Hong Kong authorities have decided on the next chief executive of its banking regulator and de-facto central bank through an internal promotion.
Hong Kong authorities will promote Eddie Yue Wai-man, Hong Kong Monetary Authority (HKMA) deputy chief executive, to succeed outgoing head Norman Chan, the «South China Morning Post» reported, citing an unnamed source.
Chan is set to retire on October 1, after serving two five-year terms as chief executive. Yue is the most senior and longest-serving of HKMA's three deputy chief executives.
Yue, 54, joined HKMA in 1993 as a senior manager and was promoted to his current position in 2007. He is responsible for HKMA's reserves management, external affairs, and research. He is also the director of the HKMA Infrastructure Financing Facilitation Office.
Ensuring Continuity
According to SCMP, this move «ensures continuity and stability in the city’s monetary policy while the local economy is facing unprecedented headwinds.»
A formal announcement is expected by the authority later today.
On Wednesday, HKMA reported that its HK$4.137 trillion ($529 billion) Exchange Fund, which Yue is responsible for, reached a record HK$170.8 billion in investment earnings for the first half of 2019.
