Blog Entry

Just published a series of 9 Viewpoint articles on Financial Culture. For those interested in the subject matter, here they are.

Viewpoints on Financial Culture (1) – Finance and the Modern Economy.pdf

Viewpoints on Financial Culture (2) – Back to Basics.pdf

Viewpoints on Financial Culture (3) – Transformation, Transfer and Transaction of Risks.pdf

Viewpoints on Financial Culture (4) – The Zero-Sum Game in Finance.pdf

Viewpoints on Financial Culture (5) – Conflicting Interests in Finance.pdf

Viewpoints on Financial Culture (6) – Incentive and Behavior.pdf

Viewpoints on Financial Culture (7) – Financial Infrastructure.pdf

Viewpoints on Financial Culture (8) – Inter-Temporal Shift of the Intermediation Spread.pdf

Viewpoints on Financial Culture (9) – Recommendations for Culture Change.pdf


Hello, everybody. I have been too lazy for too long that I can’t even remember how to post messages. Hence this test!

Sent from my iPad


感謝今天到中文大学參加中国货币汇率政策講座的朋友. 现附上今天在講座用的资料, 供大家参考.



大家好. 对中国的货币及汇率政策有兴趣的朋友, 可上網到http://www.igef.cuhk.edu.hk/seminar一看. 我5月24日在中大有講座, 欢迎參加.


Readers may wish to read the attached paper that I have just completed on the subject of capital account convertibility for the renminbi. In the paper I examined a number of issues relevant to achieving capital account convertibility for the renminbi. I made what I think is an important distinction between full convertibility and free convertibility, and urged the Mainland authorities carefully to go for the former, having regard to the stage of financial development on the Mainland and the risks to monetary and financial stability of free capital account convertibility. I ended the paper recommending a strategy for achieving capital account convertibility for the renminbi. My apologies for only providing an English version of the paper.

Joseph Yam




Sorry I have not been updating this website lately.  Life has been quite hectic for me in the last few months.  But I have been enjoying myself, spending quite a lot more time playing golf, travelling and watching with interest the developments in international finance.  I managed to make a few speeches too, one in Toronto in September on the “Role of China in International Finance”, one in Beijing earlier this month on “The International Monetary System and the Renminbi” and one in Singapore just yesterday on “Lessons learnt from Financial Crises – A Central Banker’s Perspective”.  Links to these speeches are given below for those interested in reading them.

Joseph Yam