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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]
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.
The peg of Hong Kong dollar to the U.S. dollar in 1983 actually took place in the context of Sino-British negotiation regarding the future of Hong Kong after 1997. Due to the lack of public confidence in the talks, on 24 September 1983, the Hong Kong dollar was devalued by 15% over 2 days to a historical low at HK$9.6 to US$1.
Hong Kong's Hang Seng rose 1.64% to 22,986.88, while the Shanghai Composite added 0.15% to 3,360.95. Japan's Nikkei 225 was up 0.39% to 39,296.11 after Japan's economic growth for the fourth ...
The first set of data on the left columns of the table includes estimates for the year 2023 made for each economy of the 196 economies (189 U.N. member states and 7 areas of Aruba, Hong Kong, Kosovo, Macau, Palestine, Puerto Rico, and Taiwan) covered by the International Monetary Fund (IMF)'s International Financial Statistics (IFS) database ...
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 ...
Here are my five predictions for the stock market in 2025 -- and which stocks will soar the most if they're right. 1. Artificial intelligence (AI) agents become the next big thing.
Source: [4] [5]. 1 January, Wednesday – New Year's Day 29 January, Wednesday – Lunar New Year's Day 30 January, Thursday – The second day of Lunar New Year; 31 January, Friday – The third day of Lunar New Year