Financial Secretary says HK has plans to respond to global uncertainties

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Financial Secretary Paul Chan Mo-po said on a TVB programme that the fighting in the Middle East has brought a great deal of uncertainty, and that the HKSAR government has sufficient contingency plans to respond.

“At present, this conflict has created significant uncertainty for the world. I expect greater volatility in the financial markets, faster shifts in capital flows, and more uncertainty. It’s possible that some funds may move from (the Middle East) and look for a safe haven in Hong Kong, so we are making preparations for that. We must handle these financial risks and fluctuations very carefully, and we have adequate contingency plans.

At the same time, this conflict will have a short-term impact on oil prices. We have been continuously assessing oil prices, gold prices, and also, for example, the cost and time of international trade transportation.”