RTTNews - Chief Executive of the Hong Kong Monetary Authority, Joseph Yam, would step down from his post on October 1, the Hong Kong government announced Tuesday.

The Financial Secretary, John Tsang, thanked Yam for his outstanding contributions and dedicated service over the last 16 years. Tsang said the Government was in the final stages of identifying Yam's replacement at the helm of the HKMA.

Responding to the Financial Secretary's announcement, Yam said that he had greatly enjoyed his time in the post and also paid tribute to his colleagues in the HKMA. Yam said Hong Kong has been through considerable change in the past 16 years and has weathered a series of crises and challenges.

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