The Hong Kong Monetary Authority has announced that Mr Peter Pang, its deputy chief executive, will retire tomorrow.

Mr Pang will be succeeded by Mr Howard Lee, the senior executive director. There will also be a reshuffling of duties among other senior managers. Notably, the enforcement and anti-money-laundering division has been broken up, with enforcement staying as a division but a new subdivision of 'AML and financial crime risk' appearing in the banking supervision division. Norman Chan, the chief executive of the HKMA, said said that Mr Pang had been at the HKMA for the last 22 years.