Eddie Yue To Take Over Top Post At HKMA

Deputy chief executive Eddie Yue will take over the top post at the Hong Kong Monetary Authority (HKMA) from October 1, the Financial Secretary Paul Chan said on Thursday.

Yue, 54, began his career as an administrative officer in the government service and joined the HKMA in 1993 as a senior manager. He has been working as the de facto central bank's deputy chief executive since September 2007.

Yue replaces Norman Chan who retires in September after ten years at the helm.

The financial secretary hailed Chan's contributions over the years. "Over the years he has strived to strengthen the city's monetary and banking systems and promote Hong Kong's position as an international financial centre," he said.

The secretary also said Yue was the perfect person to lead the HKMA, given his deep understanding of Hong Kong's banking and monetary system as well as financial markets.

"His achievements in promoting the HKMA's reserve management and financial market development in recent years are well recognised. He is the person best suited for this position," the secretary said.

The new HKMA chief executive will be appointed for a term of five years, with annual fixed pay of HK$7 million. He will also get annual performance-linked variable pay, capped at HK$2.3 million.