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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.
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 Hong Kong Monetary Authority (HKMA) is the central banking institution of Hong Kong. It is a government authority founded on 1 April 1993 when the Office of the Exchange Fund and the Office of the Commissioner of Banking merged.
Hong Kong’s Hang Seng index was up 2.24% to 22,303.80, while the Shanghai Composite was up 0.25% to 3,340.95. ... weaker US dollar and lower Treasury yields,” Yeap Jun Rong, a market ...
The economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. [15] [16] Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, [17] and is pegged to the US dollar.
In currency trading, the U.S. dollar declined to 151.90 Japanese yen from 152.25 yen. The euro cost $1.0472, down from $1.0495. ___ AP Business Writer Stan Choe in New York contributed to this report.
Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%. ... The value of the Mexican peso fell 1.8% against the U.S. dollar ...
The following is a list of CNY exchange rates based on PPP, estimated according to the International Monetary Fund's World Economic Outloo wek (WEO) database from 2006–present. The exchange rate shown is Intl$. 1 to Chinese yuan (CNY).