HKMA's Yam set for 2009 exit

Joseph Yam, the chief executive of the Hong Kong Monetary Authority, will step down in 2009 according to government sources.

Yam, who is reportedly the highest paid central bank chief in the world, has headed the HKMA since its 1993 inception. He will be 60 next year, the official retirement age of civil servants in the province.

A well-respected figure in the central banking community, Yam won plaudits for his role in handling the 1997 Asian financial crisis.

Norman Chan, a former deputy chi