The Hong Kong Monetary Authority (HKMA) plans to rotate the roles of two deputy chief executives, the South China Morning Post reported.

Two people familiar with the matter said the move is part of its succession planning.

According to one source, Darryl Chan Wai-man is expected to head the Exchange Fund Investment Office from 9 November.

In this role, he would manage the HK$4.46 trillion (US$568 billion) Exchange Fund. Hong Kong uses the fund to support the value of its currency.

Chan would replace fellow HKMA deputy chief executive Howard Lee Tat-chi. Meanwhile, Lee is set to take over Chan’s monetary management duties on the same day.

The source added that such rotations are standard practice at the HKMA and help prepare its future leaders.

By working across different areas, senior officials gain broader knowledge and new professional contacts. As a result, they are ready to take on higher positions.

A spokeswoman from HKMA declined to discuss specific appointments.

However, she said the authority adjusts roles from time to time to meet its operational and development needs.

She added that the HKMA reviews its organisation and staffing on a regular basis.

Lee currently oversees reserves management, financial infrastructure and fintech development at the HKMA. The report did not say whether his fintech duties will change.

Earlier, in May 2025, the HKMA extended Lee’s appointment by two years beyond the normal retirement age. The extension took effect in October 2025.

Chan, for his part, became a deputy chief executive in November 2022. He currently oversees the HKMA’s external, monetary management and research departments.

Featured image: Edited by Fintech News Hong Kong, based on image by Hong Kong Monetary Authority (HKMA) via its website.