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» Economics » Currency » Topics begins with H » Hong Kong dollar

Page modified: Wednesday, July 13, 2011 04:02:26

The Hong Kong dollar is the legal tender of the Chinese special administrative zone Hong Kong. Besides it is accepted also in the special administrative zone Macao and large parts of the People's Republic of China for payment. Since 1983 it is coupled to a firm rate of exchange to the US Dollar. The ISO code Hong Kong dollar is HKD.

Monetary political authority

Hong Kong keeps the sovereignty over affairs of currency according to the Basic Law and the common Sino British explanation. This is exercised of Hong Kong Monetary Authority (HKMA). The HKMA guarantees that of Hong Kong is covered by US Dollar currency reserves entire money basis. For this the HKMA has one of the three largest foreign exchange reserves of the world.

The HKMA publishes the coins and money notes however not, but the right in addition at three different banks in Hong Kong assigned. These banks are:

  • Bank OF China (Hong Kong)
  • Standard Chartered bank
  • HSBC

The banks may publish new dollar only if the appropriate value in US Dollar corresponds to its insert. Each of these banks gives notes 20, 50, 100, 500 and 1000 HKD) in given basic colours and dimensions out, however are free these banks in the organization of the Design of the notes. Already before the official delivery of the former Kronkolonie Great Britain at China 1997 notes and coins, which showed the image of the queen Elizabeth II., were taken slowly from the circulation. Today the most notes and coins of Hong Kong show among other things the Bauhinia blakeana bloom. A 10-HKD-Banknote is published by the government of the special administrative zone.

Monetary system

Between 1863 to 1935 the silver dollar used in Hong Kong was legal tender. The domestic currency was between December 1935 until November 1967 with a course of 16 HKD: 1 GBP to the Pound of Sterling bind. By November 1967 to June 1972 the fixed rate of exchange was about 14,55 HKD per Pound.

In July 1972 the Hong Kong dollar was coupled for the first time firmly to the US Dollar. The initial parity of 5,65 HKD for each USD was adapted in February 1973 on 5,085 HKD for each USD. The rate of exchange was released in November 1974, fixed in October 1983 however again. Since then the Hong Kong dollar is coupled to a conversion course of 7,8 HKD for each US Dollar to the American currency, whereby the HKD revaluations, but not devaluations was allowed.

Since 01. May 2005 was now loosened this coupling and to the HKD may in a range around the value of 7,8 HKD for each US Dollar floaten, whereby there are no fixed values of this range.

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