Hong kong forex rates
Apart from its use in Hong Kong, the Hong Kong dollar is also used in neighbouring Macau , where the Hong Kong dollar circulates alongside the Macanese pataca. When Hong Kong was established as a free trading port in , there was no local currency in everyday circulation. Foreign currencies such as Indian rupees , Spanish or Mexican 8 reales , and Chinese cash coins circulated. By , the British government gave up all attempts to influence the currency situation in Canada, and by the s it came to the same realisation in Hong Kong: that there was no point in trying to displace an already existing currency system.
In , the Royal Mint in London began issuing special subsidiary coinage for use in Hong Kong within the dollar system, though other national currencies circulated unofficially for years afterwards. The machinery at the Hong Kong mint was sold first to Jardine Matheson and in turn to the Japanese and used to make the first Yen coins in In the s, banknotes of the new British colonial banks, the Hong Kong and Shanghai Banking Corporation and the Chartered Bank of India, Australia and China , denominated in dollars, also began to circulate in both Hong Kong and the wider region.
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In , the international silver crisis resulted in a devaluation of silver against gold-based currencies. Since the silver dollars in the US and Canada were attached to a gold exchange standard, this meant that the silver dollars circulating along the China coast dropped in value as compared to the US dollar and the Canadian dollar.
London eventually acquiesced and legislation was enacted in attempts to regulate the coinage. In , the Straits Settlements issued their own silver dollar coin and attached it to a gold sterling exchange standard at a fixed value of 2 shillings and 4 pence. This was the point of departure as between the Hong Kong unit and the Straits unit. In British Weihaiwei , the Hong Kong dollar circulated jointly with the Chinese yuan from to , when Weihaiwei was returned to the Republic of China.
By , only Hong Kong and China remained on the silver standard. It was from this point in time that the concept of a Hong Kong dollar as a distinct unit of currency came into existence. The One-Dollar Currency Note Ordinance of that year led to the introduction of one-dollar notes by the government and the government acknowledged the Hong Kong dollar as the local monetary unit.
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It was not until that the legal tender of Hong Kong was finally unified. The discussion about switching from the silver standard to the gold standard began as early as A commission report was released in May It concluded that it was important for Hong Kong to facilitate free flow of capital with China and the same monetary standard was thus preferred.
The report also recommended the Hong Kong Government only to take over the burden of note issuance when the banks failed to do so. Actually, the Hong Kong Government was not willing to take up the logistics of note issuance, and some officials even thought that the public had greater degree of confidence in the notes issued by those long-established banks than that by the government. During the Japanese occupation , the Japanese military yen were the only means of everyday exchange in Hong Kong.
The yen became the only legal tender on 1 June On 6 September , all military yen notes used in Japanese colonies were declared void by the Japanese Ministry of Finance. After the end of the Second World War, Hong Kong dollar was re-pegged to sterling at a fixed rate identical to the pre-war level. It imposed exchange controls on non-sterling area countries, barring them from freely converting British pounds into US dollars, but no such restriction was placed on sterling area countries.
As a colony of the British Empire, Hong Kong was obliged to observe the sterling area regulations. Nevertheless, its unique geo-economic position afforded Hong Kong the ability to defy exchange controls by operating a dual system with the sterling area and a free exchange market principally with the US dollar, which was technically illegal from to In the s, the UK found it difficult to keep the value of sterling as it was, with its role as official reserve currency even within the sterling area.
Considering the potential diversification of official reserves from sterling to the US dollars by the Hong Kong government officials, London agreed to offer exchange guarantees to protect Hong Kong against potential devaluation of sterling in the future, which was the first to receive such guarantees among the sterling area countries. After the US's cessation of the convertibility between gold and the US dollar in October , Britain abandoned the fixed exchange rate with the US dollar and extended the exchange controls also to the Sterling Area countries, which put an effective end to the Sterling Area in Since , the Hong Kong dollar was no longer anchored in another currency, which officially changed the monetary regime from currency board system to a floating currency system.
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The peg of Hong Kong dollar to the US dollar in actually took place in the context of Sino-British negotiation regarding the future of Hong Kong after Public panic set in and there were runs on foodstuff on this Black Saturday In political terms, the government did not want to set the rate too weak so as to warrant international allegations of currency manipulation for competitive advantages, or too strong a rate that would result in high interest rates and the eventual abandonment of the rate. John Bremridge was once quoted saying that the rate was somewhat "a number off the air", but the most important thing was the restoration of public confidence in Hong Kong dollar with the peg amidst the crisis.
Financially, the currency peg was designed not to require the Bank of England to lend its reserves to maintain Hong Kong's currency peg. Politically, the currency board system well demonstrated the autonomy London has given to Hong Kong in economic policymaking amidst British negotiation with China to grant Hong Kong's higher autonomy after Currency in Hong Kong is issued by the government and three local banks HSBC , Bank of China and Standard Chartered under the supervision of the Hong Kong Monetary Authority , which was an semi-independent public body established in the early s to regulate banks and manage exchange funds and serves until now the territory's de facto " central bank ".
A bank can issue a Hong Kong dollar only if it has the equivalent exchange in US dollars on deposit. The currency board system ensures that Hong Kong's entire monetary base is backed with US dollars at the linked exchange rate. The resources for the backing are kept in Hong Kong's exchange fund , which is among the largest official reserves in the world.
He acknowledged the heavy and direct influence of the Federal Reserve of the United States on Hong Kong's monetary policy under the currency peg, but argued that "It was Hong Kong's choice, and we do not require any permission from Washington or New York to continue or discontinue it". The lower limit has been lowered from 7. A further aim of allowing the Hong Kong dollar to trade in a range is to avoid the HK dollar being used as a proxy for speculative bets on a renminbi revaluation.
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Some of these terms are also used by overseas Chinese to refer their local currency. A slang term in English sometimes used for the Hong Kong dollar is "Honkie". The 1-mil and 1-cent were struck in bronze, with the 1 mil a holed coin. The remaining coins were struck in silver. Production of the 1-mil ended in , whilst that of the half-dollar and 1-dollar ceased in , with only the half-dollar now with the denomination given as 50 cents resuming production in Production of all silver coins was suspended in , only briefly resumed in and for the production of 5-cent coins.
In , the last 1-cent coins were issued, but the last minting was These were not issued because the Japanese sank a ship carrying 1-cent coins bound for Hong Kong in the Second World War. The following year , cupro-nickel 5 and 10 cents were introduced, replaced by nickel in and nickel-brass between and Copper-nickel 50 cents were issued in and first bore the name "fifty cents" in both Chinese and English, but these were changed to nickel-brass in In , cupro-nickel 1-dollar coins were introduced, these were then reduced in size in They were followed in by nickel-brass 20 cents and cupro-nickel 2-dollar both scallop shaped , and in by decagonal , cupro-nickel 5-dollar coin, changed to a round thicker shape in The 5-cent coin was last issued in , but last struck in In , a bimetallic dollar coin was introduced.
Most of the notes and coins in circulations feature Hong Kong's Bauhinia flower or other symbols. Coins with the Queen's portrait are still legal tender and can be seen, but these are slowly being phased out. However, most still remain in legal tender and are in circulation. Because the redesign was highly sensitive with regard to political and economic reasons, the designing process of the new coins could not be entrusted to an artist but was undertaken by Joseph Yam , Chief Executive of the Hong Kong Monetary Authority , himself who found in the Bauhinia the requested "politically neutral design" and did a secret "scissors and paste job".
In early , to commemorate Hong Kong's transfer of sovereignty from Britain to the PRC , the government issued a new commemorative coin set which depicted Chinese cultural themes and Hong Kong's landmarks and 19 and 97, marking the year , on each side of the designs. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in the region.
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Notes are also issued by the HKMA itself. Barbadian Dollar. Bolivian Boliviano. Cayman Islands Dollar.
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