The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Awards

Central bank governor of the year 1997: Central Banker of the Year: Yam – Hong Kong's sharp-shooter

His combative approach - along with $70 billion reserves - has seen off all the currency speculators so far. But does Joseph Yam sleep easy at night?

Finance Minister of the Year: Chubais forces the pace

Chubais takes stock

The perennial worrier

Finance Minister and Central Banker of the Year: The regional winners


He rarely sleeps and he worries too much, but it seems to have paid off. Joseph Yam has successfully steered Hong Kong through what was billed as the most tumultuous year in its history.

Ironically, the transition of sovereignty from Britain to China proved a walk in the park compared with the ensuing currency turmoil that has flared across the rest of Asia. Fortunately the head of the Hong Kong Monetary Authority (HKMA) was well placed to deal with the speculation. Hong Kong's financial community has long recognized that Yam is something of a hard man. He also has a powerful armoury with $70 billion in reserves - five times the number of notes in circulation - not too mention China's chunky arsenal if need be. Nor is he afraid to spend it. In July he used $1 billion to fend off one afternoon's speculation in the Hong Kong dollar, which is pegged at 7.80


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree