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A linked exchange rate system is a type of exchange rate regime that pegs the exchange rate of one currency to another. It is the exchange rate system implemented in Hong Kong to stabilise the exchange rate between the Hong Kong dollar (HKD) and the United States dollar (USD). The Macao pataca (MOP) is similarly linked to the Hong Kong dollar.
As of April 2019, the Hong Kong dollar was the ninth-most traded currency in the world. [4] Hong Kong uses a linked exchange rate system, trading since May 2005 in the range US$1:HK$7.75–7.85. Apart from its use in Hong Kong, the Hong Kong dollar is also used in neighbouring Macau.
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 ...
The Hong Kong Monetary Authority (HKMA) on Thursday raised its base rate charged via the overnight discount window by 75 basis points to 4.25%, and said households should brace for a period of ...
Hong Kong dollar – Hong Kong; International dollar – hypothetical currency pegged 1:1 to the United ... List of countries by exchange rate regime; List of central ...
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.
Colour key and notes Indicates that a given currency is pegged to another currency (details) Italics indicates a state or territory with a low level of international recognition State or territory Currency Symbol [D] or Abbrev. ISO code Fractional unit Number to basic Abkhazia Abkhazian apsar [E] аҧ (none) (none) (none) Russian ruble ₽ RUB Kopeck 100 Afghanistan Afghan afghani ؋ AFN ...
HIBOR is fixed by the Hong Kong Association of Banks (HKAB) by reference to market rates for HKD deposits in the Hong Kong interbank market. These fixings are usually released on the website of the HKAB each business day (excluding Saturdays) at 11:15 a.m., on the basis of quotations provided by 12 to 20 banks designated by the HKAB.