Joseph Yam

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Joseph Yam Chi-kwong (traditional Chinese: 任志剛, born 1947) has been the Chief Executive of the Hong Kong Monetary Authority (HKMA) since its establishment in April 1993. He is locally famed to be the highest paid civil servant in Hong Kong, with a salary of over 8 million Hong Kong Dollars (over US$1 million), before other payments such as bonuses.

Contents

[edit] 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.[1] In 2006, Yam was the highest paid central banker in the world, with a salary of HK$9.57 million - approximately seven times that of Alan Greenspan when he was head of the Federal Reserve.[1]

[edit] 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 program[2] 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,[3][4] but stalled at the starting gate, when Beijing refused to grant permission.[5]

[edit] 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.[2]

Preceded by:
TBD		 Deputy Secretary for Monetary Affairs
1985 - 1991		 Succeeded by:
TBD
Preceded by:
TBD		 Director of the Office of the Exchange Fund
1991 - 1993		 Succeeded by:
TBD
Preceded by:
new position		 Chief Executive of the Hong Kong Monetary Authority
1993-present		 Succeeded by:
Incumbent

[edit] References

  1. ^ a b "Lai See" column, South China Morning Post, October 30, 2007
  2. ^ a b Jake van der Kamp, Monitor, South China Morning Post, October 30, 2007
  3. ^ Gita Dhungana, "Early 1,000-point surge recedes on profit-taking", The Standard, August 22, 2007
  4. ^ Gita Dhungana, "China's own Frankenstein", The Standard, August 27, 2007
  5. ^ Katherine Ng, "'Direct train' stuck at starting gate", The Standard, August 28, 2007
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