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Press Releases

Departure of Ms Amy Yip and Appointment of Mr Francis Chu as Executive Director (Reserves Management)

The Hong Kong Monetary Authority (HKMA) today (Tuesday) announced that Ms Amy Yip, the Executive Director with responsibility for reserves management has given notice of her resignation from the HKMA in order to continue her career in the private sector. The Financial Secretary, as the appointing authority, has with much reluctance accepted Ms Yip's resignation. The resignation will take formal effect on 6 January 2006. However, Ms Yip will cease to carry out her duties as Executive Director of Reserves Management with effect from tomorrow. During the period between now and the date of formal resignation, Ms Yip will take accumulated leave owing to her of six weeks and will carry out special duties for one week.

The HKMA also announced today that the Financial Secretary, following the advice of the Governance Sub-Committee of the Exchange Fund Advisory Committee, has approved the appointment of Mr Francis Chu as the new Executive Director (Reserves Management). Mr Chu's appointment takes effect tomorrow.

The Chief Executive of the HKMA, Mr Joseph Yam, said that Ms Yip had been in charge of the investment management of the Exchange Fund during nine challenging and volatile years. "During these years, the Exchange Fund has doubled in size and has seen a considerable expansion in the range and complexity of its portfolios. Amy has made an enormous contribution to the growth and development of the Fund in these eventful years and played a key role in the market operation of 1998 and in developing the disposal programme for Hong Kong equities acquired during that operation," Mr Yam said. "We are all sorry to see her leave, but we respect her decision to rejoin the private sector. She takes with her the warmest wishes from her many friends and colleagues in the HKMA for a happy and successful future," Mr Yam added. Ms Yip joined the HKMA as Executive Director (Reserves Management) in 1996 after having worked for 18 years in the private sector.

Mr Chu joined the HKMA in 1995 as a Senior Manager in the Monetary Operations Division. He was promoted to Head (Monetary Operations) in 1996. From 2002 to 2004 he was the HKMA's Chief Representative in New York. Since returning to Hong Kong in 2004 he served again as Head (Monetary Operations) up to the present. Before joining the HKMA, Mr Chu worked for more than 15 years in senior management and treasury positions in the banking sector in Hong Kong.

For further enquiries, please contact:

Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
15 November 2005

Last revision date: 1 August 2011
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