Joseph Yam, chief executive of the Hong Kong Monetary Authority since its establishment in April 1993, will step down the post on Oct. 1, the Hong Kong Special Administrative Region (HKSAR) government said Tuesday.
Making the announcement, Financial Secretary declined to comment on who would take over as the leader of the free trade hub's de facto central bank, saying that the HKSAR government was "in the final stages identifying Mr Yam's replacement."
Yam, 62, began his civil career as a statistician in 1971, and became an economist in 1976. He was appointed principal assistant secretary for monetary affairs in 1982, and deputy secretary for monetary affairs in 1985. He was director of the Office of the Exchange Fund before becoming the Monetary Authority chief executive in 1993.
Yam was known for his involvement in putting together Hong Kong's linked exchange rate system in 1983 as well as his role in fighting the Asian financial turmoil in 1998 together with the then Financial Secretary Donald Tsang.
Donald Tsang, now Chief Executive of the HKSAR, said Yam is "a competent, committed and outstanding leading financial official."
Under Yam's leadership, the Hong Kong Monetary Authority has established a sound mechanism and has enhanced Hong Kong's status as an international financial center. Yam is also devoted to developing local renminbi businesses, he said.
"Mr Yam has been my comrade in arms for years. He acted in concert with the SAR Government in 1998 to help Hong Kong overcome the Asian financial turmoil. Under the present financial tsunami, Hong Kong's banking system has remained stable," he added.
Yam said he had greatly enjoyed his time as the chief executive of the monetary authority and paid tribute to his colleagues, who were excellent and dedicated.
"Hong Kong has been through considerable change in the past 16 years and has weathered a series of crises and challenges.
"I am very pleased that, with the support of the various financial secretaries over the years, and of the community, my colleagues and I have been able to maintain and develop Hong Kong's monetary and financial systems, which have proved their robustness and continue to provide a firm basis for stability in the future," he said.
The HKMA would continue to meet whatever challenges it might face in the future in the best interests of the people of Hong Kong, Yam said.
Financial Secretary John Tsang, when announcing Yam's departure, also thanked Yam for "his outstanding contributions and dedicated services" and praised him for his "clear vision and wise judgment" and the important role he played.
"He has contributed in no small measure to Hong Kong's financial stability and has tendered valuable advice to successive financial secretaries, including myself.
"His contributions have been recognized both by the local and international financial communities as well as the Hong Kong public," John Tsang said.
It is the appropriate time for Yam to go, he said, adding that Yam's departure would not affect Hong Kong's monetary policies, the operation of the Monetary Authority or the stability of the financial system.
Local bankers also spoke highly of Yam's contribution to the local financial industry.
Yam was one of the founding fathers of Hong Kong's financial market, but his departure will not affect the health of Hong Kong's financial system, said Vincent Cheng, chairman of HSBC in Asia Pacific.
Cheng wished Yam a good time in retirement life, adding that he looked forward to seeing Yam making further contributions to the society after his retirement.
Donald Tsang also made similar remarks.
"I hope after he has left the HKMA, he could continue to serve Hong Kong and the motherland in other positions," he said in a statement.
Source:Xinhua
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