Joseph Yam Chi-kwong, head of the city's de facto central bank, said yesterday that policy would not be affected by personnel changes at the Monetary Authority.
'The office is an iron fortress that never moves, but officials come and go like running water,' he said.
However, he declined to comment on whether he would step down as chief executive of the authority in 2009. 'There will not be any problem at all' if there is any change of personnel, he said.
Mr Yam's remarks echoed those of Vice-President Zeng Qinghong last month at the Communist Party's 17th National Congress. 'The barrack is an iron fortress that never moves, but soldiers come and go like running water,' Mr Zeng said. Days later he lost his Central Committee and Politburo positions.
The HKMA chief executive is appointed by the financial secretary under the Exchange Fund Ordinance. Mr Yam, 60, has held the position since 1993. There is no defined retirement age or tenure for the job.
Government sources said last month that Financial Secretary John Tsang Chun-wah had informed Mr Yam that he was to continue in his position until 2009, but Mr Tsang has declined to comment on the issue.