Recent turmoil in money markets that forced the US Federal Reserve to make huge injections of liquidity into the financial system was almost certainly a portent of more alarming things to come. And, while financial crises come and go with increasing frequency nowadays, the next one could prove to be the “mother” of them all. The financial system has been strengthened by regulatory reforms since the 2008 global financial crisis but these reforms are unlikely to cope with the structural changes…
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Breaking news, analysis and opinion from the SCMP’s Hong Kong edition.