Financial Secretary Paul Chan announced the appointment of Eddie Yue as the Chief Executive of the Hong Kong Monetary Authority (HKMA) with effect from October 1.

Accompanied by the authority’s Chief Executive Norman Chan and Chief Executive (designate) Eddie Yue, Paul Chan shared the announcement with the media today.

Paul Chan said Mr Yue has a deep understanding of Hong Kong's banking and monetary system as well as financial markets and extensive experience in tackling financial crises.

"Eddie is conversant with the financial markets overseas and in the Mainland. He has name recognition and credibility in financial arenas, and the vision for the future of Hong Kong as an international financial centre. His achievements in promoting the HKMA’s reserve management and financial market development in recent years are well recognised. He is the person best suited for this position."

The authority’s chief executive is identified by a selection panel chaired by the Financial Secretary. The new chief executive will serve a five year term.

Paul Chan also expressed appreciation for Norman Chan's contribution to Hong Kong over the years and wished him a happy retirement.

"Norman has been leading the HKMA since 2009. Over the years he has strived to strengthen the city's monetary and banking systems and promote Hong Kong's position as an international financial centre. He has led the HKMA in tackling a series of challenges following the global financial crisis, played a pivotal role in the financial system reform agenda, and enjoys a high reputation in international financial arenas.”