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The HKMA guarantees to exchange US dollars into Hong Kong dollars, or vice versa, at the rate of 7.80. When the market rate is below 7.80, the banks will convert US dollars for Hong Kong dollars from the HKMA; Hong Kong dollar supply will increase, and the market rate will climb back to 7.80.
This is a list of circulating fixed exchange rate currencies, ... Cuban peso: U.S. dollar: 24 Danish krone: Euro: ... Hong Kong dollar: 1.03 Macedonian denar: Euro ...
As of April 2019, the Hong Kong dollar was the ninth-most traded currency in the world. [4] Hong Kong uses a linked exchange rate system, trading since May 2005 in the range US$1:HK$7.75–7.85. Apart from its use in Hong Kong, the Hong Kong dollar is also used in neighbouring Macau.
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2] Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...
The Canadian dollar touched a five-year low of C$1.4474 per dollar on Monday. The Mexican peso hit a 2-1/2 year low of 20.94 per dollar on Friday. ... Hong Kong's Hang Seng closed up 1.8% and ...
In October 1997, the Hong Kong dollar, which had been pegged at 7.8 to the U.S. dollar since 1983, came under speculative pressure because Hong Kong's inflation rate had been significantly higher than the United States' for years. Monetary authorities spent more than $1 billion to defend the local currency.
Black Saturday, 24 September 1983, is the name given to the crisis when the Hong Kong dollar exchange rate versus the United States dollar was at an all-time low. On that day, US$1 exchanged for HK$9.6. [1] For a period, Hong Kong stores began quoting products in US dollar prices, because of the uncertain fluctuation in domestic currency.
A speculative attack primarily targets currencies of nations that use a fixed exchange rate and have pegged their currency to a foreign currency, such as Hong Kong pegging the Hong Kong Dollar (HK$) to the United States Dollar (US$) at an exchange rate of HK$7.8 to US$1; generally the target currency is one whose fixed exchange rate may be at ...