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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 peg of Hong Kong dollar to the U.S. dollar in 1983 actually took place in the context of Sino-British negotiation regarding the future of Hong Kong after 1997. Due to the lack of public confidence in the talks, on 24 September 1983, the Hong Kong dollar was devalued by 15% over 2 days to a historical low at HK$9.6 to US$1.
3.4 Hong Kong dollar as exchange rate anchor. ... US Dollar (37) Euro (28) ... Pegged exchange rate within horizontal bands (1)
The HKMA's resolve to keep the Hong Kong dollar in the 7.75-7.85 per U.S. dollar band it has been in since the currency board's inception in 1983 is not in doubt. CORRECTED-COLUMN-Hong Kong FX ...
But the city's financial secretary earlier said anyone betting against the Hong Kong dollar is "bound to lose." Hong Kong’s peg to the U.S. dollar has survived for decades.
Hong Kong should hang on to its 37-year-old currency peg to the US dollar because a link to the world's most used currency is the best option to maintain its role as an international financial ...
Fixed currency Anchor currency Rate (anchor / fixed) Abkhazian apsar: Russian ruble: 0.1 Alderney pound (only coins) [1]: Pound sterling: 1 Aruban florin: U.S. dollar: 1.79
China's national security law for Hong Kong and moves by the United States to begin withdrawing privileges enjoyed by the city under U.S. law have unsettled investors. The HKD is pegged in a ...