HONG KONG

Head of New Monetary Authority Named: The government has named Joseph Yam the chief executive of the yet-to-be-formed Hong Kong Monetary Authority. Yam, 45, was director of the Office of the Exchange Fund. The Monetary Authority, which will combine the work of the Office of the Exchange Fund and the Office of the Commissioner of Banking, will be Hong Kong’s equivalent to a central bank. Yam will plan for establishment of the authority pending the approval of necessary legislation.