Post shift: Financial Secretary John Tsang announces the appointment of Norman Chan as Monetary Authority Chief Executive. He will be succeeded as Director of the Chief Executive's Office by Under Secretary for Constitutional & Mainland Affairs Raymond Tam.

Norman Chan has been appointed Monetary Authority Chief Executive for five years from October 1, while Under Secretary for Constitutional & Mainland Affairs Raymond Tam will succeed him as Director of the Chief Executive's Office from August 1.

Announcing the appointment today Financial Secretary John Tsang said Mr Chan has a deep understanding of local financial markets and banking supervision, and knows the operation of overseas and Mainland financial markets.

"He will assist me in managing the Exchange Fund effectively and provide me with professional advice in the area of monetary policy and other financial matters. Norman has wide experience in public administration and is familiar with the operation of the Government," Mr Tsang said.