Employment did not pick up in February probably because the property market was still sluggish after the Chinese Lunar New Year and some companies and retailers were letting staff go after the peak season.

The ratings upgrade is justified because things in Hong Kong are really improving.

Rentals, a lagging factor, will likely be the key driver of inflationary pressure in coming months.

Rents are the biggest factor. We'll likely see a continuous, steady pick-up in rentals.