Norman Chan Tak-lam

The yuan hasn't overtaken the HK$ quite yet, Mr Chan

The yuan hasn't overtaken the HK$ quite yet, Mr Chan

Monday's edition of the Post quoted the boss of the HKMA, Norman Chan Tak-lam, proclaiming that in May the value of yuan interbank payments cleared through Hong Kong's real-time gross settlement system, or RTGS, surpassed the value of Hong Kong dollar payments for the first time.

Wednesday, 19 June, 2013, 4:40am 1 comment

Jake van der Kamp versus Tom Holland: who is right on Hong Kong consumer debt risk?

Business Post face-off

In Tuesday’s Business section, the Monitor column on the back page decided to pick a fight with the front page’s Jake’s View.

6 Sep 2013 - 10:43am

HKMA chief's household debt fears overblown

Let's look at some specifics here; for instance, that bit about rampant consumer spending, which so concerns Norman Chan Tak-lam, the chief executive of the Hong Kong Monetary Authority.

7 May 2013 - 3:56am 5 comments

Why the HKMA should fret over consumer debt

Credit where it's due

Only last week my esteemed colleague Jake van der Kamp was complaining that there is altogether too much consensus among the Business Post's columnists. Commentators are not meant to be a harmonious society.

Well, Jake, you've got your wish for a healthy dose of adversarial scrappiness, because today the back page is going to pick a fight with the front page.

7 May 2013 - 7:45am 7 comments

In the race for yuan trade, Hong Kong must raise its game

Norman Chan Tak-lam. Photo: K.Y. Cheng

Few would remember why Hong Kong became the first city involved in the yuan business in early 2004. It came about after an agreement signed between the central banks of Hong Kong and the mainland in November 2003. Back then, Beijing had not yet decided to let the yuan become an international currency. That only occurred in 2009.

30 Apr 2013 - 4:28am 1 comment

Monetary authority chief's salary tops HK$9.4m

Norman Chan saw his bonus rise 20 per cent. Photo: Dickson Lee

While Norman Chan Tak-lam's basic salary remained at HK$6 million, the raise mainly came in the form of a 20 per cent increase in variable pay, an amount that depends on individual performance and is equivalent to a bonus at private firms.

27 Apr 2013 - 5:42am 1 comment

New stamp duties trigger last minute push for flat sales

Monetary Authority chief Norman Chan Tak-lam briefs the press on new stamp duties. Photo: K. Y. Cheng

Real estate agents staged a last-minute flat sales push to beat a midnight deadline for the introduction of a new set of measures aimed at cooling down Hong Kong's red-hot property market.

23 Feb 2013 - 5:13am 5 comments

Property tightening measures break new ground, say bankers

Norman Chan Tak-lam. Photo: K.Y. Cheng

Bankers said last night that the Hong Kong Monetary Authority's new rules for mortgages would help reduce their lending risks but might not succeed in bringing down property prices. This is the sixth round of measures taken by the HKMA to rein in housing prices since 2009, but the steps announced yesterday by its chief executive, Norman Chan Tak-lam, are the first to focus on mortgages for non-residential property.

23 Feb 2013 - 5:50am 5 comments

Let cross-border payments use the yuan says Hong Kong's monetary chief

Yuan business in Hong Kong has made great strides. Photo: Reuters

The move could be followed by a further relaxation of cross-border flows of yuan in both directions, Chan said, in tandem with the liberalisation of the mainland's capital account.

22 Feb 2013 - 5:22am

50pc property slump would see 57,000 in negative equity

Norman Chan Tak-lam. Photo: Edward Wong

Norman Chan Tak-lam is a worried man. Addressing a Legislative Council panel on Monday, the head of the Hong Kong Monetary Authority complained that household debt level was close to a record high relative to the city's gross domestic product, and warned that "the overheating property market" is the biggest single threat to Hong Kong's economy.

6 Feb 2013 - 6:13am 4 comments

New round of mortgage tightening likely amid fears of property bubble

HKMA chief executive Norman Chan Tak-lam. Photo: Edward Wong

The Hong Kong Monetary Authority is poised to launch its sixth round of mortgage tightening measures since 2009 and has given its strongest warning yet of a bubble in the property market.

5 Feb 2013 - 4:54am 1 comment