Search results
Results From The WOW.Com Content Network
On 17 October 1983, the 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 currency board system. The peg of Hong Kong dollar to the U.S. dollar in 1983 actually took place in the context of Sino-British negotiation regarding the future of Hong Kong after 1997.
The same mechanism also works when the market rate is above 7.80, and the banks will convert Hong Kong dollars for US dollars. 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 dollars M3 at the end of April 2016. [3]
The Hong Kong five hundred dollar note was first issued in undated from the 1860s by the Oriental Bank Corporation, the Standard Chartered Bank (Hong Kong) but a confirmed date for this bank is 1879, followed by The Hongkong and Shanghai Banking Corporation in 1877, the Mercantile Bank in 1948 and the Bank of China in 1994.
Discover the latest breaking news in the U.S. and around the world — politics, weather, entertainment, lifestyle, finance, sports and much more.
The renminbi (RMB, also known as Chinese yuan; ISO code: CNY) is the official currency of the People's Republic of China. [1] Although it is not a freely convertible currency, and has an official exchange rate, the CNY plays an important role in the world economy and international trade.
As those companies account for about 80% of the value of the U.S. stock market, the S&P 500 makes a fairly good proxy for it. The S&P 500 index is a benchmark used to gauge the broader U.S. market ...
During the 1997 Asian financial crisis, currency speculators sold the Hong Kong dollar heavily and shorted local stocks and Hang Seng Index futures. The government controversially used the exchange fund to acquire HK$120 billion ( US$15 billion) worth of blue-chip shares in a two-week market intervention, beginning 12 August 1998 with the aim ...
Doubt in the typically reliable U.S. currency could tank the markets, hurting 401(k)s and other investments (The S&P 500 lost 17% in the months surrounding the 2011 debt ceiling standoff.)