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(Bloomberg) — The Hong Kong government is considering retaining Eddie Yue as the de facto central bank governor, when his term expires in October, according to people familiar with the matter.
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Yue, who has led the Hong Kong Monetary Authority since 2019, is likely to remain in his current role as the government wants to avoid market turmoil at a vulnerable time for the Asian financial hub, the people said, speaking on condition of anonymity. Told. information.
Mr. Yue, 59, is considered a solid talent and is still relatively young, the people said. It added that this decision is not final and is subject to change. Generally his HKMA CEO contract is for his 5 years.
As the world’s highest-paid central banker, Yuet manages the former British colony’s $517 billion war chest and is primarily responsible for pegging the city’s currency to the US dollar. He has recently taken on a larger role as Hong Kong’s face to the banking world, at a time when the city’s status as a global financial hub is increasingly in question amid a corporate downturn and Beijing’s tightening control.
In separate written statements, a government spokesperson and an HKMA spokesperson said HKMA appointment and reappointment matters will be handled in accordance with established procedures and announced at the appropriate time.
In late 2022, when Hong Kong was still adhering to strict anti-coronavirus measures, Yue held a major global summit. Around 200 finance leaders arrived by plane, including David Solomon, James Gorman and Colm Kelleher.
He also vigorously defended the dollar against claims that the peg was in jeopardy, and pledged to spend $37.4 billion from May 2022 to May 2023 to keep the link stable. did.
Yue also said he had not heard any concerns from financial institutions about the national security law enacted in 2020, and has publicly supported China’s tightening of its grip on cities. More recently, he expressed his support for a local version of the Public Order Act, known as Section 23, saying: This law will bring social and financial stability.
Yue had a relatively modest upbringing, growing up in a 100 square foot (9.3 square meter) apartment as the youngest of seven children.
Before joining the civil service, I worked as a bank teller. He was instrumental in founding the HKMA in 1993, when it was under colonial rule, and worked alongside his mentor, the first HKMA chief executive Joseph Yam.
By mid-2022, most cities around the world had gradually reopened to coexist with the virus. The HKMA was one of the first local regulators to publicly address the business community’s woes and urge relief. Yue and his team help send baskets of fine wine and gourmet food to bank employees stuck in quarantined hotel rooms in hopes of “alleviating anger towards Hong Kong” did.
–With assistance from Toru Fujioka, Kate Davidson, and Zoe Schneeweiss.
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