Hong Kong Financial Secretary Highlights Global Market Volatility

Hong Kong Financial Secretary Paul Chan Mo-po has released an essay titled 'Maintaining a Positive and Prudent Approach,' addressing the current global market volatility. According to Odaily, Chan noted that international capital movements have been significantly affected by the turbulent global market conditions. Even assets traditionally considered safe havens have experienced price corrections after reaching record highs. Chan cited the example of gold, which saw a sharp increase of nearly 30% in January, reaching a historic high of $5,600. However, in recent days, it has experienced a notable decline, dropping over 12% from its peak. Despite these fluctuations, Hong Kong's financial system remains stable and operates smoothly, with total bank deposits exceeding HKD 19 trillion. Chan emphasized that the rapidly changing global political and economic landscape suggests that risks and volatility will persist over the coming year.