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The Hong Kong dollar (Chinese: 港元, sign: HK$; code: HKD) is the official currency of Hong Kong. It is subdivided into 100 cents. Historically, it was also subdivided into 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar.
The Government, through the Hong Kong Monetary Authority, authorises three commercial banks to issue currency notes in Hong Kong: The Hongkong and Shanghai Banking Corporation Limited; the Standard Chartered Bank (Hong Kong) Limited; and; the Bank of China (Hong Kong) Limited.
Hong Kong officially introduced a new series of coin on New Year's Day (1 January) 1993 at stroke of midnight HKT in denominations of 10-cent, 20-cent, 50-cent, HK$1, HK$2 and HK$10. Since the introduction of the Octopus card in 1997, small value payments and purchases in Hong Kong are mostly made as Octopus transactions.
The one thousand-dollar note is the highest-valued banknote in circulation in Hong Kong.Currently, this note is issued by the Hongkong and Shanghai Banking Corporation (HSBC), Standard Chartered Hong Kong, and the Bank of China.
The economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. [15] [16] Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, [17] and is pegged to the US dollar.
During the 1997 Asian financial crisis, currency speculators sold the Hong Kong dollar heavily and shorted local stocks and Hang Seng Index futures. The government controversially used the exchange fund to acquire HK$120 billion ( US$15 billion) worth of blue-chip shares in a two-week market intervention, beginning 12 August 1998 with the aim ...
A fen (Chinese: 分; pinyin: fēn) (Cantonese: sin [Chinese: 仙]), is a unit of currency used in Greater China, including the People's Republic of China, the Republic of China , Hong Kong (called a cent in English) and Macao (called an avo in Portuguese). One fen is equal to 1 ⁄ 100 of a yuan or 1 ⁄ 10 of a Chinese jiao.
Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica Grenada Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines Bosnia and Herzegovina Bulgaria Brunei ; Conventional peg (40) Aruba The Bahamas Bahrain Barbados Belize