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Saturday, 18 July 2009 - HK names leader's aide to head central bank
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    Read more with google mobile : HK names leader's aide to head central bank

    Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: HK names leader's aide to head central bank AP - Saturday, July 18 HONG KONG - An aide to Hong Kong's leader and former bank executive was Friday named to head the territory's central bank as the Chinese financial center emerges from the economic crisis. ADVERTISEMENT Norman Chan, 55, will lead the Hong Kong Monetary Authority starting in October, replacing the bank's current chief executive, Joseph Yam, who announced his resignation in May. Chan has run the office of Hong Kong's leader since July 2007. Before that, he served as vice chairman for London-based lender Standard Chartered Bank in Asia. Other previous government positions include executive director and deputy chief executive of the territory's central bank. The appointment comes as Hong Kong recovers from the financial crisis that roiled its markets and dragged it into recession, and as it works to preserve its status as a financial capital. The authority was sharply criticized in the last year amid accusations it failed to properly regulate banks that sold investors exotic and now potentially worthless derivatives tied to failed Wall Street bank Lehman Brothers. Yam, who has served in the post for 16 years, also generated controversy because of his pay. Among the world's highest paid central bankers, he raked in almost $12 million Hong Kong dollars (about $1.5 million) in 2008. By comparison, U.S. Federal Reserve Chairman Ben Bernanke made a little over $190,000 last year. Chan will earn 32 percent less than Yam with an annual salary of $770,000 a year over a five-year term, plus "variable pay" of about $200,000 in the first year, the government said. Hong Kong, a former British colony, returned to Chinese rule in 1997 and has a separate financial system and currency. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business CNOOC, Sinopec to buy Angola stake from MarathonReuters - Saturday, July 18 TOPWRAP 6-Bank of America, GE weigh on recovery optimismReuters - Saturday, July 18 Soleil sees potash prices set to skidReuters - Saturday, July 18 GLOBAL MARKETS-Shares pare gains as corporate earnings mixedReuters - Saturday, July 18 HCL to pay up to $18.5 mln for UCS' SAP unitReuters - Saturday, July 18 Most Popular – Business Viewed Talking toy 'translates' dog barks Coroners seek records from Jackson skin doctor Miniskirts, cleavage upset male SKoreans: survey Jackson wasn't ready for London comeback: father Robert Redford marries in Germany: report View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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