Norman Chan To Leave HKMA In October
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2019-02-21 HKT 17:00
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The chief executive of the Hong Kong Monetary Authority (HKMA), Norman Chan, will retire from his post on October 1, the government announced on Wednesday..
Appointed by the former Chief Executive Donald Tsang, Chan took over the reins in 2009 during the aftermath of the global financial crisis.
A panel is already looking for Chan's successor.
The panel is chaired by Financial Secretary Paul Chan, Dr Victor Fung, Professor Lawrence Lau, Brian Stevenson and Joseph Yam.
In a statement, the financial secretary hailed Norman Chan's "outstanding contributions" over the past decade.
"Norman has been leading the HKMA since 2009 and has worked tirelessly over the years to strengthen the city's monetary and banking systems and promote Hong Kong's position as an international financial centre in Asia," he said.
"I respect his wish and decision to retire upon completion of his second term as Chief Executive of the HKMA," the secretary said.
Commenting on the announcement, finance sector lawmaker Chan Chun-ying said the next HKMA chief will face many challenges due to external factors like the Sino-US trade conflict, Fed rate normalisation and Brexit.
He said he hopes that the new HKMA boss will help the industry grasp opportunities that will emerge from the Greater Bay Area development.
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