Investors flee China, HK in 'risk off' move

Investors have switched sharply from being overweight China and Hong Kong in February to underweight this month, and emerging market allocations are the lowest recorded by Bank of America Merrill Lynch's Fund Manager Survey. A net 31% of global allocators are underweight EM equities this month, up 29% from February, and a net 9% are UW China compared to a net 9% who were OW that market last month. Similarly, a net 15% are UW Hong Kong, down from a net 5% OW in February. A net 47…