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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.
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]
TemplateData for Hong Kong dollar This template renders a Hong Kong currency value (HKD) with an ISO-4217 identifier linked to the ''Hong Kong dollar'' article. The value will be formatted via {{Format price}}.
The HKMA, which is Hong Kong's central banking institution, acts as the clearing house for Hong Kong dollar (HKD) CHATS. All licensed banks in Hong Kong maintain HKD settlement accounts with the HKMA, and as of June 2000, restricted license banks "with a clear business need" may also open settlement accounts with the HKMA. [5]
Hong Kong dollar banknotes in everyday circulation are issued in denominations of $10, $20, $50, $100, $500 and $1,000. Although it is common practice for most Hong Kong businesses to reject $1,000 notes due to the risk of counterfeit money. [1]
Hong Kong two-dollar coin; HSBC (Hong Kong) J. Japanese military currency (1937–1945) N. Hong Kong Note Printing; P. Postal orders of Hong Kong; S. Standard ...
In Hong Kong, HIBOR is officially called the "Hong Kong Dollar Interest Settlement Rates". It is defined in the Guide to Hong Kong Monetary, Banking and Financial Terms as "The rate of interest offered on Hong Kong dollar loans by banks in the interbank market for a specified period ranging from overnight to one year."
The same change could also be seen on the twenty-dollar note and the one hundred-dollar note of HSBC during this decade. As the date of the transfer of sovereignty over Hong Kong was approaching, the two note-issuing banks modified their design in 1993 to tune down the British elements. In 1994, the Bank of China became the third note-issuing ...