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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.
In October 1997, the Hong Kong dollar, which had been pegged at 7.8 to the U.S. dollar since 1983, came under speculative pressure because Hong Kong's inflation rate had been significantly higher than the United States' for years. Monetary authorities spent more than $1 billion to defend the local currency.
After the end of the Second World War, the Hong Kong dollar was re-pegged to sterling at a fixed rate identical to the pre-war level. [6] Nevertheless, its unique geo-economic position afforded Hong Kong the ability to defy exchange controls by operating a dual system with the sterling area and a free exchange market principally with the US ...
Hong Kong dollar: Macao (alongside the Macanese pataca, pegged at $1.032) Japanese yen: Zimbabwe (alongside several other currencies and U.S. dollar-denominated bond coins and bond notes of the Real Time Gross Settlement (RTGS) dollar) Jordanian dinar: West Bank (alongside the New Israeli shekel)
The HKD is pegged in a narrow range of 7.75-7.85 to the U.S. dollar. China's national security law for Hong Kong and moves by the United States to begin withdrawing privileges enjoyed by the city ...
Billionaire investor Bill Ackman said he's betting the Hong Kong dollar will fall and that its peg to the U.S. dollar can break, the latest big money manager to take a public short bet as U.S ...
In July 1973, the Hong Kong dollar was dragged down against sterling due to the continued devaluation of the US dollar as a result of the outflow of capital from Hong Kong. In August 1973, Governor Murray MacLehose and Haddon-Cave attempted to end the historic commitment to sterling reserves but the idea was rejected by London.
A speculative attack primarily targets currencies of nations that use a fixed exchange rate and have pegged their currency to a foreign currency, such as Hong Kong pegging the Hong Kong Dollar (HK$) 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 ...