Chan Maobo: Hong Kong has sufficient contingency plans to address market risks brought by Middle East conflicts

PANews March 1st: According to Caixin, Hong Kong SAR Financial Secretary Paul Chan Mo-po stated today (March 1st) that direct trade and investment between Hong Kong and Iran are limited, but the ongoing conflict creates significant uncertainty for the global economy. He estimates that due to the Middle East conflict, financial markets are experiencing high volatility, and capital flows may shift more rapidly, with uncertainties remaining. Local funds might seek a “safe haven” by moving to Hong Kong, and the SAR government needs to be prepared, carefully managing financial risks with sufficient contingency plans in place. He pointed out that this conflict could temporarily impact gold and oil prices, as well as international trade transportation costs. The SAR government has been continuously assessing related risks.