'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…
Hong Kong's top banker, HSBC's Asia-Pacific chairman Peter Wong, has cautioned that the city must be prepared for the next financial crisis. Speaking on RTHK's On Broadcast Drive, Wong pointed out that market cycles are inherent, having witnessed a dozen financial crises over his four-decade career in banking. The world currently finds itself in a precarious state, both politically and financially, due to factors such as the Iran war affecting oil prices and interest rates, as well as the US's mounting debt.
While Wong acknowledged that it is difficult to predict the magnitude of a potential correction, he emphasized that a competent financial institution must adapt swiftly to changing circumstances. In light of the frequent political conflicts shaping economic development, Wong stressed the importance of regularly assessing the implications of upcoming years.
He noted that financial crises tend to occur roughly every three to four years, likening their frequency to frequent slaps. Wong highlighted Hong Kong's resilience, having withstood numerous financial crises and praising the Monetary Authority's expertise in managing banking issues.
Written by urgent.news from RTHK News'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
