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Hong Kong set for elevated status with HKMA CEO in key role at BIS

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Hong Kong set for greater role in international banking after HKMA CEO assumes key role at BIS, bankers say

The appointment of HKMA CEO Eddie Yue Wai-man to a key role at the BIS can be seen as an endorsement of the city’s leadership, a veteran banker saysThe China Investment Corp forum will be held next week, followed by HKMA and BIS events in November, to showcase Hong Kong as a financial hubBanking & financeEnoch YiuPublished: 5:53pm, 16 Sep, 2023Why you can trust SCMP

Hong Kong is poised to assume a greater role in the international banking sector and elevate its status as a yuan internationalisation hub with the appointment of Hong Kong Monetary Authority (HKMA) CEO Eddie Yue Wai-man to a key position at the Bank for International Settlements (BIS), analysts say.

Yue on September 1 took up a three-year chairmanship at the BIS Meeting of Governors from Major Emerging Market Economies (EMEs), replacing former deputy governor of the Brazilian central bank Luiz Awazu Pereira da Silva, who retired from the post, according to a statement of BIS earlier this week.

Since 1998, Hong Kong has been the Asia-Pacific regional office of BIS, which is known as a bank for the central banks. The Basel, Switzerland-based institution was founded in 1930 with 63 shareholding central banks to support their pursuit of monetary and financial stability and international cooperation.

“BIS is an important international organisation for central banks worldwide,” said Chan Tsz-Ching, a senior adviser for Bank of East Asia and former Hong Kong head of Citigroup. “The appointment showed its endorsement of Hong Kong’s ability to lead international cooperation among emerging markets.”

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