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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.
By this arrangement the HKMA guarantees to exchange United States dollar into Hong Kong dollars and vice versa, at the rate of 7.80. When the market rate is below 7.80, the banks will convert United States dollar for Hong Kong dollars from the HKMA, Hong Kong dollars supply will increase, and the market rate will climb back to 7.80.
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." [3]
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.
World Bank annual average middle exchange rate for US dollar to Chinese yuan [9] ( 1 US dollar to Chinese yuan ) ... US dollar 2019: 2009: 6.8310: 1999: 8.2783: 1989: ...
The Interest Rate Adjustment Mechanism is an automatic system that maintains the stability of the Hong Kong dollar exchange rate. Lately the HKMA has been disclosing the forecast change in the Aggregate Balance attributes to increase the transparency of the Currency Board operation.
Contact us; Contribute Help; Learn to edit; Community portal; Recent changes; ... Hong Kong two-dollar coin; HSBC (Hong Kong) J. Japanese military currency (1937 ...
For example, an interbank exchange rate of 141 Japanese yen to the United States dollar means that ¥141 will be exchanged for US$1 or that US$1 will be exchanged for ¥141. In this case it is said that the price of a dollar in relation to yen is ¥141, or equivalently that the price of a yen in relation to dollars is $1/141.