Joseph Yam

In 1995, the Hong Kong Institute of Bankers voted Yam as Banker of the Year.[8]

Despite a study conducted by S. K. Tsang, a Professor of Economics in Hong Kong Baptist University, entitled "A Study of the Linked Exchange Rate System and Policy Options for Hong Kong" and indicating there were weaknesses of the HKD-USD exchange rate peg system during the 1997 Asian Financial Crisis, Yam did not amend the narrow-based peg, but defended the Hong Kong dollar by pushing up interest rates. In particular, Yam pushed the overnight Interbank rates up to 280% on 23 October 1997.[9]

In an audacious move, the HKMA also bought US$15 billion in stocks amidst the market panic in 1998. The measure restored calm, and consequently succeeded to defend the Hong Kong fixed exchange rate parity against the US dollar. The move was initially criticised by, amongst others, Alan Greenspan, who voiced concern in September 1998 that the strategy would fail and erode the credibility of the HKMA.[10] "It turned out that his timing was exquisite," Greenspan later said. "It was a risky action [which]... I wouldn't recommend as a general rule for central banks."[10] Yam responded with an open letter, stating his disappointment and defending the decision of the HKMA.[11]

In 2007, Yam was the highest paid central banker in the world, with an annual salary of US$1.32 million, about seven times that of the Chairman of the Federal Reserve ($191,300).,[12] and approximately three times that of the President of the European Central Bank (EUR 351,816 in 2008), the Governor of the Bank of England (GBP 290,000 in 2008) and the Governor of the Bank of Japan ($370,000 in 2007)[13]

In 2008, Yam was summoned by a subcommittee of Legislative Council of Hong Kong in a hearing regarding issues arising from Lehman Brothers-related Minibonds and structured financial products[14]

Noticing the pricing differential between shares listed on both the local market (H-shares) and the Shanghai Stock Exchange (A-shares), Yam pushed for mechanisms to promote greater convergence and arbitrage. Ignoring major obstacles pointed out by local brokers, he is credited with persuading the Government to take a 5.9% stake in the Hong Kong Stock Exchange as leverage, and then pushing the program[15] which allowed mainland individuals to buy Hong Kong securities directly by opening foreign-currency accounts at the Bank of China branch in northern Tianjin. The scheme was announced by the State Administration of Foreign Exchange on 20 August 2007,[16][17] but stalled at the starting gate, when Beijing refused to grant permission.[18]

On 19 May 2009, Yam confirmed his plan to retire, after having served in his post for 16 years.[19] When it was originally announced in October 2007 that he would retire on 1 October 2009, financial columnist Jake van der Kamp linked Mr. Yam's departure with his handling of the A-share and H-share plans which destabilised Hong Kong's economy.[15]

Chief Executive Sir Donald Tsang of Hong Kong described Yam as a "comrade in arm [sic] who acted in concert with the government in 1998 to overcome the Asian financial turmoil and under the present financial tsunami, Hong Kong's banking system has remained stable."[19]

In April 2011, Mr. Yam was elected to the board of directors of UBS AG and since 2011 he has been a member of both the Corporate Culture and Responsibility Committee and the Risk Committee.[1] From November 2014 till May 2017, he was a member of the board of directors of UBS Group AG.[1]