Hong Kong’s monetary chief to step down after decade in post

HONG KONG (AFP) – The head of the Hong Kong’s de-facto central bank, Norman Chan, will step down this year after a decade in the post that saw him oversee the city’s recovery from the global financial crisis as well as a ballooning property market.

Local reports cited sources as saying the government would likely promote one of his three deputies to take over at the helm of the Hong Kong Monetary Authority when Chan retires in October.

His successor will come in facing a number of challenges including the impact of China’s economy and how to address a housing crisis caused by a stratospheric rise in property prices.

However, they can expect a healthy remuneration, with Chan earning HKD10.8 million in 2017 making him one of the world’s best paid central bankers.