Mr Joseph Yam named Central Banker of the Year

Mr Joseph Yam, Chief Executive of the Hong Kong Monetary Authority, has been named the Central Banker of the Year by the Euromoney magazine.

Each year, Euromoney's editors select from among the world's central bankers the best central banker of the year and announce the result in its September issue at the time of the World Bank/IMF Annual Meetings.

The magazine said Mr Yam had "successfully steered Hong Kong through what was billed as the most tumultuous year in its history", referring to the transition on 1 July 1997 and the recent regional currency turmoil.

"He has striven to build Hong Kong's domestic debt market through the introduction of a government yield-curve, has built the Exchange Fund, and has introduced Asia's most sophisticated interbank real-time gross settlement system. His latest project is to create a mortgage corporation along the lines of Fannie Mae in the US," said Euromoney.

"I am very honoured to have been offered this award by the Euromoney," said Mr. Yam. "The credit is due not to me but to all my dedicated colleagues at the Hong Kong Monetary Authority."

"In fact all this would not have been possible but for the generous advice and support given to me by the Administration and the central banking fraternity," added Mr. Yam. "I shall not attempt to mention any of them by name as I for sure can't possibly name all of them."

Mr. Joseph Yam started his civil service career in Hong Kong as a statistician in 1971 and was appointed Chief Executive of the Hong Kong Monetary Authority in 1993. He was involved in the creation of Hong Kong's linked exchange rate system in 1983 and is responsible for many of the reform measures introduced since then to strengthen Hong Kong's monetary system and develop Hong Kong's debt market. These measures have contributed to monetary stability in Hong Kong and its development as an international financial centre.

Mr Joseph Yam was named the Best Asian Central Banker in 1996 by Euromoney. In 1995, Mr Yam was given the Banker of the Year Award by the Hong Kong Institute of Bankers.

Hong Kong Monetary Authority
16 September 1997