As Norman Chan, former deputy chief executive of the Hong Kong Monetary Authority, settles in to the big chair, the to-do list of the world’s probably best-paid central banker should be clear.

First, defend the US dollar peg. Sinophiles may tell you it is time to move on after 26 years. Resist. For all the huffing and puffing over the renminbi, the dollar is the pre-eminent reserve currency and no reserve manager – not even China’s – seems inclined to ditch it. Facilitate trade in the renminbi, by all means. But consider the real appetite outside the mainland for a weak, non-convertible currency. Hong Kong has offered renminbi bank accounts for six years: today total balances are just Rmb57bn ($8.3bn) and falling year on year.