreviewS | | 83 Investments