Ｐｒｅｓｉｄｅｎｔ ｏｆ Ｈｏｎｇ Ｋｏｎｇ Ｍｏｎｅｔａｒｙ Ａｕｔｈｏｒｉｔｙ Ｉｓ Ｇｏｉｎｇ ｔｏ Ｒｅｔｉｒｅ

Ｒｅｎ　Ｚｈｉｇａｎｇ

The Hong Kong Special Administrative Regions government said on May 19 that the President of Hong Kong Monetary Authority Ren Zhigang will officially retire on October 1. His successor may be Chen Delin, Director of Chief Executives Office. Ren Zhigang will take the post of advisor for the Peoples Bank of China, providing his ideas in for Chinas financial reform.

Ren Zhigang, 62, has been in the post of the President of Hong Kong Monetary Authority since April 1993. He has assisted in promoting the linked exchange rate system in Hong Kong and contributed a lot to the fight against the Asian financial crisis in 1997.

In the fight against the Asian financial crisis, Ren Zhigang and Zeng Yinquan, present Chief Executive of Hong Kong and Director of Treasury Department at that time, reached a consensus to use more than 100 billion HK dollars to beat the international foreign exchange speculators. He won the battle but was accused of violating the free market economic principle advocated in Hong Kong.

It is said that Ren Zhigang was called the “Czar of Finance”. He didnt get along with each Treasury Departments head. His relationship with Zeng Yinquan became worse and worse. The“ mini bonds from Lehman Brothers” last year pushed him into the criticism of the public. People began to raise doubts about the ability of Ren Zhigang whose annual salary was more than 10 million HK dollars.

But Zeng Yinquan has a high opinion of Ren Zhigangs contribution during his tenure despite their bad relationship. Former US Federal Reserves Chairman Greenspan also regarded him as the most effective director of central bank in the world. .