HONG KONG (Reuters) - Hong Kong has appointed long-time policy insider Eddie Yue to lead its central bank, the Hong Kong Monetary Authority (HKMA).
Yue, currently one of the HKMA’s three deputy chief executives, will become chief executive on Oct. 1, succeeding 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 U.S. dollar since 1983.
“Eddie has worked at the HKMA for over 20 years; the HKMA’s operations will not be affected by the management change,” Financial Secretary Paul Chan said at a news conference on Thursday on Yue’s appointment.
Yue, aged 54, joined the HKMA in 1993, the year it was founded, and has been deputy chief executive responsible for reserves management, external affairs and research since 2007.
Yue will receive HK$7 million ($895,735) in fixed salary, and his performance-linked variable pay will be capped at HK$2.3 million, according to a Hong Kong government statement.
U.S. Federal Reserve Chair Jerome Powell has an annual salary of $203,500.
($1 = 7.8148 Hong Kong dollars)
Reporting by Felix Tam and Alun John; Editing by Kim Coghill and Richard Borsuk