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By this arrangement the HKMA guarantees to exchange United States dollar into Hong Kong dollars and vice versa, at the rate of 7.80. When the market rate is below 7.80, the banks will convert United States dollar for Hong Kong dollars from the HKMA, Hong Kong dollars supply will increase, and the market rate will climb back to 7.80.
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 ...
Hang Seng Bank is a commercial bank whose major business activities include retail banking and wealth management, corporate and commercial banking, treasury services, and private banking. [ 2] Hang Seng Bank operates a network of around 260 service outlets in Hong Kong. [ 2] Hang Seng Bank is the only local bank to offer extensive branch ...
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.
The U.S. dollar was trading over 162 yen earlier this month but the Japanese currency has strengthened in recent day. ... Hong Kong’s Hang Seng shed 0.6% to 17,370.09, led by the Hang Seng Tech ...
t. e. A number of stock market crashes have occurred in the Hong Kong stock market since the 1960s: 1960s. Stock disaster in 1965 ( Canton Trust Bank run) Stock disaster in 1967 ( Hong Kong 1967 Leftist riots) 1970s. Stock disaster in 1973 ( 1973–74 stock market crash) 1980s.
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.
Japanese stocks plunged Friday as global markets were rattled by worries about the US economy and as traders braced for further interest rate hikes from the Bank of Japan. The Nikkei 225 ended 5.8 ...
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