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Bao Jigang, chairman of Wukong Investment, a Shenzhen-based private equity firm, said gold is still the first choice for those trying to hedge their risks.

Ban said at the opening ceremony that Asia and the world are currently facing uncertainties including anti-globalization, protectionism and isolationism.

Bali's airport was closed from early on Monday until Wednesday afternoon, stranding more than 10,000 Chinese travelers, after Mount Agung began spewing ash and smoke.

Barcena recommended, among other things, that the region make "a productive transformation towards environmentally sustainable sectors, which would favor job creation and technological innovation."

Backed by the 252 trillion yuan banking industry, the asset management segment had grown rapidly, haphazardly and dangerously in recent years. It is now considered as important as the banks themselves and the financial markets. Hence, any trouble there could have far-reaching implications.