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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.
A spring scale in Hong Kong shows conversions between metric system (in red), traditional Chinese unit (in green) and British Imperial Units (in blue). Jin (Chinese: 斤; pinyin: jīn), or gan in Cantonese, kin in Taiwanese and Japanese, also called "Chinese pound" or "catty" [a], is a traditional Chinese unit for weight measurement in East Asia.
Guernsey pound: Pound sterling: 1 Hong Kong dollar: U.S. dollar: 7.75-7.85 [2] Iranian rial: ... Hong Kong dollar: 1.03 Macedonian denar: Euro: 61.3644 (±1% ...
Hong Kong dollar – Hong Kong; International dollar – hypothetical currency pegged 1:1 to the United States dollar; ... Israeli lira (לירה, pound) – Israel;
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. [6] Nevertheless, its unique geo-economic position afforded Hong Kong the ability to defy exchange controls by operating a dual system with the sterling area and a free exchange market principally with the US ...
List of all Asian currencies Present currency ISO 4217 code Country or dependency (administrating country) Currency sign Fractional unit Russian Ruble [1]: RUB Abkhazia ...
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]
In 2009, Hong Kong's real economic growth fell by 2.8% as a result of the Great Recession. [33] By the late 20th century, Hong Kong was the seventh largest port in the world and second only to New York City and Rotterdam in terms of container throughput. Hong Kong is a full Member of the World Trade Organization. [34]