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Eddie Yue’s has been reappointed as chief executive of the Hong Kong Monetary Authority (HKMA) for another term of five years, starting in October 2024.
He was appointed by Hong Kong financial secretary Paul Chan and first started in the role on October 2, 2019 after being at the HKMA for over 25 years.
After consultation with the governance sub-committee of the Exchange Fund Advisory Committee, has decided to set the annual fixed pay of the chief executive of the HKMA at around HK$7.4 million ($950,000) at the beginning of his new term. The fixed pay will be reviewed in April each year in the context of the HKMA annual pay review, and any adjustment will be no more than the inflation rate in the preceding year. The annual performance-linked variable pay will be capped at HK$2.3 million throughout the five-year term.
Chan said in a statement, "Over the past few years, Hong Kong had experienced the impact of black-clad violence and the Covid-19 pandemic, and has been facing geopolitical challenges. Under the leadership of Eddie, the HKMA has maintained the stability of Hong Kong's money market and banking system, and has worked closely with the Financial Services and the Treasury Bureau, the Securities and Futures Commission, the Insurance Authority, the Hong Kong Exchanges and Clearing Limited and other organisations to safeguard Hong Kong's financial security. The Exchange Fund has also achieved investment income commensurate with its investment objectives despite considerable uncertainties in the global investment environment.”
He continued: “Under the leadership and steer of the Hong Kong Special Administrative Region (HKSAR) government, the HKMA has been making great strides in promoting the development of Hong Kong as an international financial centre. 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.”
Yue said in a July 26 HKMA statement: “I’m honoured to be given the opportunity to continue to serve Hong Kong in this important role and grateful for the financial secretary’s confidence and trust in me.”
He added: “Over the past few years, Hong Kong has had to navigate a number of challenges, including the social unrest, Covid-19, an increasingly complex geopolitical landscape and higher interest rates. Despite these headwinds, our financial system, including the Linked Exchange Rate System and the banking system, has remained sound and stable. Our financial sector has continued to thrive, and we have been able to confirm and enhance our position as an international financial centre.”
Yue continued: “Our banks, while remaining prudent, have made every effort to support the real economy and help businesses and the public ride out difficult times.Looking ahead, the macroeconomic environment, the international financial landscape, and geopolitics are likely to remain complex and uncertain for some time.”
“We will . . . work closely with the industry to better serve and support the real economy. The continued reform of our country 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 Rmb 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,” he added.
