Ex-HKMA Chief Yam Thanks Zhu Rongji for Smooth Monetary Transition
Crhk · 2 SOURCESabout 1 hour ago2 MIN
Summary
Former Hong Kong Monetary Authority (HKMA) Chief Executive Joseph Yam See-hang has paid tribute to former State Council Premier Zhu Rongji, who died at age 98 in Beijing on October 12. Yam credited Zhu with facilitating the smooth transition of Hong Kong's financial and monetary systems following the 1997 handover. The former premier had also publicly backed Hong Kong during the 1998 Asian financial crisis, declaring that Beijing would provide reserves to help defend the city against currency speculators.
Key Points
- Former State Council Premier Zhu Rongji passed away in Beijing at 11:06 am on October 12, at the age of 98
- Former HKMA Chief Executive Joseph Yam See-hang issued a statement expressing deep remembrance and gratitude for Zhu's role in Hong Kong's monetary transition
- In 1995, Yam met then-Vice Premier Zhu at the Diplomatic Residence in Diaoyutai State Guesthouse, where they discussed Hong Kong's currency printing arrangements
- During Zhu's visit to Hong Kong in 1997, he gave Yam a thumbs-up and praised his performance as HKMA Chief, remarking that Yam had done a better job than himself
- During the 1998 Asian financial crisis, the HKSAR government intervened aggressively, deploying HK$118 billion from the Exchange Fund over ten trading days to purchase 33 Hang Seng Index constituent stocks
- Zhu publicly stated that the central government would provide reserves to help Hong Kong fight speculators, which boosted confidence and morale during the crisis
Why It Matters
Zhu Rongji's passing marks the end of an era for Hong Kong's financial governance, as he was instrumental in coordinating the successful integration of the city's monetary system during the 1997 transition. His public backing during the 1998 financial crisis helped stabilize markets and restore confidence, with Yam noting that these memories remain close to his heart .
Zhu Rongji's passing marks the end of an era for Hong Kong's financial governance, as he was instrumental in coordinating the successful integration of the city's monetary system during the 1997 transition. His public backing during the 1998 financial crisis helped stabilize markets and restore confidence, with Yam noting that these memories remain close to his heart .