Joseph Yam warns about HK's fate


Joseph Yam (L) with the Governor of the People's Bank of China, Zhou Xiaochuan. Photo: HKMA
The former Chief Executive of the Monetary Authority, Joseph Yam, has warned that problems over political development in Hong Kong are 'eroding' Beijing's confidence in the territory.

In his new book, Mr Yam said he hopes the political woes won't deter mainland companies from making use of the SAR to attract international investors.

He also said the creation of a free trade zone in Shanghai and the increasing number of offshore Renminbi trading centres had indirectly undermined Hong Kong's competitiveness.

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