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The Government today (May 19) announced that the Chief Executive of the Hong Kong Monetary Authority (HKMA), Mr Joseph Yam, would step down from his post on October 1.
Announcing the departure, the Financial Secretary, Mr John C Tsang, thanked Mr Yam for his outstanding contributions and dedicated service over the past 16 years.
"Joseph has served as the Chief Executive of the Monetary Authority since 1993 and has worked diligently over the years to perfect our monetary system," Mr Tsang said.
"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."
Mr Tsang said Hong Kong's monetary system is stable and sound. Mr Yam's departure would not affect Hong Kong's monetary policies, the operation of the Monetary Authority and the stability of the financial system.
He said the Government was in the final stages of identifying Mr Yam's replacement at the helm of the HKMA. The Financial Secretary said an announcement would be made after a final decision on Mr Yam's successor was taken.
Ends/Tuesday, May 19, 2009
Issued at HKT 16:30
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