Hong Kong dollar
| Hong Kong Monetary Authority | |
---|---|---|
Website | www | |
Printer | Issuing banks and authority: 1. Government of the Hong Kong Special Administrative Region The Hong Kong and Shanghai Banking Corporation (HSBC) 香港上海滙豐銀行 3. Standard Chartered (Hong Kong) 渣打銀行 [香港] 4. Bank of China (Hong Kong) 中國銀行 [香港] Printer: Macau Pataca (MOP$) HK$1.00 = MOP$1.03 |
Hong Kong dollar | ||
---|---|---|
Chinese | 港元 | |
Cantonese Yale | Góng yùn | |
Literal meaning | (Hong) Kong Hanyu Pinyin Gǎngyuán | |
Bopomofo | ㄍㄤˇ ㄩㄢˊ | |
Wade–Giles | Kang3-yüan2 | |
IPA | [kàŋ ɥɛ̌n] | |
Yue: Cantonese | ||
Yale Romanization | Góng yùn | |
Jyutping | Gong2 jyun4 | |
Sidney Lau | Gong2 yuen4 | |
Canton Romanization | Gong2 yun4 | |
Hong Kong Romanisation | Kong yun | |
IPA | [kɔ̌ːŋ y̏n] |
The Hong Kong dollar (Chinese: 港元, sign: HK$; code: HKD) is the official currency of the Hong Kong Special Administrative Region. It is subdivided into 100 cents or 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar.
Three commercial banks are licensed by the Hong Kong Monetary Authority to issue their own banknotes for general circulation in Hong Kong. These banks,
As of April 2019,[update] the Hong Kong dollar was the ninth-most traded currency in the world.[3] Hong Kong uses a linked exchange rate system, trading since May 2005 in the range US$1:HK$7.75–7.85.
Apart from its use in Hong Kong, the Hong Kong dollar is also used in neighbouring Macau. It is pegged at 1 Hong Kong dollar to 1.03 Macanese patacas, and is generally accepted at par or MOP 1.00 for retail purchases.[4]
History
Economy of Hong Kong |
---|
Identity |
Resources |
Companies |
|
Other Hong Kong topics |
|
Hong Kong Portal |
When Hong Kong was established as a free trading port in 1841, there was no local currency in everyday circulation. Foreign currencies such as Indian rupees, Spanish or Mexican 8 reales, and Chinese cash coins circulated.[5] Since 1825, it had been the policy of the British government to introduce sterling silver coinage to all of its colonies, and to this end, in 1845 the Spanish or Mexican 8 reales coins were set at a legal tender value of 4 shillings, 2 pence sterling (50 pence).[citation needed] But just as in the case of the British North American colonies, the attempts to introduce the sterling coinage failed to overcome the strong local adherence to the silver Spanish dollar system that had been in wide circulation across the Far East, emanating for centuries from Manila in the Philippines as part of the Spanish East Indies in the Spanish colonial empire through the Manila-Acapulco Galleon Trade with the coins minted in the Spanish Americas in Mexico or Peru or Bolivia.
By 1858, the British government gave up all attempts to influence the currency situation in Canada, and by the 1860s it came to the same realisation in Hong Kong: that there was no point in trying to displace an already existing currency system. In 1863, the
In 1873, the international silver crisis resulted in a devaluation of silver against gold-based currencies. Since the silver dollars in the US and Canada were attached to a gold exchange standard, this meant that the silver dollars circulating along the China coast dropped in value as compared to the U.S. dollar and the Canadian dollar.
Early 20th century
By 1895, the circumstances had changed to the extent that there was now a dearth of
In
By 1935, only Hong Kong and China remained on the silver standard. In that year, Hong Kong, shortly after China, abandoned silver and introduced a crawling peg to sterling of £1 = HK$15.36 to HK$16.45. It was from this point in time that the concept of a Hong Kong dollar as a distinct unit of currency came into existence. The One-Dollar Currency Note Ordinance of that year led to the introduction of one-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. In 1939, the Hong Kong dollar was put on a fixed peg of HK$16 = £1 ($1 = 1s 3d).
The discussion about switching from the silver standard to the gold standard began as early as 1930. A commission report was released in May 1931. It concluded that it was important for Hong Kong to facilitate free flow of capital with China and the same monetary standard was thus preferred. The report also recommended the Hong Kong Government only to take over the burden of note issuance when the banks failed to do so. Actually, the Hong Kong Government was not willing to take up the logistics of note issuance, and some officials even thought that the public had greater degree of confidence in the notes issued by those long-established banks than that by the government.[6]
During the
Post-WWII period
The Hong Kong dollar in the sterling area
After the end of the Second World War, the Hong Kong dollar was re-pegged to sterling at a fixed rate identical to the pre-war level.
The impacts of the devaluation of the pound in 1967
In the 1960s, the UK found it difficult to keep the value of sterling as it was, with its role as official reserve currency even within the sterling area. In 1964, sterling was 83% of the official reserves of overseas sterling area countries, but this share had decreased to 75% in 1966 and to 65% in 1967.[11] When sterling was devalued by the UK in 1967, and Hong Kong dollar's peg to the pound resulted in a re-valuation of Hong Kong dollar from $16 to $14.5, a 10% re-valuation against the pound and 5.7% devaluation against the US dollar.[12] The unilateral devaluation sparked a circle of grievances among local business communities as well as colonial officials in Hong Kong because the official reserves and private savings in sterling were substantial from Hong Kong. In the 1950-60s, Hong Kong accumulated significant reserves in sterling with its economic growth, money supply was exponentially expanded from £140-£160 million in the late 1950s to £363 million in October 1967, equivalent to 10% of the UK's total sterling liabilities to the overseas sterling area before the devaluation.[12] Subsequently, Hong Kong and London engaged in talks about compensation and protection against further losses. Considering the potential diversification of official reserves from sterling to the US dollars by the Hong Kong government officials, London agreed to offer exchange guarantees to protect Hong Kong against potential devaluation of sterling in the future, which was the first to receive such guarantees among the sterling area countries.[13]
Floating currency system, 1974–1983
After the US's cessation of the convertibility between gold and the U.S. dollar in October 1971, Britain abandoned the fixed exchange rate with the U.S. dollar and extended the exchange controls also to the Sterling Area countries, which put an effective end to the Sterling Area in 1972.[11] In the same year, the Hong Kong dollar was pegged to the U.S. dollar at a rate of HK$5.65 = US$1, revised to HK$5.085 = US$1 in 1973. From 1974 to 1983 the Hong Kong dollar was not anchored to another currency, changing the monetary regime from a currency board system to a floating currency system.
Linked Exchange Rate System since 1983
On 17 October 1983, Hong Kong dollar was officially pegged to the U.S. dollar at a rate of HK$7.8 = US$1, officially switching back to the
When recalling the choice of rate, Tony Latter notes that a rate of HK$7.25 to HK$7.50 was considered a reasonable range in macroeconomic terms, given the rate against the U.S. dollar around HK$6.60 before the crisis and the rate around HK$8.30 to HK$8.80 when the government's intention to change monetary regime was revealed in early October. In political terms, the government did not want to set the rate too weak so as to warrant international allegations of currency manipulation for competitive advantages, or too strong a rate that would result in high interest rates and the eventual abandonment of the rate. HK$7.8 was finally selected, as the government hoped to demonstrate that the situation has been properly stabilized and it was felt that the rate below HK$8.0 can achieve this purpose psychologically.[17]
Post-1997 period
The
In a speech addressing the issue of who determines the monetary policy in Hong Kong on 13 May 2002, Tony Latter, in the position of the Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), contended that the Financial Secretary together with the HKMA in the Hong Kong SAR Government were responsible for that. He acknowledged the heavy and direct influence of the Federal Reserve of the United States on Hong Kong's monetary policy under the currency peg, but argued that "It was Hong Kong's choice, and we do not require any permission from US to continue or discontinue it".[22]
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 HK$7.75 to the US dollar. The lower limit has been lowered from 7.80 to 7.85 (by 100
Terminology
Chinese | Yale (Cantonese) | Pinyin (Mandarin) | English | |
---|---|---|---|---|
Formal currency name | 港元 / 港幣 | góng yùn / góng bàih | gǎngyuán / gǎngbì | Hong Kong dollar |
Formal unit name :1 Formal unit name :1⁄10 Formal unit name :1⁄100 |
元 or 圓 毫 仙 |
yùn hòu sīn |
yuán háo xiān |
dollar dime cent |
Other unit names :1 Other unit names :1⁄10 Other unit names :1⁄100 |
蚊 角 分 |
mān gok fān |
wèn jiǎo fēn |
dollar dime cent |
In formal
The dollar is divided into 100 cents, with the character 仙 (Cantonese Yale: sīn, a transliteration of “cent”) used on coins and in informal Cantonese. However, 仙 is now only used in the stock market, as now it no longer has a note or coin form due to its small value, and is no longer used in regular cash transactions. The amount of 10 cents is called 1 hou (毫) in Cantonese .
To express prices in informal Cantonese, for example HK$7.80, the phrase is 七個八 (Cantonese Yale: chāt go baat; lit. 'seven units eight'); in financial terms, where integer values in cents exist, e.g., HK$6.75, the phrase is 六個七毫半 (Cantonese Yale: luhk go chāt hòu bun; lit. 'six units and seven dime half'; 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 (Cantonese Yale: chāt mān lìng baat sīn; lit. 'seven dollars zero eight cents').
Slang terms
In Hong Kong, the following are slang terms used to refer to various amounts of money:
Chinese name | Cantonese Yale Romanization | Value | Meaning |
---|---|---|---|
辰砂 | sànsā | cents | Rarely used; lit. Chinese medicine
|
斗零 | dáulíng | 5¢ coins | lit.'’ dram; the weight of the coin, approximately 1.37 g; 5¢ is no longer in circulation |
大餅 | daaihbéng | $1 | lit. big cracker; refers to its circular shape |
草/兜/條 | chóu/dāu/tíu | $10 | lit. grass/bowl/stripe; slang terms |
青蟹 | chēngháaih | $10 | lit. green crab; refers to the colour of the old style banknotes |
花蟹/公仔紙 | fāháaih / gōngjáijí | $10 | lit. flowery crab, colourful paper; refers to the colour of the new style banknotes |
䊆糈/嚿水 | gauhséui | $100 | lit. a lump of water; “water" stands for money in Cantonese |
紅底/紅衫魚 | hùngdái / hùngsāamyú | $100 | lit. red underwear, red snapper ; refers to the red colour of the notes
|
大牛 | daaihngàu | $500 | lit. big bull; refers to a picture of a bull on the note in pre-war |
金牛 | gāmngàu | $1,000 | lit. golden bull; refers to the gold colour of the notes |
棟 | dung | $1,000 | lit. building; uncommon slang term |
皮 | pèi | $10,000 | lit. skin; slang term |
雞嘢 | gāiyéh | $10,000 | lit. chicken stuff; uncommon slang term, can also mean $1 |
餅 | béng | $10,000 | lit. cracker; uncommon slang term |
球 | kàu | $1,000,000 | lit. ball; slang term, usually used in buying stocks |
碼 | máh | $1,000,000,000 | lit. yard |
Some of these terms are also used by overseas Chinese to refer their local currency. A slang term in English sometimes used for the Hong Kong dollar is "Honkie".[24]
Coins
In 1863, 1-mil (1⁄10-cent), 1-cent and 10-cent coins were introduced, followed in 1866 by 5-cent and 20-cents, half-dollar and 1-dollar. 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 half-dollar and 1-dollar ceased in 1868, with only the half-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 the Japanese sank a ship carrying 1-cent coins bound for Hong Kong in the Second World War. 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 and first bore the name "fifty cents" in both Chinese and English, but these were changed to nickel-brass in 1977.
In 1960, cupro-nickel 1-dollar coins were introduced, these were then reduced in size in 1978. They were followed in 1975 by nickel-brass 20 cents and cupro-nickel 2-dollar coin (both scallop shaped), and in 1976 by decagonal, cupro-nickel 5-dollar coin, changed to a round thicker shape in 1980. The 5-cent coin was last issued in 1979, but last struck in 1988. In 1994, a bimetallic 10-dollar coin was introduced.
Starting on New Year's Day 1993 at midnight stroke, prior to the establishment of the HKSAR, coins with
In early 1997, to commemorate
As of today, coins in denominations of HK$10, HK$5, HK$2, HK$1, 50 cents, 20 cents and 10 cents are issued by the Hong Kong Monetary Authority on behalf of the Government of Hong Kong.
Value | Obverse | Reverse | Diameter | Mass | Edge | Composition | first year | issue date |
---|---|---|---|---|---|---|---|---|
10-cent | Bauhinia, "HONG KONG" | Value, year of minting | 17.5 mm | 1.85 g | plain | brass-plated steel | 1993 | 1 January 1993 |
20-cent | 18.0-19.0 mm | 2.59 g | scalloped | |||||
50-cent | 22.5 mm | 4.92 g | milled | |||||
HK$1 | Bauhinia, "HONG KONG" | Value, year of minting | 25.5 mm | 7.1 g | milled | cupronickel | 1993 | 1 January 1993 |
HK$2 | 26.3-28.0 mm | 8.41 g | scalloped | 1 January 1993 | ||||
HK$5 | 27.0 mm | 13.5 g | milled with lettered middle groove | |||||
HK$10 | Bauhinia, "HONG KONG" | Value, year of minting | 24.0 mm | 11.0 g | alternate plain & milled | cupronickel ring, brass center | 1993 | 1 January 1993 |
Banknotes
The issue of Hong Kong dollar notes is governed today by the
As of today, the three commercial banks,
In 1845, the first private bank, the
Under the Currency Ordinance of 1935, banknotes in denominations of
In 1945, paper money production resumed essentially unaltered from before the war, with the government issuing 1 cent, 5 cents, 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 HK$5 notes were replaced by coins, whilst HK$1,000 notes were introduced in 1977. The Mercantile Bank was absorbed by the HSBC in 1978 and ceased issuing notes. In 1985, HK$20 notes were introduced, whilst, in 1993, HK$10 coins were introduced and the banks stopped issuing HK$10 notes. In 1994 the HKMA gave authority to the Bank of China to issue notes.
After a less-than-successful trial from 1994 to 2002 to move the HK$10 denomination from the banknote format (issued by the banks) to the coin format (Government-issued), HK$10 notes 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. These notes were printed in paper in 2002 and in polymer since 2007. All older HK$10 banknotes, although rare and being phased out, remain legal tender.
The latest series of banknotes was issued starting in 2018. Commemorative banknotes have also been issued celebrating the note-issuing banks' anniversaries as well as the Olympic Games held in Beijing in 2008 and 2022.
Value | HSBC issue |
SCB issue |
BOC issue | Theme |
---|---|---|---|---|
HK$10 | Hong Kong Monetary Authority issue; abstract design [1] | |||
HK$20 | [2] | [3] | [4] | Tea Culture |
HK$50 | [5] | [6] | [7] | Butterfly and Flowers |
HK$100 | [8] | [9] | [10] | Cantonese Opera |
HK$500 | [11] | [12] | [13] | Hexagonal Rock Columns (Hong Kong UNESCO Global Geopark) |
HK$1,000 | [14] | [15] | [16] | Skyline of Hong Kong (for BOC : Head in profile, digitalized brain, globe)
|
Economics
Linked exchange rate system
Since 1983, the linked exchange rate system is a unique type of exchange rate regime used for the Hong Kong dollar to be pegged with the United States dollar at a fixed rate of HK$7.80 = US$1. In this unique linked exchange rate system, the Hong Kong Monetary Authority (HKMA) authorises the three note-issuing commercial banks to freely issue new banknotes provided that they deposit an equivalent value of United States dollars with the HKMA.
In practice, in the unique linked exchange rate system, the exchange rate of HK$7.80 = US$1, is strictly controlled by the Hong Kong Monetary Authority in the foreign exchange market by controlling supply and demand of Hong Kong dollars in order to influence the exchange rate being fixed. By this arrangement the HKMA guarantees to exchange United States dollar into Hong Kong dollars and vice versa, at the rate of 7.80. When the market rate is below 7.80, the banks will convert United States dollar for Hong Kong dollars from the HKMA, Hong Kong dollars supply will increase, and the market rate will climb back to 7.80. The same mechanism also works when the market rate is above 7.80, and the banks will convert Hong Kong dollars for United States dollars.
By this arrangement, the Hong Kong dollar is backed by one of the world's largest foreign exchange reserves, which is over 7 times the amount of money supplied in circulation or about 48% of Hong Kong dollar M3 at the end of April 2016.[27]
Renminbi peg debate
Following the Internationalization of the renminbi in the late 2000s and the inclusion of the Renminbi in the special drawing rights, there has been some debates to peg the Hong Kong dollar with the Renminbi, instead of the United States dollar. Studies shows that, if the Hong Kong dollar were to be re-pegged to the Renminbi, it would need over 2 trillion Renminbi worth of assets to replace the HKMA's US$340 billion in foreign reserves as of 2015, which exceeds the amount of existing Renminbi assets in Hong Kong's offshore market. Moreover, according to figures from the HKMA as of the end of 2014, Renminbi deposits and certificates of deposits stood at 1.158 trillion Renminbi, while outstanding Renminbi bonds amounted to 381 billion and Renminbi-denominated loans stood at 188 billion.[28] Other studies shows, while the Hong Kong's financial and economic links are increasingly dominated by mainland China, and previous concerns about the monetary openness of China's capital account are slowly receding, if China continues to open its capital account, the peg could shift from United States dollar to renminbi.[29]
However, in January 2016, the volatility in the Renminbi and China's financial markets expanded to Hong Kong's markets and its currency. Renminbi offshore overnight borrowing rate, CNH HIBOR, soared to 66.8% on 12 January after People's Bank of China – China's central bank (PBOC) intervened in the effort of squeezing out Renminbi short speculations by tightening liquidity at Hong Kong commercial banks. The PBOC's move at the offshore market, coupled with another plunge in Chinese stocks, has led to investors’ fears that the Hong Kong Dollar may be de-pegged from the US Dollar in the foreseeable future. In response to the market speculation, Hong Kong Monetary Authority said on 27 January that the regulator will protect Hong Kong dollar's linked exchange rate regime. As Hong Kong's financial markets are highly impacted by mainland China, the Renminbi exchange rate as well as China's equity market remain in a state of high volatility and continues to weigh on Hong Kong markets and the Hong Kong dollar. However the greater influence remains the US Federal Reserve as whenever it raises interest rates and sends the US Dollar higher, the linked Hong Kong Dollar would become more expensive than un-pegged currencies including the Chinese Yuan.[30]
Exchange rates
Current exchange rates
Current HKD exchange rates | |
---|---|
From Google Finance: | AUD CAD CHF CNY EUR GBP JPY USD TWD KRW INR |
From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP JPY USD TWD KRW INR |
From XE.com: | AUD CAD CHF CNY EUR GBP JPY USD TWD KRW INR |
From OANDA: | AUD CAD CHF CNY EUR GBP JPY USD TWD KRW INR |
Historical exchange rates
Period | Exchange rate regime | Features |
---|---|---|
1863–1935 | Silver Standard | Silver dollars as legal tender |
December 1935 – June 1972 | Sterling exchange | Standard exchange rate:
|
July 1972 – November 1974 | Fixed exchange rate against the US dollar | Exchange rate:
|
November 1974 – October 1983 | Free floating | Exchange rates on selected days:
|
1983 – present | Linked exchange rate system |
(for issue and redemption of Certificates of Indebtedness)
(The HKMA undertook to convert the HK dollars in licensed banks’ clearing accounts maintained with
HKMA set up upper and lower guaranteed limit since 18 May 2005 |
Rank | Currency | ISO 4217 code |
Symbol or abbreviation |
Proportion of daily volume | Change (2019–2022) | |
---|---|---|---|---|---|---|
April 2019 | April 2022 | |||||
1 | U.S. dollar | USD | US$ | 88.3% | 88.5% | 0.2pp |
2 | Euro | EUR | € | 32.3% | 30.5% | 1.8pp |
3 | Japanese yen | JPY | ¥ / 円 | 16.8% | 16.7% | 0.1pp |
4 | Sterling | GBP | £ | 12.8% | 12.9% | 0.1pp |
5 | Renminbi | CNY | ¥ / 元 | 4.3% | 7.0% | 2.7pp |
6 | Australian dollar | AUD | A$ | 6.8% | 6.4% | 0.4pp |
7 | Canadian dollar | CAD | C$ | 5.0% | 6.2% | 1.2pp |
8 | Swiss franc | CHF | CHF | 4.9% | 5.2% | 0.3pp |
9 | Hong Kong dollar | HKD | HK$ | 3.5% | 2.6% | 0.9pp |
10 | Singapore dollar | SGD | S$ | 1.8% | 2.4% | 0.6pp |
11 | Swedish krona | SEK | kr | 2.0% | 2.2% | 0.2pp |
12 | South Korean won | KRW | ₩ / 원 | 2.0% | 1.9% | 0.1pp |
13 | Norwegian krone | NOK | kr | 1.8% | 1.7% | 0.1pp |
14 | New Zealand dollar | NZD | NZ$ | 2.1% | 1.7% | 0.4pp |
15 | Indian rupee | INR | ₹ | 1.7% | 1.6% | 0.1pp |
16 | Mexican peso | MXN | MX$ | 1.7% | 1.5% | 0.2pp |
17 | New Taiwan dollar | TWD | NT$ | 0.9% | 1.1% | 0.2pp |
18 | South African rand | ZAR | R | 1.1% | 1.0% | 0.1pp |
19 | Brazilian real | BRL | R$ | 1.1% | 0.9% | 0.2pp |
20 | Danish krone | DKK | kr | 0.6% | 0.7% | 0.1pp |
21 | Polish złoty | PLN | zł | 0.6% | 0.7% | 0.1pp |
22 | Thai baht | THB | ฿ | 0.5% | 0.4% | 0.1pp |
23 | Israeli new shekel | ILS | ₪ | 0.3% | 0.4% | 0.1pp |
24 | Indonesian rupiah | IDR | Rp | 0.4% | 0.4% | |
25 | Czech koruna | CZK | Kč | 0.4% | 0.4% | |
26 | UAE dirham | AED | د.إ | 0.2% | 0.4% | 0.2pp |
27 | Turkish lira | TRY | ₺ | 1.1% | 0.4% | 0.7pp |
28 | Hungarian forint | HUF | Ft | 0.4% | 0.3% | 0.1pp |
29 | Chilean peso | CLP | CLP$ | 0.3% | 0.3% | |
30 | Saudi riyal | SAR | ﷼ | 0.2% | 0.2% | |
31 | Philippine peso | PHP | ₱ | 0.3% | 0.2% | 0.1pp |
32 | Malaysian ringgit | MYR | RM | 0.2% | 0.2% | |
33 | Colombian peso | COP | COL$ | 0.2% | 0.2% | |
34 | Russian ruble | RUB | ₽ | 1.1% | 0.2% | 0.9pp |
35 | Romanian leu | RON | L | 0.1% | 0.1% | |
36 | Peruvian sol | PEN | S/ | 0.1% | 0.1% | |
37 | Bahraini dinar | BHD | .د.ب | 0.0% | 0.0% | |
38 | Bulgarian lev | BGN | BGN | 0.0% | 0.0% | |
39 | Argentine peso | ARS | ARG$ | 0.1% | 0.0% | 0.1pp |
… | Other | 1.8% | 2.3% | 0.5pp | ||
Total[a] | 200.0% | 200.0% |
See also
Notes
- ^ The total sum is 200% because each currency trade is counted twice: once for the currency being bought and once for the one being sold. The percentages above represent the proportion of all trades involving a given currency, regardless of which side of the transaction it is on. For example, the US dollar is bought or sold in 88% of all currency trades, while the euro is bought or sold in 31% of all trades.
References
- Hong Kong Census and Statistics Department. Archivedfrom the original on 16 June 2017. Retrieved 23 May 2017.
- ^ "Hong Kong Monetary Authority – Monetary Stability". hkma.gov.hk. Archived from the original on 31 May 2016. Retrieved 13 June 2016.
- ^ "Triennial Central Bank Survey Foreign exchange turnover in April 2019" (PDF). Bank for International Settlements. 16 September 2019. p. 10. Retrieved 16 September 2019.
- ^ "The Basics | Fodor's Travel". Archived from the original on 24 April 2016. Retrieved 9 April 2016.
- ^ a b c "Hong Kong Currency (Local History Unit, Hong Kong Museum of History, 1993)". hk.history.museum. Archived from the original on 9 July 2012. Retrieved 8 January 2012.
- ^ Latter, Tony (2007). Hong Kong's Money: The History, Logic and Operation of the Currency Peg. Hong Kong: Hong Kong University Press. p. 35.
- ^ Latter, Tony (2007). Hong Kong's Money: The History, Logic and Operation of the Currency Peg. Hong Kong: Hong Kong University Press. p. 43.
- ^ a b Goodstadt, Leo (2009). Uneasy Partners: The conflict between public interests and private profit in Hong Kong. Hong Kong: Hong Kong University Press. p. 59.
- ^ Goodstadt, Leo (2009). Uneasy Partners: The conflict between public interests and private profit in Hong Kong. Hong Kong: Hong Kong University Press. p. 61.
- ^ 中孚 (18 June 2020). "「識時務者:從晚清到後九七,滙豐銀行和它的中國故事」(2020-06-18)". The Initium Media. Retrieved 2 November 2020.
- ^ a b Mushin, Jerry. "The Sterling Area". EH.Net. Economic History Association. Retrieved 30 May 2020.
- ^ S2CID 154967331.
- ^ Goodstadt, Leo (2009). Uneasy Partners: The conflict between public interests and private profit in Hong Kong. Hong Kong: Hong Kong University Press. pp. 61–2.
- ^ Lee, Allen Peng-fei (2004). Memoirs by Allen Lee. Hong Kong: CUP. p. 124.
- ^ Van Der Kamp, Jake (3 February 2016). "Architect of Hong Kong dollar peg takes Jake down a peg or two". South China Morning Post. Retrieved 5 June 2020.
- ^ Greenwood, John (2007). Hong Kong's Link to the US Dollar: Origins and Evolution. Hong Kong: Hong Kong University Press. p. 104.
- ^ Latter, Tony (2007). Hong Kong's Money: The History, Logic and Operation of the Currency Peg. Hong Kong: Hong Kong University Press. pp. 56–7.
- ^ Lee, Allen Peng-fei (2004). Memoirs by Allen Lee. Hong Kong: CUP. p. 125.
- ^ Greenwood, John (2007). Hong Kong's Link to the US Dollar: Origins and Evolution. Hong Kong: Hong Kong University Press. p. 105.
- S2CID 150842470.
- ^ Hong Kong’s Latest Foreign Currency Reserve Assets Figures Released Archived 6 April 2012 at the Wayback Machine, Hong Kong Monetary Authority, April 2016
- ^ Latter, Tony. "Who or what determines monetary policy in Hong Kong?" (PDF). Bank for International Settlements. Retrieved 28 May 2020.
- ^ "Hong Kong Monetary Authority, Annual Report 2005" (PDF). Archived (PDF) from the original on 30 October 2012. Retrieved 12 June 2012.
- ^ A Telling Move for the Hong Kong Dollar? Archived 2 February 2017 at the Wayback Machine, The Wall Street Journal, 30 December 2009
- ^ Joseph Yam's Viewpoint article, 18 November 1999, Joseph Yam's coin designs Archived 6 February 2013 at the Wayback Machine
- ^ "Breakdown of note-issuing banks in Hong Kong as of December 2020, by share of banknotes in circulation". Retrieved 26 April 2022.
- ^ "Hong Kong's Latest Foreign Currency Reserve Assets Figures Released". HKMA. 6 May 2016. Archived from the original on 11 June 2016. Retrieved 21 May 2016.
- ^ "Why Hong Kong still needs to peg its currency to US dollar". South China Morning Post, SCMP.com. 8 September 2015. Archived from the original on 16 December 2016. Retrieved 23 May 2017.
- ^ "The Hong Kong dollar peg – change will come | Atradius". Archived from the original on 24 April 2017. Retrieved 23 May 2017.
- ^ "A Tale of Two Currencies: Hong Kong Dollar and Chinese Yuan". 6 April 2016. Archived from the original on 27 February 2017. Retrieved 23 May 2017.
- ^ "Hong Kong Monetary Authority – History of Hong Kong's Exchange Rate System". Archived from the original on 13 May 2017. Retrieved 23 May 2017.
- ^ "Triennial Central Bank Survey Foreign exchange turnover in April 2022" (PDF). Bank for International Settlements. 27 October 2022. p. 12. Archived (PDF) from the original on 27 October 2022. Retrieved 29 October 2022.
Further reading
Numismatics
- Krause, Chester L.; Clifford Mishler (1991). ISBN 0873411501.
- Pick, Albert (1994). ISBN 0-87341-207-9.