Search results
Results from the WOW.Com Content Network
In the same year, the Hong Kong dollar was pegged to the U.S. dollar at a rate of HK$5.65 = US$1, revised to HK$5.085 = US$1 in 1973. From 1974 to 1983, the Hong Kong dollar was not anchored to another currency, changing the monetary regime from a currency board system to a floating currency system.
The same mechanism also works when the market rate is above 7.80, and the banks will convert Hong Kong dollars for US dollars. The Hong Kong dollar is backed by one of the world's largest foreign exchange reserves, which is over 7 times the amount of money supplied in circulation or about 48% of Hong Kong dollars M3 at the end of April 2016. [3]
The move has drawn widespread criticism in Hong Kong and abroad: governance advocate and board member David Webb said that the government was the second-largest single investor in the Hong Kong market after Beijing, with a portfolio of local equities estimated to be worth about HK$150 billion.
The Exchange Fund of Hong Kong is the primary investment arm and de facto sovereign wealth fund of the Hong Kong Monetary Authority.First established in 1935 in order to provide backing to the issuance of Hong Kong dollar banknotes, over the years the role of the Fund has continually expanded to now include management of fiscal reserves, foreign currency reserves, real estate investments, and ...
Director of the Office of the Hong Kong Chief Executive John Tsang Paul Chan: 3: Eddie Yue Wai-man, JP 余偉文 (1965–) 1 October 2019 Incumbent: 5 years and 76 days Chinese University of Hong Kong (B.B.A.) University of London (LL.B, M.S.) Harvard University (M.B.A.) Deputy Chief Executive of the Hong Kong Monetary Authority Paul Chan
1 July, Tuesday – Hong Kong Special Administrative Region Establishment Day; 1 October, Wednesday – National Day; 7 October, Tuesday – The day following the Chinese Mid-Autumn Festival; 29 October, Wednesday – Chung Yeung Festival; 25 December, Thursday – Christmas Day; 26 December, Friday – The first weekday after Christmas Day
The issue of banknotes of the Hong Kong dollar is governed in the Special Administrative Region of Hong Kong by the Hong Kong Monetary Authority (HKMA), the governmental currency board and central bank of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in the region. Notes are ...
The Hong Kong securities market can be traced back to 1866, but the stock market was formally set up in 1891, when the Association of Stockbrokers in Hong Kong was established. [8] It was renamed as The Hong Kong Stock Exchange in 1914. By 1972, Hong Kong had four stock exchanges in operation.