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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]
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."
In practice, in the unique linked exchange rate system, the exchange rate of HK$7.80 = US$1, is strictly controlled by the Hong Kong Monetary Authority in the foreign exchange market by controlling supply and demand of Hong Kong dollars in order to influence the exchange rate being fixed. By this arrangement the HKMA guarantees to exchange ...
More Hong Kong homebuyers are expected to shift to cheaper mortgages linked with the Hong Kong one-month interbank offered interest rate (Hibor) after all of the city's major commercial banks said ...
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2] Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...
Asian shares mostly declined Wednesday after Wall Street sank, hitting the brakes on what’s been a nearly unstoppable romp. Hong Kong's Hang Seng lost 0.6% to 16,832.52, while the Shanghai ...
Hong Kong's homebuyers are unlikely to see a repeat of the 278 per cent surge in property prices seen over the past 12 years, because a contracting economy, rising unemployment and heightened ...
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]