The Hong Kong Monetary Authority’s (HKMA) Chief Executive Eddie Yue was appointed Chair of the meeting of Governors of major emerging market economies (EMEs) for a three-year term, effective 1 September.

Yue stepped into the role following the retirement of BIS Deputy General Manager Luiz Awazu Pereira da Silva.

The meetings chaired by Yue is a venue for the exchange of views on macroeconomic and financial developments and risks and on other relevant matters in EMEs.

Two other appointments were also made. Firstly, the BIS Board of Directors has extended Bank Indonesia’s Governor Perry Warjiyo’s term as Chair of the Asian Consultative Council until 25 September 2024.

The council comprises the Governors of the BIS member central banks in the Asia-Pacific region.

Meanwhile, Fabio Panetta, a member of the ECB’s Executive Board and incoming Governor of the Bank of Italy, has been appointed Chair of the BIS Committee on Payments and Market Infrastructures (CPMI) for a three-year term.

CPMI is the global standard setter for payment, clearing and settlement services, and market infrastructures.

BIS official statement read,

“Governors expressed their gratitude to Mr Pereira da Silva and Mr Cunliffe for their leadership, as well as to Mr Warjiyo for agreeing to extend his tenure. They wished Mr Yue and Mr Panetta every success in their new roles.”