HONG KONG -- Financial Secretary of the Hong Kong Special Administrative Region government Paul Chan on Friday announced the reappointment of Eddie Yue as the chief executive of the Hong Kong Monetary Authority (HKMA) for a term of five years, with effect from Oct 1.

Under the leadership of Eddie Yue, the HKMA has maintained the stability of Hong Kong's money market and banking system, and has helped safeguard Hong Kong's financial security, said Chan.

The HKMA has been making great strides in promoting the development of Hong Kong as an international financial center, and has promoted financial inclusion in response to the needs of the public and small and medium-sized enterprises, Chan noted.

"I am confident that Eddie will continue to lead the HKMA effectively in the coming five years, and make further contributions to Hong Kong's financial, economic and social progress," he said.

Yue said in a statement released after the Friday announcement that he is honored to be given the opportunity to continue to serve Hong Kong in this important role.

"Looking ahead, the macroeconomic environment, the international financial landscape, and geopolitics are likely to remain complex and uncertain for some time," said Yue. "My team and I will remain vigilant and make every effort to keep things on an even keel and promote further development."

He pledged efforts to safeguard monetary and financial stability, support the real economy, deepen connectivity with markets on the Chinese mainland and enhance Hong Kong's role as a global offshore renminbi hub.

Yue has served as the chief executive of the HKMA since October 2019.