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.
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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.
In defense of the Hong Kong dollar peg: which eventually will cease to exist
Should the Hong Kong Dollar Exchange Bate Be Repegged to the Renminbi?
The future of the renminbi and its impact on the Hong Kong dollar
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.
Mystery 'Triad' boss gave Yeung PS1.6m from deal; BLUESBOSSCOURTCASE: CARSONADMITSLINKWITHMAN NICKNAMED 'THE EXPLOSIVE MONEY MAKER' EXCLUSIVE
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.
Hong Kong survives crisis in the Far East
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.
MARKET JITTERS; DOW DIVES 186.88 POINTS; HONG KONG FUELS DROP; WHAT ABOUT TODAY?
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.
HK's foreign currency reserves see four consecutive monthly growth
dollar peg despite increased pressure on the Hong Kong dollar recently.
H.K. monetary chief says no plan to end U.S. dollar peg
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.
Hong Kong : Record of discussion of meeting of Exchange Fund Advisory Committee Currency Board Sub-Committee held on July 5
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.
FOCUS: Chinese yuan may be world's major currency in 20 years

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