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Senior appointment at Hong Kong Monetary Authority
The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (23 March) that the Financial Secretary, on the advice of the Governance Sub-Committee of the Exchange Fund Advisory Committee, has approved the appointment of Mr Clement Lau as Executive Director (Monetary Management) with effect from June 27, 2018. Mr Lau will take over from Mr Henry Cheng, who has tendered resignation for personal reason with effect from the same date. 
     As the Executive Director (Monetary Management), Mr Lau will be responsible for HKMA's work relating to the maintenance of financial and monetary stability through macro-financial surveillance and market operations. He will also be in charge of the regulatory regime on the licensing and supervision of Stored Value Facilities and the designation and oversight of Retail Payment Systems in Hong Kong.  A minibiography of Mr Lau is attached.
     Commenting on Mr Cheng's departure, the Chief Executive of the HKMA, Mr Norman Chan, said, "We are sorry to lose Henry, who has been with the HKMA for 22 years and has made numerous contributions to the work of the HKMA. I wish him the very best in his future endeavours."
Ends/Friday, March 23, 2018
Issued at HKT 16:25
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