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Other speakers included Deputy Governor of the People's Bank of China (PBoC), Mr Chen Yuan; Chairman of the HSBC Holdings plc, Sir William Purves; Chairman and President of the Bank of China, Mr Wang Xuebing; and Chairman of the Standard Chartered Bank plc, Mr Patrick Gillam.
In his introductory remarks, Mr George said the seminar was unprecedented in bringing together speakers from both the central banks and the major commercial banks and that the Bank of England fully supported the plan for monetary autonomy in Hong Kong.
"Today's seminar underlined the commitment on all sides to ensuring a smooth and stable transition," Mr George said.
Noting the enthusiastic involvement and the supporting statements made by the Bank of England, the PBOC and Hong Kong's three note-issuing banks at the seminar, Mr Yam said he was thankful of the wide support HKMA was getting from the central banking fraternity and the banking community.
He was confident that with such support, Hong Kong's status as an international financial centre will go from strength to strength.
In his speech, Mr Yam referred to and dispelled six popular myths about monetary affairs in Hong Kong.
He presented facts and analyses demonstrating that there will not be any erosion of the territory's monetary autonomy after 1997 and that there has not been and it is unlikely there will be massive capital flight from Hong Kong.
Hong Kong dollar would neither disappear nor be replaced by the Renminbi and the linked exchange rate would not break, he said, adding that the territory's reserves would not be absorbed by China and there would not be any deterioration of regulatory standards.
On the issue of monetary autonomy, Mr Yam said the monetary relationship between China and Hong Kong under the concept of "one country, two systems" had now been defined as one country with two currencies, two monetary systems and two monetary authorities which were mutually independent.
"The meaning of the term 'mutually independent' is clear in both the English and Chinese languages, and so there is no scope for misunderstanding.