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.
Should the Hong Kong Dollar Exchange Bate Be Repegged to the Renminbi?
The decrease was mainly attributable to the redemption of Certificates of Indebtedness and the decline in the exchange rate of US dollar against Hong Kong dollar. The backing ratio decreased from 106.95% at the end of February 2016 to 106.78% at the end of March 2016.
Former hairdresser turned soccer boss Yeung also confirmed that he had received a further 10 million Hong Kong dollars of winnings (PS800,000) into his father's account in March 2006.
The decline in Hong Kong dollar assets was mainly due to withdrawals of placements by Fiscal Reserves and the fall in market value of Hong Kong equities, which were partly offset by additional placements from HKSAR Government funds and statutory bodies.
Hong Kong -- The Hong Kong Monetary Authority has sold $603 million worth of Hong Kong dollars in the foreign exchange market in an effort to curb the currency's rise.
The total foreign currency reserve assets represent nine times the currency in circulation or 48% of Hong Kong dollar M3.
Hong Kong's Monetary Authority bought near US$1.01 billion from the market and injected the respective amount of local currency into the market Wednesday to defend the Hong Kong dollar's peg to the U.S.
"Our economic fundamentals are sound and we have huge currency reserves, worth more than US$92billion (pounds 57billion), which have helped us withstand recent pressure on the Hong Kong dollar."
The total foreign currency reserve assets of US$426.4 billion represent about seven times the currency in circulation or 46 per cent of Hong Kong dollar M3.
Hong Kong: Bank of China (Hong Kong) Limited announces that its Hong Kong Dollar prime rate and
Earlier on Friday the bank injected HKD2.325bn into the market as the Hong Kong dollar repeatedly hit the top of its trading band.

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