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

2-MIN READ2-MIN

Eddie Yue Wai-man, deputy chief executive of the Hong Kong Monetary Authority, will become the head of the city’s de facto central bank in October. Photo: David Wong

Published: 8:00am, 25 Jul 2019Updated: 10:40am, 25 Jul 2019

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.

The appointment is expected to ensure a smooth transition at the HKMA at a time when the city is facing unprecedented challenges, including protests against a suspended but controversial extradition bill.

Yue, 54, is responsible for investing the HK$4.137 trillion (US$529 billion) Exchange Fund, which is used to defend the local currency against short sellers. His appointment comes after the authority reported on Wednesday the fund had a record HK$170.8 billion in investment earnings for the first half.

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.