Joseph Yam

Joseph Yam Chi-kwong (zh-t|t=任志剛, born 1947) has been the Chief Executive of the Hong Kong Monetary Authority (HKMA) since its establishment in April 1993.

Biography

*1970 Economics and Statistics graduate of the University of Hong Kong
*1971 Statistician, Civil Service
*1976 Worked in the Economic Services Branch
*1982 Principal Assistant Secretary, the Monetary Affairs Branch
*1985 Deputy Secretary for Monetary Affairs
*1991 Director of the Office of the Exchange Fund
*1993 First Chief Executive, the Hong Kong Monetary Authority
*1995 The Banker of the Year Award, the Hong Kong Institute of Bankers

Yam is reputedly the first senior government official to write a blog, with his first article published on September 2, 1999. In 2006, Yam was the highest paid central banker in the world, with an annual salary of HK$9.57 million - approximately seven times that of Alan Greenspan when he was head of the Federal Reserve."Lai See" column, "South China Morning Post", October 30, 2007]

Convergence plan

Noticing the pricing differential between shares listed on both the local market (H-shares) and the Shanghai Stock Exchange (A-shares), Yam pushed for mechanisms to promoter greater convergence and arbitrage. Ignoring major obstacles pointed out by local brokers, he is credited with persuading the Government to take a 5.9% stake in the Hong Kong Stock Exchange as leverage, and the pushing the programJake van der Kamp, Monitor, "South China Morning Post", October 30, 2007] which allowed mainland individuals to buy Hong Kong securities directly by opening foreign-currency accounts at the Bank of China branch in northern Tianjin. The scheme was announced by the State Administration of Foreign Exchange on August 20, 2007, [Gita Dhungana, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=1&art_id=51800&sid=15037160&con_type=1&d_str=20070822&sear_year=2007 "Early 1,000-point surge recedes on profit-taking"] , "The Standard", August 22, 2007] [Gita Dhungana, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=46&art_id=52081&sid=15108355&con_type=1&d_str=20070827&sear_year=2007 "China's own Frankenstein"] , "The Standard", August 27, 2007] but stalled at the starting gate, when Beijing refused to grant permission. [Katherine Ng, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=1&art_id=52241&sid=15119783&con_type=1&d_str=20070828&sear_year=2007 "'Direct train' stuck at starting gate"] , "The Standard", August 28, 2007]

Departure

In late October 2007, local media reported Yam would step down in 2009. Yam is to be replaced by Norman Chan Tak-lam, manager of Donald Tsang's election campaign for Chief Executive in 2007. Financial columnist Jake van der Kamp links Yam's departure with his handling of the A-share and H-share plan which destabilised Hong Kong.

References