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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.
On September 17, 2008, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. announced "due to the uncertainty relating to the financial condition of Lehman Brothers, Banco de Oro Unibank Inc. is setting aside provisions totalling 3.8 billion pesos (80.9 million dollars) to cover its exposure to said entity". Banco de Oro failed to ...
US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo Montenegro Kiribati Nauru Tuvalu; Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica
On August 15, 1963, Equitable established its first branch outside the Philippines in Hong Kong and only International Branch, the first time a Philippine bank opened a branch in the city. Two years later, on March 26, 1965, Equitable opened its first provincial branch in Cebu City. By 1972, Equitable emerged as the country's premier bank.
3160.HK BMO MSCI Japan Hedged to USD ETF - tracks MSCI Japan 100% Hedged to USD Index; 3161.HK ChinaAMC RMB Money Market ETF – The Fund seeks to achieve a long-term return in RMB in line with prevailing money market rates. 3162.HK iShares MSCI China A International Index ETF – tracks the MSCI China A International Index
The current bank is the product of the Banco de Oro–Equitable PCI Bank merger.The boards of both banks agreed to merge on December 27, 2006. The new BDO Unibank retained the ticker symbol of the old Banco de Oro, and 1.3 billion BDO shares were issued in exchange for 727 million Equitable PCI Bank shares.
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.
The economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. [15] [16] Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, [17] and is pegged to the US dollar.