FEW CENTRAL BANK governors can have had as challenging a couple of days as Joseph Yam of the Hong Kong Monetary Authority in July 1997: on the first of the month he oversaw the handover of Hong Kong from British to Chinese rule; the next day the devaluation of the Thai baht heralded the start of the Asian financial crisis. Yam had himself worked on the 1983 measure that pegged the Hong Kong dollar to its US counterpart.
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