Financial secretary denies rift with head of Monetary Authority
Financial Secretary John Tsang Chun-wah has dismissed rumours that he is at loggerheads with Hong Kong Monetary Authority chief executive Joseph Yam Chi-kwong, after speculation Mr Yam would quit.
On an RTHK talk show yesterday, Mr Tsang spoke of his close working relationship with Mr Yam.
'I have worked with Yam Chi-kwong for more than 20 years,' Mr Tsang said. 'When I joined the Monetary Affairs Branch he was the deputy head and I was an administrative officer. He was a good boss who offered good guidance.'
Mr Tsang now oversees the Monetary Authority.
He also praised Mr Yam for his professionalism and said they had talked on the telephone several times a day recently to discuss developments in the global financial crisis.
Chief Executive Donald Tsang Yam-kuen suggested at a press conference after his policy address on Wednesday that it was time for Mr Yam, 60, to hand over the baton. But he made an about-turn on Thursday, saying Mr Yam would neither retire nor resign.
This was followed by a statement from John Tsang, in which he said he wanted to 'clarify the position' and stressed he had a close working relationship with Mr Yam.
On Tuesday, when the government announced a full guarantee of all bank deposits until 2010, Mr Yam said it could produce moral hazard. Yesterday Mr Tsang denied that Mr Yam's remark had deviated from the government's position.
At a Legislative Council financial affairs panel meeting yesterday, Civic Party lawmaker Ronny Tong Ka-wah asked Mr Yam if he had made the comment because of political pressure. But Mr Yam said: 'The two incidents have no connection even if they happened at the same time. It is unrelated to my tenure or any political pressure.'
Mr Tong asked whether Mr Yam thought that the financial secretary's clarification was 'unnecessary'.
Mr Yam shot back: 'I didn't say so. Do you want to stir up discord?'
