Hong Kong Monetary Authority chief executive Joseph Yam Chi-kwong, reportedly the world's highest-paid central banker, has cut his salary by 10 per cent and will take a further 40 per cent reduction in his bonus. Mr Yam's salary adjustment, which took effect last October, was revealed by the authority yesterday after it announced a 40 per cent reduction in bonus pay for all its 600 staff and a pay freeze for this year. This followed a meeting last night of the Exchange Fund Advisory Committee chaired by Financial Secretary Antony Leung Kam-chung. The authority's last annual report stated that Mr Yam received total annual payments of between $9 million and $9.5 million, comprising his monthly salary and bonus. The spokeswoman would not give a breakdown of the figures. After the cuts, it is estimated his package will fall below $8 million, which analysts said was still enough for him to keep his position as the world's highest paid central banker. According to figures from 1997, when Mr Yam's annual salary and bonus package stood at about $7.5 million, US Federal Reserve chairman Alan Greenspan earned US$133,600 (HK$1.04 million). Other officials have seen their pay rise recently. Hong Kong Exchanges and Clearing's chief executive Kwong Ki-chi last year saw his salary jump 20.6 per cent from $5.86 million to $7.07 million. With allowances and benefits, his income was $8.47 million last year, compared with $7.47 million in 2000.