Norman Chan Named Head of HK Monetary Authority

飞雪寒冰

Norman Chan, director of the Hong Kong Chief Executive's Office, has been appointed chief executive of Hong Kong Monetary Authority, taking office on October 1 for a five-year term.

飞雪寒冰

Speaking at a news conference announcing his appointment Friday, Chan said his main task is to maintain a stable monetary and banking system, manage Hong Kong's foreign exchange prudently and promote the use of China's currency, the yuan, in Hong Kong.

Chan, 55, was the deputy chief executive of the HKMA from 1996 to 2005, after which he served as vice chairman of Standard Chartered Bank Asia. He has served in his current capacity in the Hong Kong Chief Executive's Office since July 2007.

HKMA's current chief executive Joseph Yam will become advisor for the People's Bank of China, a source told Caijing earlier.

The official Xinhua news agency quoted Hong Kong Financial Secretary John Tsang as saying that Chan "has a deep understanding of Hong Kong's financial markets and banking supervision. He is also conversant with the operation of the financial markets overseas and in the mainland."
"He will be able to assist me in managing the Exchange Fund effectively and provide me with professional advice in the area of monetary policy and other financial matters," Tsang added.