Hong Kong Reappoints Chief of De Facto Central Bank

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Hong Kong Monetary Authority Chief Executive Eddie Yue speaks at the Greenwich Economic Forum in Hong Kong on June 6. Photo: VCG

The sitting chief executive of the Hong Kong Monetary Authority (HKMA) is set to steer the agency for another five years, tasked with maintaining the stability of the financial hub’s banking system and currency amid lingering global economic uncertainties.

The reappointment of Eddie Yue, announced Friday by Financial Secretary Paul Chan, will be effective from Oct. 1, according to a government statement.

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Eddie Yue was reappointed as chief executive of the HKMA for another five years starting Oct. 1.
Yue has been with the HKMA since 1993 and first became chief executive in 2019.
He is acknowledged for maintaining financial stability and promoting Hong Kong as a financial center, focusing on fintech, offshore yuan hub, and mutual access between Chinese mainland and Hong Kong markets.

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What Happened When

2019：: Eddie Yue was first appointed to the position of chief executive of the Hong Kong Monetary Authority.

2023：: The exchange rate against the U.S. dollar mostly hovered near the lower end of the band.

March 2024：: A report released by the HKMA warned of uncertainties over U.S. monetary policy and headwinds facing the city's banking sector.

July 26, 2024：: The reappointment of Eddie Yue as the chief executive of the Hong Kong Monetary Authority was announced by Financial Secretary Paul Chan.

AI generated, for reference only