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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.
In 2001, BOC regrouped its Hong Kong operations into Bank of China (Hong Kong); then BOCHK listed on the Hong Kong Stock Exchange in October 2002. Two-thirds of its share capital are in free float . The bank's headquarters in Hong Kong are located in the Bank of China Tower , designed by the renowned architect I.M. Pei , and was opened to the ...
The renminbi (RMB, also known as Chinese yuan; ISO code: CNY) is the official currency of the People's Republic of China. [1] Although it is not a freely convertible currency, and has an official exchange rate, the CNY plays an important role in the world economy and international trade.
Hong Kong Internet eXchange (HKIX; Chinese: 香港互聯網交換中心) is an internet exchange point in Hong Kong. The cooperative project is initiated by the Information Technology Services Centre (ITSC) of the Chinese University of Hong Kong (CUHK) providing the service free of charge. [ 3 ]
Bank of China (Hong Kong) Limited (Chinese: 中國銀行(香港)有限公司), abbreviated as BOCHK (Chinese: 中銀香港), is a subsidiary of the Bank of China (via the Hong Kong-listed intermediate holding company BOC Hong Kong Holdings). Bank of China (Hong Kong) is the second-largest commercial banking group in Hong Kong in terms of assets ...
The Clearing House Automated Transfer System, or CHATS, is a real-time gross settlement (RTGS) system for the transfer of funds in Hong Kong. It is operated by Hong Kong Interbank Clearing Limited (HKICL), a limited-liability private company jointly owned by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks ...
The Association was renamed the Hong Kong Stock Exchange in 1914. [citation needed] A second exchange, the Hong Kong Stockbrokers' Association was incorporated in 1921. The two exchanges merged to form the Hong Kong Stock Exchange in 1947 and re-establish the stock market after the Second World War.
Hong Kong's economic strengths include a sound banking system, virtually no public debt, a strong legal system, ample foreign exchange reserves with assets of US$481.6 billion represent over six times the currency in circulation or about 46 per cent of Hong Kong dollar M3 as at the end of March 2022, [25] rigorous anti-corruption measures and ...