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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.
3.4 Hong Kong dollar as exchange rate anchor. 4 Conventional peg. Toggle Conventional peg subsection. 4.1 US dollar as exchange rate anchor. ... Hong Kong ; ECCU
The Hong Kong dollar, the local currency, is the eighth most traded currency in the world. [254] Due to extremely compact house sizes and the extremely high housing density, the city has the most expensive housing market in the world. [255] [256] [257] The government has had a passive role in the economy.
The Hong Kong dollar is bumping against the top end of its narrow 7.75-7.85 band against the U.S. dollar and is among the best-performing currencies this year even as the city's economy struggles ...
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 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 Hong Kong Monetary Authority (HKMA) is the central banking institution of Hong Kong. It is a government authority founded on 1 April 1993 when the Office of the Exchange Fund and the Office of the Commissioner of Banking merged.
(Reuters) - Standard Chartered Plc said on Monday its Hong Kong banking division, Animoca Brands and HKT will establish a joint venture to apply for a license from the Hong Kong Monetary Authority ...