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
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.
Yeung, above, confirmed he had received 20 million Hong Kong dollars
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.