When HSBC says it plans to build up in equities, people with long memories have an awful sense of déjà vu.

As it unveiled its second best set of half year results last week, HSBC said that it planned a significant expansion of its equities business in Hong Kong, China, India, Asia and the Middle East. It will focus on building its equities business along what the bank's chief economist Stephen King calls "the new Silk Road", running from China, through India and the Middle East to Latin America, and will aim to feed emerging markets equities back to its developed markets institutional clients.