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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.
The Government, through the Hong Kong Monetary Authority, authorises three commercial banks to issue currency notes in Hong Kong: The Hongkong and Shanghai Banking Corporation Limited; the Standard Chartered Bank (Hong Kong) Limited; and; the Bank of China (Hong Kong) Limited.
Hong Kong officially introduced a new series of coin on New Year's Day (1 January) 1993 at stroke of midnight HKT in denominations of 10-cent, 20-cent, 50-cent, HK$1, HK$2 and HK$10. Since the introduction of the Octopus card in 1997, small value payments and purchases in Hong Kong are mostly made as Octopus transactions.
The same mechanism also works when the market rate is above 7.80, and the banks will convert Hong Kong dollars for US dollars. The Hong Kong dollar is backed by one of the world's largest foreign exchange reserves, which is over 7 times the amount of money supplied in circulation or about 48% of Hong Kong dollars M3 at the end of April 2016. [3]
Hong Kong should hang on to its 37-year-old currency peg to the US dollar because a link to the world's most used currency is the best option to maintain its role as an international financial ...
Present currency ISO 4217 code Country or dependency (administrating country) Currency sign Fractional unit ... Hong Kong: HK$ [26] cent [26] Indian Rupee [27] INR
Hong Kong will allow mainland China's pilot digital currency to be used in shops in the city, the head of its de facto central bank said on Friday, marking a step forward for Beijing's efforts to ...
The Hong Kong dollar is bumping against the top end of its narrow 7.75-7.85 band against the U.S. dollar and is among the best-performing currencies this year even as the city's economy struggles ...