Financial Secretary John Tsang gave further backing to Hong Kong Monetary Authority (HKMA) chief executive Joseph Yam Friday by spelling out their long-term relationship and praising Yam as a good boss.

Tsang said in a RTHK radio program that his working relationship with Yam has been all positive over the past 20 years.

"We have known each other for long and I cannot see any problem," he said.

The financial secretary issued a statement Thursday: "I look forward very much to continuing to work with him (Yam) both through and beyond the present stormy times", allaying concern on whether Yam will depart from the HKMA.

Yam served as the Deputy Secretary for Monetary Affairs between 1985 and 1991, and the Director of the Office of the Exchange Fund between 1991 and 1993. He has been heading the HKMA since 1993.

Tsang met Yam for the first time more than two decades ago. Back then Yam was in a higher position than Tsang, who was still an administrative officer.

Tsang said the working relationship was strengthened when he was transferred to be the assistant to Piers Jacobs, the Financial Secretary between 1986 and 1991.

"He is a good boss. He gives clear instruction and let the staff develop their potential. I feel very happy cooperating with him," Tsang said. "He is always looking forward. He is a man with vision."

The relationship has not changed even when Tsang overtook Yam in ranking.

"Our relationship is even closer now. We made a few phone calls a day to each other and we meet everyday over the past year," he said. "He is very professional. His suggestions and ideas are insightful."

He added that his working relationship with Yam is not as dramatic and suspicious as rumored.

(HK Edition 10/18/2008 page1)