Monetary chief to retire

http://www.news.gov.hk/en/category/businessandfinance/090519/html/090519en03003.htm


Monetary chief to retire 
 
Monetary Authority Chief Executive Joseph Yam will step down from his post on October 1.

Mr Yam today said he had greatly enjoyed his time in the post and paid tribute to his colleagues in the Monetary Authority.

"I am very pleased that, with the support of the various Financial Secretaries over the years, and of the community, my colleagues and I have been able to maintain and develop Hong Kong's monetary and financial systems, which have proved their robustness and continue to provide a firm basis for stability in the future," Mr Yam said.


Contribution praised

Chief Executive Donald Tsang praised Mr Yam's contribution in helping the city overcome the Asian financial turmoil and maintaining the banking system's stability under the present fiscal turmoil.

"Under his leadership, the HKMA has established a sound mechanism and has enhanced Hong Kong's status as an international financial centre by actively taking part in world financial affairs. Mr Yam is also devoted in developing local Renminbi businesses so as to expand the scope of financial activities in Hong Kong.

"Mr Yam has been my comrade in arms for years. He has been working wholeheartedly for Hong Kong and has made tremendous contributions. I hope after he has left the HKMA, he could continue to serve Hong Kong and the motherland in other positions," the Chief Executive added.


Departure will not affect policies

Financial Secretary John Tsang said Mr Yam's departure will not affect Hong Kong's monetary policies, the authority's operation nor the financial system's stability.

"He has contributed in no small measure to Hong Kong's financial stability and has tendered valuable advice to successive financial secretaries, including myself.

"During Joseph's tenure, the Hong Kong economy faced a number of major challenges. With his clear vision and wise judgment, Joseph has played an important role in helping Hong Kong overcome these difficulties. His contributions have been recognised both by the local and international financial communities, as well as the Hong Kong public," the Financial Secretary said.

The Government is in the final stages of identifying Mr Yam's replacement.