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Chan takes the reins at HKMA

HONG Kong's Financial Secretary John Tsang yesterday announced the appointment of Norman Chan as the next chief executive of the Hong Kong Monetary Authority.

Chan's new term will start from October 1 and will be for five years, with an annual salary of HK$6 million (US$774,173). The total pay package of the new HKMA chief executive will be 32 percent lower than that of the incumbent.

"He is an ideal person for this position," Tsang said. "Norman has a deep understanding of Hong Kong's financial markets and banking supervision. He is also conversant with the operation of the financial markets overseas and on the mainland."

Tsang added that Chan "will be able to assist me in managing the Exchange Fund effectively and provide me with professional advice in the area of monetary policy and other financial matters."

Chan, 55, currently director of the Hong Kong chief executive's office, will take the place of Joseph Yam, who will step down from the top HKMA post on October 1.

Between December 2005 and June 2007, Chan was Standard Chartered Bank's vice chairman for Asia. Prior to joining the bank, Chan was deputy chief executive of HKMA. Chan was appointed deputy director of the Office of the Exchange Fund in 1991. He became HKMA's executive director in 1993 and was appointed deputy chief executive in 1996.


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