Hong Kong Dollar


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Hong Kong Dollar

The currency of Hong Kong, a special administrative region of China. It was first issued in the 1860s and, for a number of years, circulated in Hong Kong along with several other currencies. From 1963 to 1935, it was pegged to silver. It then adopted a crawling peg to the British pound, which continued until the yen was introduced during Japanese occupation in World War II. The dollar and the peg to the pound were reintroduced after the war, but the peg was eventually changed to the U.S. dollar. It began to float in 1974, but readopted the U.S. dollar peg in 1983. It is an important currency because of Hong Kong's position as an international trade center.
References in periodicals archive ?
It also earns a large amount of overseas income each year, averaging almost 50 percent of GDR Exports of services and incomes from abroad thus account for almost 90 percent of GDE External volatility still has a significant impact on the Hong Kong economy even without the Hong Kong dollar peg.
Relating to the argument that the use of the renminbi in Hong Kong will marginalize the Hong Kong dollar, there have 'also been suggestions that the exchange rate of the Hong Kong dollar, which is pegged to the U.
But during this period, Hong Kong dollar deposits also rose 38% to $4.
He reiterated that the government stands by the peg mechanism, under which the Hong Kong dollar is pegged at 7.
The decline in Hong Kong dollar assets was mainly due to fiscal drawdowns and valuation losses on Hong Kong equities.
The move was expected to curb the strength of the Hong Kong dollar.
China's currency is unlikely to become freely convertible in the world's foreign exchange markets within the next five years, but it could replace the Hong Kong dollar in 10 years and become the world's major currency in 20 years, Hong Kong-based chief economist for Morgan Stanley in Asia Andy Xie predicts.
It currently supports the trading of eight foreign currency pairs: the US dollar against the euro, yen, Hong Kong dollar, British pound, Swiss franc, Australian dollar and Canadian dollar, plus the euro against the yen.
Foreign currency assets decreased by $18 billion and Hong Kong dollar assets decreased by $19.
can get the equivalent of up to US$1,000 per day per account (US$5,000 for Citigold card), and Citibank Hong Kong customers can get the equivalent of up to HK$10,000 (HK$20,000 for Citigold card) daily in Renminbi and have their withdrawal deducted from their Citibank Hong Kong dollar account at the same time.
dollar against the euro, yen, Hong Kong dollar, sterling, Swiss franc, Australian dollar and Canadian dollar, plus the euro versus the yen.

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