The South China Morning Post reported, citing sources, that the Hong Kong Monetary Authority (HKMA), the city's de facto central bank, will restructure the roles of two deputy chief executives starting November 9 as part of its succession plan. Darryl Chan Wai-man will take over as chief executive of the HKMA's Exchange Fund Investment Office, responsible for managing the HK$4.46 trillion (approximately US$568 billion) Exchange Fund; Howard Lee Tat-chi will succeed Chan Wai-man in the monetary management role. The restructuring aims to cultivate the next generation of leaders as some senior executives have reached retirement age.