HKMA’s Yam hints at diversification

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Joseph Yam, the chief executive of the Hong Kong Monetary Authority (HKMA), signalled on Thursday that the institution could consider diversifying the currency composition of the assets held by its exchange fund.

Yam, who will leave the HKMA in October, told the Financial Times that he had an "open mind" on whether the territory should invest in renminbi-denominated assets for its $226 billion exchange fund. $207 billion of the fund's assets are in the form of foreign currency.

"There may come a

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