Norman Chan reappointed as Hong Kong Monetary Authority chief

Zafar Anjum

Norman Chan Tak-lam, 59, has been re-appointed as the Chief Executive of the Hong Kong Monetary Authority through September 2019.

The South China Morning Post reports that Chan has been reappointed with an 8 per cent pay rise.

Chan would serve a second five-year term as Monetary Authority chief executive after his current term ends in September.

His predecessor, Joseph Yam Chi-kwong, was in office for 16 years, after which Chan took over in October 2009.

According a statement published on the HKMA official site, Chan has thanked the Financial Secretary for his decision on his re-appointment.

"I am very grateful to the Financial Secretary for his recognition of the hard work and efforts of the HKMA in the past four years," Chan said. "I am very privileged to be given the opportunity to continue to lead the highly professional HKMA team to maintain Hong Kong's financial stability and promote Hong Kong's position as an international financial centre in an uncertain and challenging macroeconomic and financial environment."