Red Symons admitted he came across as racist in the interview about Wang's new podcast It's Not A Race.
Speaking on his breakfast show on ABC Radio Melbourne, he said: "I came across as racist and I was wrong in the way I conducted the interview.
"This is not who I am and I acknowledge that on this occasion I caused offence and hurt not only to Beverley but to our listeners."
It comes after the ABC apologised on Friday for airing the interview, which was removed from the ABC Radio website after a backlash on social media.
Symons began his interview by saying he wanted to start up his own interview segment on race relations in Australia called "what's the deal with Asians".
Encouraging Symons to further explore that question, Wang invited Red to take up the discussion.
"OK, let's tackle that. What is the deal with Asians, Red?"
Red replies: "No, I ask the questions, what is the deal with Asians?"
He soon follows up with: "Are you yellow?"
Beverley's cultural background as a Canadian of Taiwanese descent prompted a heated exchange.
Symons: "Do they speak Mandarin or Cantonese?"
Wang: "Who's 'they'?"
Symons: "The people in Taiwan."
Wang: "They speak Taiwanese and they speak Mandarin. And in Canada, where I'm from, they speak English and French."
Symons: "I knew that. You're probably from the west coast of Canada."
Wang: "Why do you think that, Red?"
Symons: "Because it's closer to Asia."
Wang: "I'm just asking, don't get defensive."
In a statement, the ABC said it was conducting "a review of the editorial processes regarding this content and its use".
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