Norman Chan, the CEO of the Hong Kong Monetary Authority, is to retire from his post on 1 October.

Paul Chan, the territory's Financial Secretary, thanked Mr Chan recently for his service over the past 10 years in the job. His moment of retirement will coincide with the completion of his second term as CEO. He reserved his most glowing praise for the venerable regulator's work to increase the resilience of the international financial system against future shocks. The change in leadership of the HKMA will not affect the operation of the HKMA or the stability of the financial system.

The Financial Secretary is chairing a selection panel to identify the HKMA's next chief executive of the HKMA.