Hong Kong to promote monetary authority veteran Eddie Yue to head city’s de facto central bank
- Yue, 54, is the most senior and longest-serving of the HKMA’s three deputy chief executives
- He is responsible for investing the Exchange Fund, which reported record earnings of HK$170.8 billion for the first half on Wednesday
Hong Kong’s government will promote a veteran insider to succeed the departing chief executive of its de facto central bank, a move that ensures continuity and stability in the city’s monetary policy while the local economy is facing unprecedented headwinds.
Eddie Yue Wai-man, the most senior and longest-serving among the three deputy chief executives of the Hong Kong Monetary Authority, will succeed Norman Chan Tak-lam as the head of the HKMA, according to government sources.
A selection panel headed by Financial Secretary Paul Chan Mo-po concluded that Yue, who joined the HKMA at its establishment in 1993, is the most experienced and suitable candidate, a source told the South China Morning Post, on condition of anonymity. The appointment is expected to be announced on Thursday, the source said.
He is also director of the HKMA Infrastructure Financing Facilitation Office, which puts him in charge of promoting Hong Kong as a facilitator of deals and fundraising for infrastructure projects, such as Beijing’s Belt and Road Initiative.