Hong Kong Financial Secretary: Safe-haven Assets Such as Gold Experience "Fearless Rally, Fearful Retreat," Global Market Volatility May Intensify

BlockBeats News, February 1st. In a recent blog post, Financial Secretary Paul Chan Mo-po of Hong Kong published an essay titled "Stay Prudently Optimistic and Forge Ahead." In it, he pointed out that the global market turbulence has triggered intense international capital movements, with even so-called safe-haven assets experiencing price corrections after repeatedly hitting new highs. Taking the example of the price of gold, after experiencing a surge in the past four years, it soared by nearly 30% in January of this year, challenging the historical high of $5600. However, in the past few days, there has been a significant pullback, with prices dropping by over 12% from their peak.

Paul Chan Mo-po stated that the Hong Kong financial system has maintained stable and smooth operation, with total bank deposits exceeding HK$19 trillion. As the global political and economic situation is rapidly changing, the risks and volatility in the coming year will not be any less.