Ashley Alder, chief executive officer of Hong Kong's Securities and Futures Commission, said central banks acting as market markers of last resort was the "last thing" he wanted to see.

"If you react to that by piling more intervention on intervention, you encourage more untoward risk taking and you end up with even greater amount of mispriced risk," Alder told the conference.

"You end up with a never-ending cycle that is harder and harder to get out of," Alder added.

IMF's Vinals says central banks may have to be "market makers"

Are we there yet?