Eddie Yue Reappointed as Chief Executive of HKMA

　　The Financial Secretary Paul Chan announced the reappointment of Eddie Yue as the Chief Executive of the Hong Kong Monetary Authority (HKMA) for a term of five years with effect from October 1 2024.

　　The annual fixed pay of Yue was decided to set at around $7.4 million at the beginning of his new term. The fixed pay will be reviewed in April each year in the context of the HKMA annual pay review, and the adjustment will be no more than the inflation rate in the preceding year. The annual performance-linked variable pay will be capped at $2.3 million throughout the five-year term, and the amount will be determined by the Financial Secretary after consultation with the above Governance Sub-Committee.

　　Chan said that over the past few years, the HKMA, under the leadership of Yue, has maintained the stability of Hong Kong's money market and banking system, and has worked closely with the Financial Services and the Treasury Bureau, the Securities and Futures Commission, the Insurance Authority, the Hong Kong Exchanges and Clearing Limited and other organisations to safeguard Hong Kong's financial security. The Exchange Fund has also achieved investment income commensurate with its investment objectives despite considerable uncertainties in the global investment environment.

　　Under the leadership and steer of the Hong Kong government, Chan further added, the HKMA has been making great strides in promoting the development of Hong Kong as an international financial centre. Its efforts include, among other things, building Hong Kong as an offshore Renminbi hub, advancing fintech, and promoting the mutual access between the Mainland and Hong Kong financial markets. The HKMA has also been actively strengthening exchanges and collaboration with financial regulators on the Mainland and abroad. Following the instructions of the Hong Kong government, the HKMA has also actively responded to the needs of the public and small and medium-sized enterprises (SMEs), and promoted financial inclusion. That includes rolling out the SME Financing Guarantee Scheme and the HKMC Annuity Plan through the Hong Kong Mortgage Corporation Limited, and more.

　　Chan was confident that Yue would continue to lead the HKMA effectively in the coming five years, and make further contributions to Hong Kong's financial, economic and social progress.