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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]
Hong Kong Internet eXchange (HKIX; Chinese: 香港互聯網交換中心) is an internet exchange point in Hong Kong. The cooperative project is initiated by the Information Technology Services Centre (ITSC) of the Chinese University of Hong Kong (CUHK) providing the service free of charge. [3] It is now operated by HKIX Limited, a wholly owned ...
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 Hong Kong Monetary Authority (HKMA) is the central banking institution of Hong Kong. It is a government authority founded on 1 April 1993 when the Office of the Exchange Fund and the Office of the Commissioner of Banking merged. The organisation reports directly to the Financial Secretary. [2]
The Association was renamed the Hong Kong Stock Exchange in 1914. A second exchange, the Hong Kong Stockbrokers' Association was incorporated in 1921. The two exchanges merged to form the Hong Kong Stock Exchange in 1947 and re-establish the stock market after the Second World War.
Corporate structure and BOC Hong Kong Holdings. Bank of China (Hong Kong) is a listed company of the Stock Exchange of Hong Kong, via its parent company BOC Hong Kong (Holdings) Limited (BOCHK Holdings). The holding owned 100% shares of the bank. Moreover, American depositary receipt of the shares of the holdings, were traded on OTC Market.
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As one of the top five financial centres worldwide, Hong Kong has one of the highest concentrations of banking institutions in the world, with 70 of the largest 100 banks in the world having an operation in Hong Kong. As of 2019, there were 164 licensed banks, 17 restricted licence banks and 13 deposit-taking companies in business, constituting ...