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Hong Kong's Link with the US dollar: Origins and Evolution

The Hong Kong Institute for Monetary Research (HKIMR) and the Hong Kong University Press have today (3 December) jointly launched the book Hong Kong's Link with the US dollar: Origins and Evolution by Mr John Greenwood.

This new publication covers the origins of Hong Kong's currency crisis in 1983, the initial resolution of the crisis through the restoration of a currency board mechanism, and an analysis of the subsequent issues leading to the new Accounting Arrangements of July 1988, the Seven Technical Measures of September 1998 (following the Asian financial crisis), and the later refinements to the system.  An Epilogue provides a survey of Hong Kong's monetary developments between 1990 and 2006.

The work is a compilation of articles originally written in the bimonthly journal Asian Monetary Monitor during the years 1981-89, including a key article that formed part of the background to the Hong Kong Government's decision in 1983 to link the Hong Kong dollar to the US dollar.

The main contribution of the book is its detailed monetary analysis of Hong Kong's unique financial system before and after the currency crisis of 1983, which will enable academics, businessmen, bankers and financial market analysts to obtain a comprehensive picture of why the linked rate system was adopted, how it works, and how it has been strengthened over the years.

Dr Hans Genberg, Director of the HKIMR, said, "We firmly believe that greater awareness of historical developments in Hong Kong will help to clarify the factors which have shaped current policies, and practices in policy-making would benefit from a fuller understanding of how similar challenges were confronted and overcome in the past.  For this reason, the HKIMR is very pleased to be a co-publisher of the book with the Hong Kong University Press."

Mr John Greenwood has been a member of the Committee on Currency Board Operations of the Hong Kong Monetary Authority since 1998.  He is a member of the Shadow Monetary Policy Committee in England.  In 1992-93, he was council member of the Stock Exchange of Hong Kong and an economic adviser to the Hong Kong Government.  In 1987-91, he was a director of the Hong Kong Futures Exchange Clearing Corporation.  He is currently the Chief Economist of INVESCO plc.

Hong Kong Institute for Monetary Research
3 December 2007

Last revision date: 1 August 2011
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