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 ?
While Hong Kong's GDP growth is more correlated with that of China than that of the United States since its reversion in July 1997, such correlation does not make a strong case for re-pegging the Hong Kong dollar to the renminbi.
Should the Hong Kong Dollar Exchange Bate Be Repegged to the Renminbi?
Yeung told the court he routinely gambled millions of Hong Kong dollars during regular visits to the booming Chinese city of Macau from 1997 onwards.
Mr Lee said there was no question the Hong Kong dollar would be uncoupled from the US currency - the basis of financial stability in Hong Kong.
Some speculators had been betting the Hong Kong dollar would fall before the government suddenly drove up interest rates Thursday in a bid to support it.
lt;br /><br />The total foreign currency reserve assets of $207 billion represent over eight times the currency in circulation, or 47% of Hong Kong dollar M3, the official said in a statement.
dollar peg despite increased pressure on the Hong Kong dollar recently.
The Sub-Committee noted that during the review period, the Hong Kong dollar interbank interest rates remained soft despite continued rises in the US dollar interest rates.
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.

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