Norman Chan reappointed as HK monetary chief

Hong Hong's financial secretary John Tsang Thursday announced the reappointment of Norman Chan as the Monetary Authority Chief Executive for a five-year term from Oct. 1.

Tsang said the authority has tackled the challenges following the global financial crisis and effectively maintained the stability of Hong Kong's monetary and financial systems under Chan 's leadership.

The annual fixed pay of the Monetary Authority Chief Executive is 6.5 million HK dollars (about 837,000 U.S. dollars) at the beginning of his new term.