The time is coming before too long when the world’s highest paid central banker, Hong Kong’s Joseph Yam, may have to do rather more to justify his salary. Being the head of the HK Monetary Authority, or de facto central bank, has been relatively cushy position for most of the 15 years that Yam has held the job – heading the Exchange Fund from 1991 and the HKMA since it was established in 1993. Apart from some scary moments during the 1997-8 Asian crisis, operating a US dollar currency peg backed up by huge foreign exchange reserves (now US$130 billion) and by the implied support of the sovereign power has not been a very demanding one.
Time of Trial for Hong Kong’s US Dollar Peg
Time of Trial for Hong Kong’s US Dollar Peg
Time of Trial for Hong Kong’s US Dollar Peg
The time is coming before too long when the world’s highest paid central banker, Hong Kong’s Joseph Yam, may have to do rather more to justify his salary. Being the head of the HK Monetary Authority, or de facto central bank, has been relatively cushy position for most of the 15 years that Yam has held the job – heading the Exchange Fund from 1991 and the HKMA since it was established in 1993. Apart from some scary moments during the 1997-8 Asian crisis, operating a US dollar currency peg backed up by huge foreign exchange reserves (now US$130 billion) and by the implied support of the sovereign power has not been a very demanding one.