Category: Money tips Release Date: 2007-07-22
Do people in Hong Kong ride out the storm or your own Financial Secretary, Mr Norman Chan, who decided to do first.
December 1, an ordinary day, but for Mr Chan is very special, this is the first day of his 29 years working in the private sector, the new office is located in Queen's Road Central Hong Kong Standard Chartered Bank Group headquarters, the location just in the international financial center Monetary Authority and the Hong Kong Government Headquarters in New York. There have been reports, Standard Chartered Bank of fat salaries, most likely from the Hong Kong Monetary Authority Mr Norman Chan, vice president, heading for the future of Hong Kong's financial officials of a halfway point.
Norman Chan has always been low-key, but the past few months has become more than a passive protagonist headlines, first, April 12 abruptly announced his resignation as vice president of the Hong Kong Monetary Authority, jobs, abandoned the annual salary of about 600 million of Higher; May 26, Chen completed its last day with the HKMA's work, 6 pm, when they show up to compete for positions Chief Executive Donald Tsang's campaign office, duties as the Office of the Secretary-General; November 24, Chen was appointed as the United Kingdom Standard Chartered Group Asia, Vice-Chairman, took office December 1, the post annual salary estimated at more than 10 million Hong Kong dollars.
Over the past 29 years, Mr Chan worked as a government and public organizations, Chan Chinese University of Hong Kong in 1976, after graduating, he joined the Hong Kong Government as an Administrative Officer in 1991 was appointed deputy director of the Exchange Fund (Monetary Management), 1993, Hong Kong Monetary Authority as Executive Director in 1996 was promoted to vice president, responsible for reserves management and international affairs.
The first day of work at the Standard Chartered Hong Kong, Mr Chan will be in the building waiting for the press under siege. Mr Chan said that in the future will be mainly responsible for strategic development of Standard Chartered in Asia some time to come will go to Standard Chartered in Asia and offices in different parts of familiar with the environment.
For Norman Chan, this is his chance to play the best tailor-made in recent years, one of the Asian financial events: Asian Monetary Fund (ABF), is his pride when the HKMA masterpiece.
In October 2002, held in Los Cabos, Mexico, APEC Leaders Declaration of the General Assembly accepted the recommendation of Hong Kong, the initiative launched in 2012 within the securitization bonds and credit markets guarantees, so that lower-rated companies that have cash flow of assets available bonds, a higher rating to attract European investors, thus bringing the Asian bond market more active. This is done by Hong Kong, China, Thailand and South Korea jointly promote, Mr Chan is the helmsman of this project.
In June 2003, the scheme finally the Central Bank of East Asia and Pacific Conference Organization (EMEAP) name, launch of the Asian Bond Fund, the size of the first phase of 10 billion U.S. dollars, participation in system includes China, Hong Kong, Australia, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore and Thailand. The 11 economies of foreign exchange reserves were about 1.2 trillion U.S. dollars, but most of them to invest in markets outside Asia, the emergence of the Asian Bond Fund, it is to change the distortions in the first step in activating the Asian bond market. By last December, EMEAP decided to launch the second phase two billion U.S. dollars in Asian Bond Fund will invest in EMEAP member economies (Australia, Japan and New Zealand excluded) government and quasi-government agency issued local currency bonds. According to the structure of bond funds will be set up Pan-Asian Bond Index Fund (PAIF) and the Hong Kong constituent funds and will be listed in Hong Kong for retail subscription.
Norman Chan, now 51 years old, announced his resignation in April this year, HKMA Deputy Chief Executive post, claiming that his "In the past 29 years of work, seems to be a straight line drawn down, and now I just add a comma in the middle and carefully come to a halt think about the next step should be done, but this is definitely not a full stop. "
Norman Chan originally planned to study at Harvard University for one year in September as planned, but decided to run for Chief Executive Donald Tsang in May, the campaign office of the Secretary-General Norman Chan candidates falls to the shoulders. As early as 1998, Mr Donald Tsang, would fight side by side with Norman Chan, Mr Chan of the HKMA is responsible for reserves management and international financial affairs, who participated in the Hong Kong government intervention "to fight big guns" and defeat the actions of international speculators, when Mr Tsang was the Financial Division.
Mr Chan after the election the Chief Executive and short-term study at Harvard University, returned to Hong Kong in November, and then, Mr Chan's name appears in Donald Tsang's important think-tank - the list of members of the Commission on Strategic Development in the printing of this conjecture will be Mr Chan entered the political arena, but the Mr Chan then he unexpectedly joined the Standard Chartered.
This is a conflict of controversy. Norman Chan in the Standard Chartered working on before December 1, just before he left the HKMA for half a year "cooling off" period, the Hong Kong government regulations, the incumbent senior positions in government or public bodies who must be six months before leaving to join the private sector . Individual legislators worry about the past, Mr Chan worked the HKMA is responsible for supervising banks, and Standard Chartered have now joined the suspicion of conflict of roles. Mr Chan said that he fully follow the instructions to act, do not think that six months after leaving the HKMA as banking officials and what is the problem.
