Hong Kong dollar 港幣 (Chinese)
Banknotes Coins
ISO 4217 Code	HKD
Official user(s)	Hong Kong
Unofficial user(s)	China  Macau
Inflation	2. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders Talk People's Republic of China) PEOPLE'S REPUBLIC OF CHINA ARTICLE GUIDELINES For a topic outline on this subject see List of basic Macau topics. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time 2% (Hong Kong only)
Source	The World Factbook, 2006 est.
Pegged with	United States dollar = HK$7. A fixed exchange rate, sometimes called a pegged exchange rate, is a type of Exchange rate regime wherein a Currency 's value is matched to the value of The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 75–7. 85
Pegged by	HK$ = 1. A fixed exchange rate, sometimes called a pegged exchange rate, is a type of Exchange rate regime wherein a Currency 's value is matched to the value of 03 Macanese patacas
Subunit
1/10	ho (Chinese) (no official English term for 10 cents)
1/100	sin (Chinese) cent (English) (no longer in circulation)
Symbol	HK$
Plural	(no plural) (Chinese) dollars (English)
sin (Chinese) cent (English)	(no plural) (Chinese) cents (English)
Coins	10¢, 20¢, 50¢, $1, $2, $5, $10
Banknotes
Freq. The pataca ( ISO 4217 code MOP) is the currency of Macau. It is subdivided into 100 avos ( Cantonese: 仙 sin) In many national currencies, the cent is a monetary unit that equals 1/100 of the basic monetary unit A currency sign is a graphic symbol often used as a shorthand for a Currency 's name Plural is a Grammatical number, typically referring to more than one of the Referent in the real world In many national currencies, the cent is a monetary unit that equals 1/100 of the basic monetary unit The Hong Kong coinage, including $10 $5 $2 $1 50 cents 20 cents and 10 cents is issued by Hong Kong Monetary Authority on behalf of the Government of Hong Kong Hong Kong banknotes in everyday circulation are $10 $20 $50 $100 $500 and $1000 used	$10, $20, $50, $100, $500
Rarely used	$1,000
Monetary authority	Hong Kong Monetary Authority
Website	www.info.gov.hk/hkma
Printer	Hong Kong Note Printing Limited
Website	www.hknpl.com.hk

The Hong Kong dollar (ISO 4217 code: HKD) is the currency of Hong Kong. Monetary authority is a generic term in Finance and Economics for the entity which controls the Money supply of a given Currency, and has the The Hong Kong Monetary Authority ( or HKMA (金管局 is Hong Kong 's Central banking institution (more precisely Currency board) A printer is a company that provides commercial Printing services often also offering Typesetting and Book-binding services ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders It is the 9th most traded currency in the world. ^[1] In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies. English is a West Germanic language originating in England and is the First language for most people in the United Kingdom, the United States The dollar (often represented by the Dollar sign: "$" is the name of the official Currency in several countries dependencies and other The dollar is subdivided into 100 cents or 1000 mils. In many national currencies, the cent is a monetary unit that equals 1/100 of the basic monetary unit

Contents 1 Etymology 1.1 Slang terms 2 History 3 Coins 4 Banknotes 5 Linked exchange rate system 5.1 Historical exchange rates 6 See also 7 References 8 External links

Etymology

In formal Cantonese, the 圓 character is used. In spoken Cantonese, 蚊 (mosquito) is used, perhaps a transliteration of the first syllable of "money", although some suggest that the character is a corruption of 緡. Corruption or bastardisation is a way of referring to certain changes in a Language. 元 is also used informally. The dollar is divided into 100 cents, with the character 仙 (a transliteration of "cent") used on coins and in spoken Cantonese. 分 is used in Mandarin. The amount of 10 cents is called 1 houh in Cantonese (毫 on coins and in spoken Cantonese, 毫子 in colloquial speech, 角 in Mandarin). The mil was known as the man or tsin in Cantonese (文 or 千 on coins and in spoken Cantonese and Mandarin).

To express prices in spoken Cantonese, for example $7. 80, the phrase is 七個八 (chat go baat, seven and eight); in financial terms, where integer values in cents exist, e. g. , $6. 75, the phrase is 六個七毫半 (luhk go chat houh bun, six and seven "houh" half) ["bun" in Yale Romanization sounds like the American pronunciation of "boon"] (fives in cents is normally expressed as "half", unless followed by another five, such as 55 cents when preceded by a dollar value); $7. 08 is 七蚊零八仙 (seven dollars "ling" (zero) eight cents).

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Slang terms

In Hong Kong, the following are slang terms used to refer to various amounts of money:

• 辰砂: cents (lit. Hong Kong's highly favorable geographical position and Entrepot trading opportunities are wealth-generating assets Hong Kong banknotes in everyday circulation are $10 $20 $50 $100 $500 and $1000 The Hong Kong coinage, including $10 $5 $2 $1 50 cents 20 cents and 10 cents is issued by Hong Kong Monetary Authority on behalf of the Government of Hong Kong The Hong Kong Monetary Authority ( or HKMA (金管局 is Hong Kong 's Central banking institution (more precisely Currency board) The term Four Asian Tigers or East Asian Tigers refers to the Economies of South Korea, Hong Kong, Singapore This page gives detailed information on the Employment situation in Hong Kong. Hong Kong has a highly developed and sophisticated Transportation network encompassing both public and private transport The Tourism industry has been an important part of the Economy of Hong Kong since it shifted to a service sector model in the late 1980s and early 90s Hongkong Post ( is a department under the Hong Kong government, though operated as a Trading Fund Agriculture and Aquaculture in Hong Kong are considered sunset industries. The Port of Hong Kong, located by the South China Sea, is a deepwater Seaport dominated by trade in containerised manufactured products and to a lesser This is a (incomplete list of companies from Hong Kong. Amoy Food Limited Ajiichiban Ality The Hong Kong Stock Exchange ( also 港交所 abbreviated as HKEX;) is the Stock exchange of Hong Kong. Growth Enterprise Market ( is a Stock market set up by Stock Exchange of Hong Kong for growth companies that do not fulfill the requirements of profitability or track The Culture of Hong Kong can best be described as a foundation that began with China, and then leaned West for much of the 20th century under constructive Education in Hong Kong has a similar system to that of the United Kingdom, in particular the English education system of Hong Kong was modernized by the The Geography of Hong Kong primarily consists of three main territories Hong Kong Island, Kowloon Peninsula, and the New Territories Hong Kong began as a coastal Island geographically located in southern China. Politics of Hong Kong takes place in a framework of a political system dominated by People's Republic of China, its own legislature the Chief Executive cinnabar, ground (therefore small-size) when used in Chinese medicine)
• 斗零: 5¢ coins (No longer in circulation; the name refers to the original weight of the coin (approximately 1. Cinnabar, sometimes written cinnabarite, is a name applied to red Mercury(II sulfide ( Hg[[sulfide S]] or native Vermilion, the common A pestle and mortar is a Tool used to crush grind and mix substances Traditional Chinese medicine (also known as TCM,) includes a range of traditional medical practices originating in China. 37 g, or 3分6厘 0. 036 of a tael)
• 大餅: $1 (lit. Tael can refer to any one of several Weight measures of the Far East. big cracker)
• 草: $10 (lit. grass)
• 兜: $10 (lit. bowl)
• 條: $10 (lit. stripe)
• 青蟹、花蟹: HK$10 banknotes (lit. green crab, flowery crab; due to the colour of the old style and new style notes respectively)
• 舊[水]: $100 (lit. a lump [of water]; "water" stands for money in Cantonese)
• 紅底、紅衫魚: HK$100 banknotes (lit. red back, red snapper; due to the colour of the notes)
• 大牛: HK$500 banknotes (lit. The red snapper, Lutjanus campechanus, is a Reef fish found off the Atlantic and Pacific coasts of The Americas and the big bull); because in pre-war notes there was a picture of a bull on the note
• 金牛 or 棟: HK$1,000 banknotes (lit. Cattle, colloquially referred to as cows, are domesticated Ungulates a member of the Subfamily Bovinae of the family golden bull; due to the colour of the notes, plus the slang term of the HK$500 notes)
• 餅: $10,000 (lit. cracker)
• 皮: $10,000 (lit. skin)
• 球: $1,000,000 (lit. ball)

Some of these terms are also used by overseas Chinese to refer their local currency.

History

When Hong Kong was established as a free trading port in 1841, there was no local currency in everyday circulation. For the game see 1841 (board game. Year 1841 ( MDCCCXLI) was a Common year starting on Friday (link Foreign currencies such as Indian rupees, Spanish and Mexican 8 reales, Chinese cash and British currency were employed. History Spain Following the introduction of the Guldengroschen in Austria in 1486 the concept of a large silver coin with high purity (sometimes known as "specie" The real was a currency of Mexico, issued until 1897 There were 16 silver reales to 1 gold Escudo, with 8 Tlacos to the real The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency In 1845, the Spanish and Mexican 8 reales coins were set at a value of 4 shillings 2 pence sterling. The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency In 1863, the dollar was pegged to silver at a rate of 1 dollar = 24. 44 grams pure silver and the first coins were issued. Banknotes also appeared in the 1860s, with a number of different private banks issuing notes.

Foreign currencies continued to circulate alongside local issues but the majority of these were not up to standard for government payments. Owing to financial losses, the Hong Kong Mint (located on Sugar Street) was closed in 1868 after two years operation. Hong Kong Mint ( Chinese 香港造幣廠 was a mint in Hong Kong from 1866 to 1868. Sugar Street ( Chinese 糖街 is a street located in Causeway Bay, Hong Kong. (The machinery was sold to Jardine Matheson, which in turn sold them to the Japanese Government. Jardine Matheson Holdings Limited (,) often called Jardines or Jardine's (怡和 is a Multinational corporation that is incorporated in For a topic outline on this subject see List of basic Japan topics. ) As a replacement for the local dollar coins, silver trade dollars from the USA, Japan and Britain were used. Trade Dollars were coins issued by various countries for use in foreign trade The United States of America —commonly referred to as the For a topic outline on this subject see List of basic Japan topics. The United Kingdom of Great Britain and Ireland was the formal name of the United Kingdom from 1 January 1801 until 12 April 1927

From 1895, legislation was enacted in attempts to regulate the coinage. Year 1895 ( MDCCCXCV) was a Common year starting on Tuesday (link will display full calendar of the Gregorian calendar (or a Common year In 1935, the silver standard was replaced by a crawling peg to sterling of 1 pound = 15. 36 to 16. 45 dollars. The One-Dollar Currency Note Ordinance of that year lead to the introduction of 1 dollar notes by the government and the Government acknowledged the Hong Kong Dollar as the local monetary unit. It was not until 1937 that the legal tender of Hong Kong was finally unified. Year 1937 ( MCMXXXVII) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar. In 1939, the dollar was put on a fixed peg of 16 dollars = 1 pound (1 dollar = 1 shilling 3 pence).

Main article: Japanese military yen

During the Japanese occupation, Japanese military yen were the only means of everyday exchange in Hong Kong. Japanese military yen ( Chinese and Japanese: 日本軍用手票 also 日本軍票 in short commonly abbreviated as JMY, was the The Japanese occupation of Hong Kong began after the Governor of Hong Kong, Sir Mark Young surrendered the territory of Hong Kong to Japan on 25 December Japanese military yen ( Chinese and Japanese: 日本軍用手票 also 日本軍票 in short commonly abbreviated as JMY, was the When the yen was first introduced on December 26, 1941, the exchange rate was 1 yen = 2 dollars. Events 1481 - Battle of Westbrook - Holland defeats troops of Utrecht. Year 1941 ( MCMXLI) was a Common year starting on Wednesday (the link will display 1941 calendar of the Gregorian calendar. However, in August, 1942, the rate was changed to 4 to 1. Year 1942 ( MCMXLII) was a Common year starting on Thursday (the link will display the full 1942 calendar of the Gregorian calendar. The yen became the only legal tender in on June 1, 1943. Events 193 - Roman Emperor Didius Julianus is Assassinated 987 - Hugh Capet is elected Year 1943 ( MCMXLIII) was a Common year starting on Friday (the link will display full 1943 calendar of the Gregorian calendar. The issue of local currency was resumed by the Hong Kong Government and the authorized local banks after liberation, with the pre-war rate of 16 dollars = 1 pound being restored. The yen was exchanged at a rate of 100 yen = 1 dollar. On 6 September 1945, all yen notes were declared void. Events 3114 BC - According to the Proleptic Julian calendar the current era in the Maya Long Count Calendar started Year 1945 ( MCMXLV) was a Common year starting on Monday (link will display the full calendar

In 1967, when sterling was devalued, the dollar's peg to the pound was increased from 1 shilling 3 pence to 1 shilling 4½ pence (14. 5455 dollars = 1 pound) although this did not entirely offset the devaluation. In 1972, the Hong Kong dollar was pegged to the U.S. dollar at a rate of 5. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 65 H. K. dollar = 1 U. S. dollar. This was revised to 5. 085 H. K. dollar = 1 U. S. dollar in 1973. Between 1974 and 1983, the Hong Kong dollar floated. On 17 October 1983, the currency was pegged at a rate of 7. Events 539 BC - King Cyrus The Great of Persia marches into the city of Babylon, releasing the Jews from almost Year 1983 ( MCMLXXXIII) was a Common year starting on Saturday (link displays the 1983 Gregorian calendar) 8 H. K. dollar = 1 U. S. dollar, through the currency board system. The Hong Kong Monetary Authority ( or HKMA (金管局 is Hong Kong 's Central banking institution (more precisely Currency board)

As of 18 May 2005, in addition to the lower guaranteed limit, a new upper guaranteed limit was set for the Hong Kong dollar at 7. Events 1152 - Henry II of England marries Eleanor of Aquitaine. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. 75 to the USD. The lower limit will be lowered from 7. 80 to 7. 85 in five weeks, by 100 pips (0. In Finance, a percentage in point ( pip or point) is the smallest measure of Price move used in Forex trading 01) each week. The Hong Kong Monetary Authority indicated this move is to narrow the gap between the interest rates in Hong Kong and those of the United States. A further aim of allowing the Hong Kong dollar to trade in a range is to avoid the HK dollar being used as a proxy for speculative bets on a renminbi revaluation.

The Basic Law of Hong Kong and the Sino-British Joint Declaration provides that Hong Kong retains full autonomy with respect to currency issuance. The Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China, or simply Hong Kong Basic Law, serves as the Constitutional document The Sino-British Joint Declaration, formally known as the Joint Declaration of the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Currency in Hong Kong is issued by the Government and three local banks under the supervision of the territory's de facto central bank, the Hong Kong Monetary Authority. The Government of the Hong Kong Special Administrative Region of the People's Republic of China ( see pronunciation; conventional short A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states The Hong Kong Monetary Authority ( or HKMA (金管局 is Hong Kong 's Central banking institution (more precisely Currency board) Bank notes are printed by Hong Kong Note Printing Limited. The Hong Kong dollar is widely accepted in southern parts of mainland China and Macau, as well as in some shopping malls in Singapore. Mainland China, Continental China, the Chinese mainland or simply the mainland, is a geopolitical term synonymous with the area that is under the jurisdiction For a topic outline on this subject see List of basic Macau topics. Singapore

A bank can only issue a Hong Kong dollar if it has the equivalent exchange in U. S. dollars on deposit. The currency board system ensures that Hong Kong's entire monetary base is backed with U. S. dollars at the linked exchange rate. The resources for this backing are kept in Hong Kong's exchange fund, which is among the largest official reserves in the world. An Exchange Fund or Swap Fund is a mechanism specific to the U

Coins

Main article: Coins of the Hong Kong dollar

In 1863, 1 mil, 1 and 10 cent coins were introduced, followed in 1866 by 5 and 20 cents, ½ and 1 dollar. The Hong Kong coinage, including $10 $5 $2 $1 50 cents 20 cents and 10 cents is issued by Hong Kong Monetary Authority on behalf of the Government of Hong Kong The 1 mil and 1 cent were struck in bronze, with the 1 mil a holed coin. The remaining coins were struck in silver. Production of the 1 mil ended in 1866, whilst that of the ½ and 1 dollar ceased in 1868, with only the ½ dollar (now with the denomination given as 50 cents) resuming production in 1890. Production of all silver coins was suspended in 1905, only briefly resumed in 1932 and 1933 for the production of 5 cent coins.

In 1934, the last 1 cent coins were issued, but the last minting was 1941. These were not issued because of the Second World War. World War II, or the Second World War, (often abbreviated WWII) was a global military conflict which involved a majority of the world's nations, including The following year (1935), cupro-nickel 5 and 10 cents were introduced, replaced by nickel in 1937 and nickel-brass between 1948 and 1949. Copper-nickel 50 cents were issued in 1951, these were changed to Nickel-brass in 1977.

In 1960, cupro-nickel 1 dollar coins were introduced, these were reduced in size in 1978. These were followed in 1975 by nickel-brass 20 cents and cupro-nickel 2 dollars (both scallop shaped), and in 1976 by decagonal, cupro-nickel 5 dollars, changed to a round thicker shape in 1980. Construction A regular decagon is Constructible with a Compass and straightedge. The 5 cent was last issued in 1979, but last struck in 1988. In 1994, a bimetallic 10 dollar coin was introduced.

Starting in 1993, prior to the establishment of the SAR, coins with Queen Elizabeth II's portrait were gradually withdrawn from circulation. Year 1993 ( MCMXCIII) was a Common year starting on Friday (link will display full 1993 Gregorian calendar) For the ship see RMS Queen Elizabeth 2 Elizabeth II (Elizabeth Alexandra Mary Context States headed by Elizabeth II Most of the notes and coins in circulations feature Hong Kong's Bauhinia blakeana flower or other symbols. Bauhinia blakeana ( is an Evergreen Tree, in the Genus Bauhinia, with large thick leaves and striking purplish red Coins with the Queen's portrait are still legal tender and can be seen, but these are slowly being phased out.

Because the redesign was highly sensitive with regard to political and economic reasons, the designing process of the new coins could not be entrusted to an artist but was undertaken by Joseph Yam, Chief Executive of the Hong Kong Monetary Authority, himself who found in the bauhinia the requested "politically neutral design" and did a secret scissors and paste job. Joseph Yam Chi-kwong ( born 1947) has been the Chief Executive of the Hong Kong Monetary Authority (HKMA since its establishment in April 1993. The Hong Kong Monetary Authority ( or HKMA (金管局 is Hong Kong 's Central banking institution (more precisely Currency board) (See Joseph Yam's 1999-11-18 Viewpoint article Joseph Yam's coin designs [1] for more details. Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) Events 326 - The old St Peter's Basilica is consecrated 1302 - Pope Boniface VIII issues the Papal bull )

Banknotes

Main article: Banknotes of the Hong Kong dollar

In 1845, the first private bank, the Oriental Bank, was founded. Hong Kong banknotes in everyday circulation are $10 $20 $50 $100 $500 and $1000 However, banknotes were not produced until the 1860s, when the Oriental Bank, the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Company began issuing notes. The Chartered Bank of India Australia and China (or simply The Chartered Bank) was a bank founded in London in 1851/1853 by The Hongkong and Shanghai Banking Corporation Limited ( based in Hong Kong, is a wholly owned Subsidiary and the founding member of the HSBC group Denominations issued in the 1860s and 1870s included 1, 5, 10, 25, 50, 100 and 500 dollars. These notes were not accepted by the Treasury for payment of government dues and taxes, although they were accepted for use by merchants. 25 dollar notes did not survive beyond the end of the 19th century, whilst the 1 dollar notes (only produced by the HSBC) were issued until 1935.

Under the Currency Ordinance of 1935, banknotes in denominations of 5 dollars and above issued by the three authorized local banks, (the Mercantile Bank of India Limited, the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation, were all declared legal tender. The government took over production of 1 dollar notes. In 1941, the government introduced notes for 1, 5 and 10 cents due to the difficulty of transporting coins to Hong Kong caused by the Second World War (a shipment of 1941 1 cent coins was sunk, making this unissued coin very rare). World War II, or the Second World War, (often abbreviated WWII) was a global military conflict which involved a majority of the world's nations, including Just before the Japanese occupation, an emergency issue of 1 dollar notes was made consisting of overprinted Bank of China 5 yuan notes. For a topic outline on this subject see List of basic Japan topics.

In 1945, paper money production resumed essentially unaltered from before the war, with the government issuing 1, 5 and 10 cents, and 1 dollar notes, and the three banks issuing 5, 10, 50, 100 and 500 dollar notes. 1 dollar notes were replaced by coins in 1960, with only the 1 cent note issued by the government after 1965.

In 1975, the 5 dollar notes were replaced by a coin, whilst 1000 dollar notes were introduced in 1977. The Mercantile Bank was absorbed by the HSBC in 1978 and ceased issuing notes. In 1985, 20 dollar notes were introduced, whilst, in 1993, a 10 dollar coin was introduced and the banks stopped issuing 10 dollar notes. In 1994, the Hong Kong Monetary Authority (HKMA), gave authority to the Bank of China to issue notes. The Hong Kong Monetary Authority ( or HKMA (金管局 is Hong Kong 's Central banking institution (more precisely Currency board) Bank of China Limited ( BOC) ( often abbreviated as 中行 is one of the Big four state-owned commercial Banks of the People's Republic

After a less-than-successful trial from 1994 to 2002 to move the 10-dollar denomination from the banknote format (issued by the banks) to the coin format (Government-issued), 10 dollar banknotes are currently the only denomination issued by the HKMA, having acquired the note printing plant at Tai Po from the De La Rue Group of the UK on behalf of the Government. Year 1994 ( MCMXCIV) was a Common year starting on Saturday (link will display full 1994 Gregorian calendar) See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. The older 10-dollar banknotes are, although rare and being phased out, still circulating.

A commemorative polymer ten dollar note was issued in July 2007 to commemorate the 10th anniversary of Hong Kong's return to China. ^[2]. The new note will circulate along with other 10 dollar issues for a trial period of two years, though the initial batch released was largely snapped up by collectors. ^{[3] [4]}

Linked exchange rate system

Main article: Linked exchange rate

The primary monetary policy objective of the Hong Kong Monetary Authority is to maintain exchange rate stability within the framework of the linked exchange rate system through sound management of the Exchange Fund, monetary operations and other means deemed necessary. A linked exchange rate system is a type of Exchange rate regime to link the exchange rate of a Currency to another

The important underpinnings of the linked exchange rate system include the strong official reserves of Hong Kong, a sound and robust banking system, fiscal prudence and a flexible economic structure.

Jim Rogers, partner in George Soros' Quantum Fund, said the Government should adopt the yuan as the official currency of the territory when the renminbi is freely convertible. For other uses see James Rogers (disambiguation. James B Rogers Jr George Soros (ˈsɔroʊs or /ˈsɔrəs/ Hungarian ˈʃoroʃ (born August 12, 1930, in Budapest, Hungary, as György Schwartz) is The Quantum Group of Funds are privately owned Hedge funds based on Curaçao (Netherlands Antilles and Cayman Islands. Rogers said, "This is 2007; I don't know why the Hong Kong dollar exists any more. . . . You have a gigantic neighbor who is becoming the most incredible economy in the world. "^[5]

Historical exchange rates

History of Hong Kong's Exchange Rate System

Period	Exchange rate regime	Features
1863–1935	Silver Standard	Silver dollars as legal tender
December 1935–June 1972	Sterling exchange	Standard exchange rate: £1:HK$16 (December 1935–November 1967) £1:HK$14. Year 1863 ( MDCCCLXIII) was a Common year starting on Thursday (link will display the full calendar of the Gregorian calendar (or a Common Year 1935 ( MCMXXXV) was a Common year starting on Tuesday (link will display full calendar of the Gregorian calendar. Year 1972 ( MCMLXXII) was a Leap year starting on Saturday (link will display full calendar of the Gregorian calendar. 55 (November 1967–June 1972)
July 1972–November 1974	Fixed exchange rate against the US dollar	Exchange rate: US$1:HK$5. Year 1974 ( MCMLXXIV) was a Common year starting on Tuesday (link will display full calendar of the 1974 Gregorian calendar. 650 (June 1972–February 1973) US$1:HK$5. 085 (February 1973–November 1974)
November 1974–October 1983	Free floating	Exchange rates on selected days: US$1:HK$4. Year 1983 ( MCMLXXXIII) was a Common year starting on Saturday (link displays the 1983 Gregorian calendar) 965 (25 November 1974) US$1:HK$9. Events 1034 - Máel Coluim mac Cináeda, King of Scots dies Donnchad, the Year 1974 ( MCMLXXIV) was a Common year starting on Tuesday (link will display full calendar of the 1974 Gregorian calendar. 600 (24 September 1983)
1983–Present	Linked exchange rate system	US$1:HK$7. Events 622 - Prophet Muhammad completes his hegira from Mecca to Medina. Year 1983 ( MCMLXXXIII) was a Common year starting on Saturday (link displays the 1983 Gregorian calendar) 80 (for issue and redemption of Certificates of Indebtedness) US$1:HK$7. 75 (1998–2005) (The HKMA undertakes to convert the HK dollars in licensed banks’ clearing accounts maintained with the HKMA into US dollars at the fixed exchange rate of HK$7. 75 to US$1. The rate has been moving to 7. 80 by 1 pip each calendar day starting from 1 April 1999 ending 12 August 2000. Events 527 - Byzantine Emperor Justin I names his nephew Justinian I as co-ruler and successor to the throne Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) Events 1099 - First Crusade: Battle of Ascalon - Crusaders under the command of Godfrey of Bouillon defeat Fatimid 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. ) US$1:HK$7. 75–7. 85 (May 2005 onwards) HKMA set up upper and lower guaranteed limit since 18 May 2005

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See also

• Table of historical exchange rates
• Economy of Hong Kong

References

External links

• Don's World Coin Gallery - Hong Kong
• Ron Wise's World Paper Money - Hong Kong ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Asia ^{Mirror site}
• The Global History of Currencies - Hong Kong
• Global Financial Data data series - Hong Kong Dollar
• Global Financial Data currency histories table ( Microsoft Excel format)
• SinoBanknote (Chinese) (English)
• Hong Kong Banknotes - note: historic bills, not current
• Hong Kong Numismatics
• History of Hong Kong Coins

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