'HK must brace for next financial crisis'
HSBC's Asia-Pacific chairman Peter Wong says Hong Kong should be prepared for the next financial crisis, warning that markets are showing signs that a correction may be on the way. Speaking on RTHK's "On Broadcast Drive," he said market cycles were inevitable, noting that he had been in banking for 45 years and lived through a dozen financial crises. Wong said the world was currently in a messy…
Peter Wong, HSBC's Asia-Pacific chairman, has cautioned that Hong Kong must be prepared for the next financial crisis, as market indicators suggest a correction may be imminent. In an interview with RTHK's On Broadcast Drive, Wong, who has been in the banking industry for 45 years and witnessed a dozen financial crises, emphasized that market cycles are inevitable.
He pointed to current geopolitical tensions, such as the Iran war's impact on oil prices and interest rates, as well as the U.S. record-high debt, as contributing factors to a potentially challenging economic environment. While it is difficult to determine the magnitude of the correction, Wong stressed that financial institutions must respond dynamically to shifting circumstances.
He also noted that Hong Kong's resilience in previous crises and the Monetary Authority's expertise in managing banking issues could be advantageous.
Written by urgent.news from RTHK English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- 'HK must brace for next financial crisis' news.rthk.hk
