The Hong Kong Monetary Authority (HKMA), the government authority in Hong Kong responsible for maintaining monetary and banking stability, has appointed Bao Mingyou as its Senior Advisor, whose appointment is tendered with immediate effect, according to an HKMA statement.
In his new role as a Senior Advisor to the HKMA, Mr. Mingyou will be helping fill a void created by Huo Yingli – the appointment was approved and backed by the People’s Bank of China (PBoC).
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He will be responsible for offering his perspective and assistance across key areas of financial cooperation and symbiosis between Hong Kong and Mainland China. This includes a specific focus on the development of renminbi businesses in Hong Kong, along with parallel ambitions in Mainland China for Hong Hong’s interests.
Prior to the appointment, Mr. Mingyou served as the Chief Representative of the PBoC’s Representative Office for Europe, having guided the country’s interests in the European financial realm. Following the move, Ms. Yingli has returned to the PBoC after the duration of her secondment with the HKMA.
Hong Kong has been in focus lately, with HSBC, among others, grappling with the notion of relocating a large portion of its operations out of London. These rumors ultimately amounted to little but speculation however, following yesterday’s announcement that HSBC would indeed remain in London, a financial hub that has itself been the site of a mass exodus of financial personnel over the past year.