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Fixed exchange rate against the US dollar: Exchange rate: US$1:HK$5.650 (June 1972 – February 1973) US$1:HK$5.085 (February 1973 – November 1974) November 1974 – October 1983 Free floating: Exchange rates on selected days: US$1:HK$4.965 (25 November 1974) US$1:HK$9.600 (24 September 1983) 1983 – present Linked exchange rate system
The ordinance provides a framework for the Hong Kong Government to exchange views with the banking sector for the further development of the industry. Although banking licenses are granted by the Hong Kong Monetary Authority, licensed banks in Hong Kong are required to join the HKAB and are thus subject to HKAB's rules. Its members are the ...
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.
Black Saturday, 24 September 1983, is the name given to the crisis when the Hong Kong dollar exchange rate versus the United States dollar was at an all-time low. On that day, US$1 exchanged for HK$9.6. [1]
Exchange Bank Association was originally established in 1897 in Hong Kong as a bank association in dealing with the foreign exchange business. [ 1 ] Afterwards, it became an organization that set interest rates on bank deposits to keep bank competition alive and balanced.
A former Allianz fund manager was spared prison time on Friday over his role in a meltdown of private investment funds sparked by the COVID-19 pandemic that caused an estimated $7 billion of ...
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.
Susie Coughlin was concerned when her daughter struggled with reading skills at her public school.. The mom of two was disappointed her district didn't teach phonics as part of its literacy program.