A steady hand in rough Hong Kong monetary waters
- Eddie Yue Wai-man’s reappointment for a second five-year term as head of the Hong Kong Monetary Authority is good news. Yue has amply proved himself over the past five difficult years. The next five years will be just as challenging, if not more so
When sailing in rough seas, you need a steady pair of hands. That is why it is good news that Eddie Yue Wai-man has been reappointed for a second five-year term as head of the Hong Kong Monetary Authority (HKMA).
Yue has amply proved himself over the past five difficult years. During this time, Hong Kong had to face social unrest, a pandemic and a prolonged economic downturn.
It has been caught up in the increasingly bitter rivalry between China and the West, especially the United States. Business confidence has been weakened.
The next five years will likely prove to be no easier, if not even more challenging.
As head of the Hong Kong’s de facto central bank, Yue must demonstrate the city’s continuing vitality as a world-class financial hub while maintaining local and global confidence in the long-term safety and viability of the US-HK dollar peg. His affable demeanour and financial knowledge have been a huge asset in convincing sceptical European and Wall Street bosses to stay the course with Hong Kong.
