The Hong Kong government has announced that Eddie Yue will be the new chief executive of the city's Monetary Authority, from October 1.
Yue, currently one of the HKMA's three deputy chief executives, will succeed Norman Chan, who has completed two five-year terms.
The HKMA is responsible for Hong Kong's banking and monetary stability, and has a goal of maintaining currency stability under the city's linked exchange rate mechanism, which has seen the Hong Kong dollar pegged to the US dollar since 1983.
He is the person best suited for this position"
Financial Secretary Paul Chan Mo-po announced the appointment on Thursday, saying that Yue has a deep understanding of Hong Kong's banking and monetary system, as well as financial markets. He has extensive experience in tackling financial crises, he said.
"His achievements in promoting the HKMA's reserve management and financial market development in recent years are well recognized. He is the person best suited for this position," the secretary said.
The financial chief also praised Chan's contribution, "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 center."
The appointment is expected to ensure a smooth transition at the HKMA at a time when the city is facing unprecedented challenges, including protests against a suspended but controversial extradition bill.
Yue, 54, is responsible for investing the HK$4.137trn ($529trn) Exchange Fund, which is used to defend the local currency against short sellers. His appointment comes after the authority reported the fund had a record HK$170.8bn in investment earnings for the first half.
He will receive HK$7mn ($895,735) in fixed salary, and his performance-linked variable pay will be capped at $2.3m, according to a Hong Kong government statement.