HK changes guard at central bank

Eddie Yue will be the next chief executive of the Hong Kong Monetary Authority, succeeding Norman Chan. Currently a deputy who overseas reserves management, Yue will take over on October 1 from the retiring Chan. He will be in charge of the city’s HK$4 trillion ($512 billion) exchange fund and oversight of the peg to the dollar. 

Yue’s promotion caps almost three decades of service in financial and monetary policymaking, where he maintained a 12.9% annualized return for the city’s HK$4.137 trillion Exchange Fund since 2009, according to the South China Morning Post. 

The SCMP seems to think Yue will play a key role in the Greater Bay Area’s development, too. Read more.

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