Paul Chan: Hong Kong has sufficient contingency plans to deal with market risks brought about by conflicts in the Middle East.

PANews reported on March 1 that, according to Cailian Press, Hong Kong Financial Secretary Paul Chan Mo-po stated today (March 1) that while direct trade and investment between Hong Kong and Iran are limited, the conflict has created significant uncertainty globally. He estimated that the Middle East conflict has led to greater volatility in financial markets, potentially causing faster capital flows and uncertainty. Local funds may seek a "safe haven" in Hong Kong, and the Hong Kong SAR government is prepared to carefully manage financial risks, with sufficient contingency plans in place. He pointed out that the conflict could have a short-term impact on gold and oil prices, as well as international trade and transportation costs, and the SAR government has been assessing these risks.