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The issue of banknotes of the Hong Kong dollar is governed in the Special Administrative Region of Hong Kong by the Hong Kong Monetary Authority (HKMA), the governmental currency board and central bank of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in the region. Notes are ...
On 17 October 1983, the Hong Kong dollar was officially pegged to the U.S. dollar at a rate of HK$7.8 = US$1, officially switching back to the currency board system. 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.
HSBC is one of the three commercial banks which are authorised to issue banknotes for Hong Kong - the other two being the Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong). [5] Of the total notes in circulation measured by value, HSBC is the most prolific issuer, its notes representing 67.7% of those in issue.
Later on 6 March 1979, the Standard Chartered Bank (Hong Kong) issued its own one thousand-dollar note, with a dimension of 100mm by 170mm. Since 1985, the note issued by both banks were redesigned with a shrunk size of 81.5mm by 163mm. In 1988, a lighter shade of gold was used by the HSBC as the previous selection of colour was overly dark.
The Hong Kong one hundred and fifty dollar note is a commemorative banknote issued by the Standard Chartered Bank (Hong Kong) on 1 October 2009 and HSBC on 2015 to commemorate on the 150th Anniversary of the Standard Chartered Hong Kong branch [1] and HSBC respectively.
HSBC (Hong Kong) J. Japanese military currency (1937–1945) N. Hong Kong Note Printing; P. Postal orders of Hong Kong; S. Standard Chartered Hong Kong
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 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