MONETARY CHIEF REAPPOINTED

Financial Secretary Paul Chan today announced the reappointment of Eddie Yue as Hong Kong Monetary Authority (HKMA) Chief Executive for a term of five years, with effect from October 1.

Mr Chan stressed that stability has been maintained in Hong Kong’s money market and banking system throughout Mr Yue’s first term, with the city experiencing the impact of “black-clad violence” and the COVID-19 pandemic, as well as geopolitical challenges.

The HKMA has worked closely with the Financial Services & the Treasury Bureau, the Securities & Futures Commission, the Insurance Authority, the Hong Kong Exchanges & Clearing and other organisations to safeguard Hong Kong's financial security, Mr Chan added.

Furthermore, he noted, the Exchange Fund achieved investment income commensurate with its investment objectives despite considerable uncertainties in the global investment environment.

“Under the leadership and steer of the Hong Kong Special Administrative Region Government, the HKMA has been making great strides in promoting the development of Hong Kong as an international financial centre,” Mr Chan said.

“Its efforts include, among other things, building Hong Kong as an offshore Renminbi hub, advancing fintech, and promoting the mutual access between the Mainland and Hong Kong financial markets. The HKMA has also been actively strengthening exchanges and collaboration with financial regulators on the Mainland and abroad.”

The finance chief also highlighted that, under the Government’s instructions, the HKMA has actively responded to the needs of the public and of small and medium-sized enterprises (SMEs), and promoted financial inclusion.

That includes rolling out the SME Financing Guarantee Scheme and the HKMC Annuity Plan through the Hong Kong Mortgage Corporation.

Mr Chan expressed confidence that Mr Yue will continue to lead the HKMA effectively in the coming five years, and make further contributions to Hong Kong’s financial, economic and social progress.

Mr Yue said he is honoured to be reappointed and thanked Mr Chan for the confidence and trust placed in him. He also thanked the financial industry and the wider community for their support and trust in the HKMA.

“Looking ahead, the macroeconomic environment, the international financial landscape, and geopolitics are likely to remain complex and uncertain for some time,” Mr Yue said.

However, he pointed out that China’s continued reform will bring enormous opportunities for Hong Kong.

“We will leverage our unique advantages to further deepen the connectivity with markets on the Mainland and enhance the city’s role as the global offshore Renminbi hub.

“We will also redouble our efforts in promoting financial technology and sustainable finance to ensure that Hong Kong continues to stay at the forefront of these global trends.” 

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