HKMA's Yam confirms retirement

Joseph Yam, the chief executive of the Hong Kong Monetary Authority (HKMA), is to step down in October, it emerged on Tuesday.

Yam, who has headed the HKMA since it was established in 1993, said that it had been a "great honour to serve the people of Hong Kong."

Yam has presided over several major events in the territory's economic history including the Asian financial crisis, when the HKMA successfully defended its dollar peg. Yam said he was "very pleased" that the authority had "been able t