HKMA's new chief to face a pay cut?

The new head of the Hong Kong Monetary Authority (HKMA), which is to be Norman Chan, will have to take a substantial pay cut, sources said on Friday.

Reuters, a news agency, quoted sources as saying that Hong Kong would appoint Norman Chan, long the favourite to replace Joseph Yam, on a five-year contract but on a much lower salary.

Yam pocketed $1.5m last year and is thought to be one of the highest paid central bankers in the world.

Chan, the director of the office of Donald Tsang - Hong Ko

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