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Joseph Yam

"A pioneer in establishing and leading the Hong Kong Monetary Authority, Joseph Yam continues to advise and influence financial regulation globally."

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Om Joseph Yam

Sir. Joseph Yam was the first Chief Executive of the Hong Kong Monetary Authority, an organization he founded and led for over sixteen years. After retiring from this position in September 2009, Yam took on a number of duties. He is the Executive Vice President of the China Society for Finance and Banking, a society led by the People's Bank of China, and actually serves as an advisor to the People's Bank of China. He is also a Distinguished Research Fellow at the Institute of Global Economics and Finance at the Chinese University of Hong Kong. He is chairman of Macroprudential Consultancy Limited, which advises financial regulators on the macroeconomic approach to financial regulation. He sits on the boards of UBS AG (since April 2011), China Construction Bank Corporation (since May 2010) and Johnson Electric Holdings Limited (since September 2010) as an independent non-executive director. Yam had a distinguished career in public service spanning over 38 years in Hong Kong, the majority of which was in a responsible position of monetary and financial affairs. He helped assemble Hong Kong's Linked Exchange Rate system in 1983 and successfully nurtured it for 26 years, defending and strengthening the system through the sensitive period before the handover of sovereignty in 1997 and subsequently through the Asian financial crisis of 1997-98 and the global financial crisis of 2008-09. He planned the August 1998 stock market intervention that prevented a collapse of Hong Kong's monetary and financial systems. He introduced many strategic reform measures that helped ensure financial stability in Hong Kong and develop Hong Kong as an international financial center. Working closely with the People's Bank of China, Yam also promoted the establishment of the offshore renminbi market in Hong Kong, a strategic move for the internationalization of the renminbi. In recognition of his contribution to Hong Kong, Yam was awarded the highest honor of the Grand Bauhinia Medal by the Hong Kong Special Administrative Region Government in 2009. Over the years, he has also received many honors from the private sector and the international media, and some honorary doctorates and professorships from local and overseas universities.