RTTNews - Thursday, Chief Executive of the Hong Kong Monetary Authority, Joseph Yam reportedly said he sees no change in the monetary system in the near future.

He reportedly said in the legislative council that economic cycle in Hong Kong is similar to that in U.S. and the Chinese yuan is not freely convertible. There is no reason to alter the currency peg between the Hong Kong dollar and the U.S. dollar, he added.

Yam would step down from his post on October 1. Earlier, Financial Secretary, John Tsang said Government was in the final stages of identifying Yam's replacement at the helm of the HKMA.

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