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The Chinese Gold and Silver Exchange Society (CGSE; 金銀業貿易場) is an organisation of gold trading firms in Hong Kong who are participants of the Chinese Gold and Silver Exchange, the first exchange in Hong Kong. [1] The Chinese Gold and Silver Exchange was established in 1910 and has a history of more than 110 years.
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 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]
Investing.com - Gold prices gained on Wednesday in Asia as traders digested the latest trade news. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 more ...
A currency [a] is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. [1] [2] A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. [3]
Gold prices are expected to hover around $1,800 per ounce for summer 2022. That’s down slightly from a record high earlier this year, but still tops typical prices. Even better news: The price ...
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.
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