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Ho Sin Hang, chairman of the Hang Seng Bank, conceived the idea of creating the Hang Seng Index as a "Dow Jones Index for Hong Kong". [4] [5] Along with Hang Seng Director Lee Quo-wei, he commissioned Hang Seng's head of Research Stanley Kwan to create the index in 1964, [4] the index was initially used for internal reference in the Hang Seng Bank, they debuted the index on November 24, 1969.
Rapid growth of the Hong Kong economy led to the establishment of three other exchanges – the Far East Exchange in 1969; the Kam Ngan Stock Exchange in 1971; and the Kowloon Stock Exchange in 1972. Pressure to strengthen market regulation and to unify the four exchanges led to the incorporation of SEHK, the Stock Exchange of Hong Kong Limited ...
The Hong Kong dollar ( Chinese: 港元, sign: HK$; code: HKD) is the official currency of the Hong Kong Special Administrative Region. It is subdivided into 100 cents or 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar. Three commercial banks are licensed by the Hong Kong Monetary ...
Hang Seng Bank Limited ( Chinese: 恒生銀行有限公司) is a Hong Kong-based banking and financial services company with headquarters in Central, Hong Kong. It is one of Hong Kong's leading public companies in terms of market capitalisation and is part of the HSBC Group, which holds a majority equity interest in the bank. [ 2]
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. [ 18 ...
Elsewhere in Asia, Hong Kong’s Hang Seng shed 0.6% to 17,370.09, led by the Hang Seng Tech Index which dropped 0.9%. The Shanghai Composite was nearly unchanged at 2,915.46.
HSBC is one of the three commercial banks which are authorised to issue banknotes for Hong Kong - the other two being the Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong). [ 6] Of the total notes in circulation measured by value, HSBC is the most prolific issuer, its notes representing 67.7% of those in issue.
Hong Kong’s Hang Seng gained 0.3% to 17,777.56, while the Shanghai Composite index lost 0.2% to 2,971.38. Elsewhere, Taiwan’s Taiex declined 0.1%, with Taiwan Semiconductor Manufacturing ...
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