Hong Kong Monetary Authority chief announces retirement
The chief executive of the Hong Kong Monetary Authority (HKMA), Norman Chan, has announced he will step down from his position on 1 October.
The HKMA, which acts as a cross between Hong Kong's de facto financial regulator and its central bank, was established in 1993, whereupon Chan became its executive director.
Chan served as the HKMA's deputy chief executive from 1996 to 2005, then as vice chairman at Standard Chartered Bank's Asia division from 2005 to 2007.
Hong Kong's financial secretary Paul Chan issued a statement to say, "Norman has been leading the HKMA since 2009 and has worked tirelessly over the years to strengthen the city's monetary and banking systems and promote Hong Kong's position as an international financial centre in Asia. I respect his wish and decision to retire upon completion of his second term as chief executive of the HKMA."
The financial secretary added: "In the aftermath of the global financial crisis, the world has been focusing on reforming the international financial system to increase its resilience against future shocks. Norman has played a pivotal role in the international financial system reform agenda."
The financial secretary is in the process of appointing a successor.
