The Hong Kong Monetary Authority (HKMA) is reshuffling executive roles to prepare for future leadership transitions. Darryl Chan will become chief executive of the Exchange Fund Investment Office, overseeing reserve management — a responsibility previously held by Deputy Chief Executive Howard Lee. In return, Lee will take over monetary management from Chan.
The changes, effective Nov. 9, come a week after the HKMA’s annual summit. Chan, the youngest of Eddie Yue’s three deputies, will retain oversight of research, yuan internationalization, and external engagement. He also led the launch of Hong Kong’s first HKD stablecoin.
In his new role, Chan will manage the city’s HK$4.33 trillion ($552 billion) reserves, crucial for maintaining the Hong Kong dollar’s peg to the US dollar. Chan joined HKMA in 2013 after serving as an administrative officer and aide to former Chief Secretary Henry Tang.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing