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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 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]
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.
The Mercantile Bank was absorbed by HSBC in 1978 and ceased issuing notes. In 1985, 20-dollar notes were introduced, whilst, in 1993, a 10-dollar coin was introduced and the banks stopped issuing 10-dollar notes. In 1994, the Hong Kong Monetary Authority (HKMA), gave authority to the Bank of China to issue notes.
Hong Kong Monetary Authority 香港金融管理局; Headquarters: International Finance Centre, Central, Hong Kong: Established: 1 April 1993; 31 years ago () Chief Executive: Eddie Yue: Central bank of: Hong Kong: Currency: Hong Kong dollar HKD Bank rate: 2.75% (as of 28 July 2022) [1] Interest on reserves: None: Website: www.hkma.gov.hk
The Hong Kong SAR continues to use its traditional units, now legally defined based on a local equation with metric units. For instance, the Hong Kong catty is precisely 604.789 82 g. Note: The names lí (釐 or 厘) and fēn (分) for small units are the same for length, area, and mass; however, they refer to different kinds of measurements.
Chinese, Imperial and metric weight units are all used in Hong Kong. The choice of system depends on the type of goods and their origins. Metric is used for all official purposes, for example the Post Office and Road signs. [9] [10] Packaged food weights and volumes may be given using any of the three systems of units. [11]