Hong Kong Monetary Authority Chief Executive Norman Chan will retire from his post on October 1.

Financial Secretary Paul Chan thanked him for his outstanding contributions and dedicated service over the past 10 years as the authority’s chief executive.

“Norman has been leading the HKMA since 2009 and has worked tirelessly over the years to strengthen the city’s monetary and banking systems and promote Hong Kong’s position as an international financial centre in Asia.

“I respect his wish and decision to retire upon completion of his second term as Chief Executive of the HKMA.

“In the aftermath of the global financial crisis, the world has been focusing on reforming the international financial system to increase its resilience against future shocks. Norman has played a pivotal role in the international financial system reform agenda.”

Hong Kong has sound and robust monetary and banking systems, the Financial Secretary said, adding the authority’s leadership change would not affect its operation or the stability of the financial system.

"It has been a great honour for me to work with colleagues at the Hong Kong Monetary Authority to safeguard Hong Kong's monetary and financial stability, as well as to enhance our competitiveness and position as an international financial centre,” Norman Chan said.

A Selection Panel chaired by the Financial Secretary will identify the authority's next chief executive.