International Business

Changing of Guards in Hong Kong: In another step toward the end of colonial rule, Hong Kong’s Scottish chief of finances is to be replaced by a Chinese official, ending 153 years of British oversight of the territory’s purse strings. Donald Tsang’s nomination as financial secretary all but completes a policy of transferring the reins of power from British colonials to a local elite before 1997, when China takes over rule. Tsang will replace Sir Hamish Macleod in September, the government said. Chinese were also named to two other senior government posts previously held by British officials. Dominic Chan will replace Brian Jenney as director of audit, and Rafael Hui will succeed Michael Cartland as secretary for financial services.