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Hong Kong's financial chief has resigned amid mounting speculation that he will make a bid for the southern Chinese city's top job.

The government said Monday that Financial Secretary John Tsang tendered his resignation.

The news comes after the city's deeply unpopular current leader, Chief Executive Leung Chun-ying, said Friday he would not seek a second term in office.

Rumors and speculation have been swirling for months that Tsang was a contender to replace Leung when his five-year term ends in June.

Tsang has been dubbed "Mr. Pringles" because his moustache reminds many Hong Kongers of the potato chip's mascot. Educated in the U.S., Tsang has been the city's finance chief since 2007.

Hong Kong leaders are chosen by a 1,200-member panel of mostly pro-Beijing tycoons and elites.