Hong Kong’s incoming leader, financial secretary and top central banker all pledged their commitment to the city’s currency peg after former monetary chief Joseph Yam called for a review of the link to the dollar.
Joseph Yam, former Chief Executive at the Hong Kong Monetary Authority, the city’s de facto central bank, spoke to reporters in Hong Kong on the outlook of China’s economy and the European debt crisis. Yam is also an executive vice president of the China Society for Finance and Banking.
Former Hong Kong Monetary Authority Chief Executive Joseph Yam said financial markets and the so- called real economy have decoupled and there is a risk of a bubble bursting, Hong Kong’s Ming Pao Daily reported today.
Hong Kong, with Asia’s widest rich- poor gap, will kick off the election for the city’s top job as former Chief Secretary Henry Tang and government adviser Leung Chun-ying are set to announce their candidacies.