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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.
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.
3.4 Hong Kong dollar as exchange rate anchor. 4 Conventional peg. Toggle Conventional peg subsection. 4.1 US dollar as exchange rate anchor. 4.2 Euro as exchange rate ...
This is a list of circulating fixed exchange rate currencies, ... Hong Kong dollar: U.S. dollar: 7.75-7.85 [2] Iranian rial: U.S. dollar: 42000~ Jersey pound: Pound ...
The exchange rate is pegged and is approximately MOP 1.03 for HK$1, [20] and Hong Kong dollar banknotes and coins are generally accepted at par or MOP 1.00 for retail payments. For United States dollars, to which the Hong Kong dollar is in turn loosely pegged, the exchange rate is around MOP 8 to 1 US dollar. Although it is possible to exchange ...
Hong Kong operates a currency board (Hong Kong Monetary Authority), as does Bulgaria. Estonia had a currency board fixed to the Deutsche Mark from 1992 to 1999, when it switched to fixing to the Euro at par.
Hong Kong dollar banknotes in everyday circulation are issued in denominations of $10, $20, $50, $100, $500 and $1,000. Although it is common practice for most Hong Kong businesses to reject $1,000 notes due to the risk of counterfeit money. [1]
A speculative attack primarily targets currencies of nations that use a fixed exchange rate and have pegged their currency to a foreign currency, such as Hong Kong pegging the Hong Kong Dollar (HK$) to the United States Dollar (US$) at an exchange rate of HK$7.8 to US$1; generally the target currency is one whose fixed exchange rate may be at ...