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93.7799

History of Hong Kong's
Exchange Rate System

*
  Period

  Exchange Rate Regime
  Features
* 1863-1935   Silver Standard
  Silver dollars as legal tender

* 12/1935-6/1972   Sterling Exchange Standard
 

Exchange rate:
H1:HK$16 (12/1935-11/1967)
H1:HK$14.55(11/1967-6/1972)

* 7/1972-11/1974   Fixed Exchange Rate against the US dollar
 

Exchange rate:
US$1:HK$5.650 (6/1972-2/1973)
US$1:HK$5.085 (2/1973-11/1974)

* 11/1974-10/1983   Free Floating
 

Exchange rates on selected days
US$1:HK$4.965 (25/11/1974)
US$1:HK$4.600 (6/3/1978)
US$1:HK$9.600 (24/9/1983)

* 10/1983-Now   Linked Exchange Rate System
 

US$1=HK$7.80

(for issue and redemption of Certificates of Indebtedness)

US$1=HK$7.75 (from 9/1998 onwards)

(The HKMA undertakes to convert the Hong Kong dollars in licensed banks' clearing accounts maintained with the HKMA into US dollars at the fixed exchange rate of HK$7.75 to US$1. The rate has been moving to 7.80 by 1 pip each calendar day starting from 1 April 1999 ending 12 August 2000. On 18 May 2005 the HKMA introduced a strong-side Convertibility Undertaking to buy US dollars from licensed banks at 7.75, and announced the shifting of the existing weak-side Convertibility Undertaking from 7.80 to 7.85.)

Last revision date: 17 August 2011
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