Ninety-four people took part in our Christmas Quiz 2003, and as many as 71 of the entries received full marks. This shows a very impressive knowledge of Hong Kong's monetary and banking history among participants. We have drawn three winners from the correct entries. We are pleased to announce the winners as follows:
Chan Hong Yuen
王慶聯
Wong Miu Yin
Congratulations to the winners. They will each receive the prize of an HKMA fountain pen, an HKMA Education Pack and a guided tour of the HKMA Information Centre. They will be contacted soon for prize collection.
The answers to the Christmas Quiz are:
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Monetary and Banking Events in Hong Kong:
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The first Hong Kong coins are issued.
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Exchange Fund Bills are launched.
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The Hong Kong Monetary Authority is established.
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Creation of Hong Kong's Exchange Fund.
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The Hong Kong dollar is first pegged to the US dollar.
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Spanish, Mexican and other silver dollars, the Indian rupee and Chinese cash are proclaimed legal tender in Hong Kong.
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Hong Kong's first Banking Ordinance is enacted.
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The Hong Kong Government promulgates a law prohibiting the circulation of foreign currencies in Hong Kong.
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The Hong Kong dollar's peg to the pound is changed from HK$16 per pound to HK$14.55 per pound, following the rapid depreciation of the pound.
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The Hong Kong Government uses the Exchange Fund to buy HK$118 billion of Hong Kong stocks.
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The Bank of China issues its first Hong Kong banknotes.
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Six out of the 11 banks operating in Hong Kong collapse following a financial crisis originating in Britain.
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The Hong Kong Mortgage Corporation is established.
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The Bank of Credit and Commerce Hong Kong Ltd closes down.
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Real Time Gross Settlement is launched in Hong Kong, enabling interbank payments to be settled real time.
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The Hong Kong Exchange Banks?Association (the predecessor of the Hong Kong Association of Banks) is founded.
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The Hong Kong Government issues 1-cent, 5-cent and 10-cent notes.
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The People's Bank of China and the Hong Kong Monetary Authority sign a Memorandum of Understanding concerning personal RMB banking business in Hong Kong.
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The Hong Kong Government takes over Overseas Trust bank Ltd.
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The Linked Exchange Rate system is established.
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The Hong Kong dollar is floated.
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Banking crisis with runs on a number of banks; Ming Tak Bank and Canton Trust & Commercial Bank close down.
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The Hong Kong Exchange Banks?Association establishes the Interest Rate Agreement, which prescribes the maximum rate of interest payable on certain deposits.
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The Tracker Fund of Hong Kong is launched.
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The Hong Kong Government limits the legal tender to the Mexican dollar, the British trade dollar and the Hong Kong dollar.
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