The newly created Hongkong Monetary Authority is still searching for a deputy to chief executive Joseph Yam. He is diffident about the formal establishment of the authority on April 1, after the merger of the British colony's Office of the Exchange Fund and the Office of the Commissioner of Banking saying that "all that has changed is the name of the organisation." Yam says his biggest challenge is building up the credibility of the authority, whose creation was only announced last October

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