The government of Hong Kong Special Administrative Region reappointed Eddie Yue Wai-man as the chief executive of the Hong Kong Monetary Authority (HKMA) for the next five years with effect from Oct 1 this year.

“Under the leadership of Eddie, the HKMA 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, Hong Kong Exchanges and Clearing Limited and other organizations to safeguard Hong Kong's financial security,” Financial Secretary Paul Chan Mo-po said in a government statement on Friday.

Over the past few years, Hong Kong has had to navigate a number of challenges, including the social unrest, the COVID-19 pandemic, an increasingly complex geopolitical landscape and higher interest rates.

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The finance chief noted the HKMA has been making great strides in promoting the development of Hong Kong as an international financial center, in areas such as building Hong Kong as an offshore renminbi hub, advancing fintech, promoting mutual access between the Chinese mainland and Hong Kong financial markets, and actively strengthening exchanges and collaboration with mainland and overseas financial regulators.

The HKMA has also actively responded to the needs of the public and small and medium-sized enterprises (SME), and promoted financial inclusion such as the SME Financing Guarantee Scheme and the HKMC Annuity Plan through the Hong Kong Mortgage Corporation, and other initiatives.

“I am confident that Eddie will continue to lead the HKMA effectively in the coming five years, and make further contributions to Hong Kong’s financial, economic and social progress,” Chan said.

“I am honored to be given the opportunity to continue to serve Hong Kong in this important role and grateful for the Financial Secretary’s confidence and trust in me,” Yue said in a statement on Friday.

Yue said despite headwinds, Hong Kong’s financial system, including the Linked Exchange Rate System and the banking system, has remained sound and stable. Banks in Hong Kong remains prudent and have made efforts to support the real economy and help businesses and the public ride out difficult times.

“Looking ahead, the macroeconomic environment, the international financial landscape, and geopolitics are likely to remain complex and uncertain for some time. The HKMA will remain vigilant and committed in safeguarding monetary and financial stability and will work closely with the industry to better serve and support the real economy,” Yue highlighted.

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The HKMA will leverage the city’s unique advantages to deepen connectivity with markets on the mainland and enhance the city’s role as a global offshore renminbi hub, as well as redouble efforts in promoting financial technology and sustainable finance, the HKMA chief added.

The Financial Secretary, after consultation with the governance sub-committee of the Exchange Fund Advisory Committee, has decided to set the annual fixed pay of the chief executive of the HKMA at around HK$7.4 million ($948,700) at the beginning of his new term. The annual performance-linked variable pay will be capped at $2.3 million throughout the five-year term.

Yue, who is 59, began his career as an administrative officer in the Hong Kong government in 1986 and joined the HKMA in 1993 as a senior manager. Yue has served as the chief executive of the HKMA since October 2019.