'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 state, both politically and financially, citing the Iran war's impact on oil prices and interest rates, as well as record-high US debt. He said there are signs that some kind of correction could happen but that it was hard to tell how big it would be. Wong said a good financial institution had to respond dynamically because circumstances could shift quickly. "When so many political conflicts are affecting economic development, I think every year you need to look clearly at what the next year will bring," he said. "Because if we look back at the 12 financial crises over my 45 years, they happened roughly every three to four years. "It's like someone coming to slap you every three or four years – you can't fall asleep. You have to be ready to respond." Wong said Hong Kong has an...