Mr Yam received his first class honours degree in Economics and Statistics at the University of Hong Kong in 1970. He started his civil service career in Hong Kong as a Statistician in 1971. In 1976 he was transferred to the Economic Services Branch of the Hong Kong Government Secretariat as an Economist. There he worked closely with the Financial Secretary and the Secretary for Economic Services on budgetary matters and on economic analysis.

         In 1982, Mr Yam was transferred to the Monetary Affairs Branch as a Principal Assistant Secretary. He was subsequently appointed Deputy Secretary for Monetary Affairs in 1985 and Director of the Office of the Exchange Fund on February 1991. Mr Yam was responsible for many of the reform measures introduced since the mid eighties to strengthen Hong Kong's monetary system and to develop Hong Kong's financial markets. These measures have contributed much to monetary stability in Hong Kong and its development as an international financial centre.

         Mr Yam was instrumental in the establishment of the Hong Kong Monetary Authority in April 1993 when he was appointed Chief Executive.

         In July 1995, Mr Yam was honoured with the first Banker of the Year Award in Hong Kong by the Hong Kong Institute of Bankers. Euromoney also awarded Mr Yam Central Banker of the Year in Asia in 1996 and Central Banker of the Year in 1997. Moreover, Mr Yam was awarded Man of the Year by Hong Kong Business magazine in December 1997. In May 1998, Mr Yam was awarded Central Bank Governor of the Year by Asiamoney for his role in piloting Hong Kong through the Asian currency turmoil.

         Mr Yam was born in 1948. He has one daughter and one son.