The five-year tenure, now renewed, saw the CEO lead the authority during tumultuous times for Hong Kong and the wider economy.

Eddie Yue, chief executive of the Hong Kong Monetary Authority, has been reappointed for a five-year term, taking effect from 1 October.

The CEO’s tenure – starting in October 2019 – saw Hong Kong beset by the geopolitical turmoil and the Covid-19 pandemic and associated lockdowns. 

“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, the Hong Kong Exchanges and Clearing Limited and other organisations to safeguard Hong Kong's financial security,” Paul Chan, financial secretary, said in a recent statement. 

Among the changes taking place under Yue, the organisation has worked hard to develop Hong Kong as an offshore hub for trading in renminbi, developing fintech, and has been part of the cross-border Wealth Connect regime linking Hong Kong and mainland China. His tenure also coincided with Hong Kong’s efforts to develop as a centre for family offices, competing against the likes of Singapore and Dubai. 

In its statement, Hong Kong’s government said Yue’s pay will be set at an annual sum of HK$7.4 million ($947,000) at the beginning of his new term. The pay will be reviewed in April each year. The annual performance-linked variable pay will be capped at HK$2.3 million throughout the five-year term.

Yue began his career as an administrative officer in the Hong Kong Government in 1986. He joined the HKMA in 1993 as a senior manager and was subsequently promoted to division head in 1994. Yue was appointed as executive director (corporate services) in June 2001 and was made executive director (monetary management and infrastructure) in July 2004. He was appointed as deputy CEO in September 2007.