Financial Secretary Paul Chan Mo-po (center) announced on Thursday that Eddie Yue Wai-man (left), currently deputy chief executive of the Hong Kong Monetary Authority, will take over from Norman Chan Tak-lam (right) as chief executive of the HKMA in September. (PROVIDED TO CHINA DAILY)

Financial Secretary Paul Chan Mo-po admitted on Thursday that Hong Kong’s image as an international financial hub has been dented by the protracted anti-extradition bill protests, sparking apprehension among foreign businesspeople and investors.

The demonstrations and violent clashes in recent weeks have also eroded public confidence, disrupted the daily lives of residents, and caused extensive economic losses to businesses, he said.

The government will strengthen communication with world communities to help them acquire a better understanding of the SAR

Paul Chan Mo-po, Financial secretary, HKSAR government

Chan urged the public to reject violence, pause and allow the city to move on, saying the government will strengthen communication with world communities to help them acquire a better understanding of the SAR. 

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The financial chief made the call when he announced that Eddie Yue Wai-man, currently deputy chief executive of the Hong Kong Monetary Authority, will take over from Norman Chan Tak-lam as chief executive when the latter retires in September after a decade in the post. 

Paul Chan praised Yue’s extensive experience in Hong Kong financial markets, as well as his ability in handling financial crises during his 20 years’ service with the HKMA. 

Yue warned of the geopolitical uncertainties and challenges confronting the global economy amid the prolonged US-China trade tensions and the Brexit crisis, but said Hong Kong’s capability in managing risks has been strengthened.

He pledged his full commitment to making Hong Kong a more stable and efficient international financial market.

The incoming HKMA chief also said he’ll continue to leverage the city’s advantages in linking up with the Chinese mainland’s capital market as foreign investors rely on the SAR’s financial infrastructure to tap into the mainland market. 

The chief executive of HKMA was appointed by the financial secretary, who made the decision after consultations with other members of a selection panel. 

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Yue joined the HKMA in 1993 as a senior manager after having joined the HKSAR government in 1986. He was promoted to deputy chief executive in 2007.

The HKMA, which was founded in 1993, is primarily responsible for ensuring the stability of the Hong Kong currency. It also oversees investments of the SAR’s Exchange Fund, now standing at HK$4,137 (US$529) billion, which is used to maintain the stability, integrity and efficiency of the city’s monetary and financial systems. 

The HKMA on Wednesday posted an investment income of HK$170.8 billion for the Exchange Fund for the first half of 2019 - up HK$82.1 billion from the end of 2018.

pamelalin@chinadailyhk.com