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Christmas Quiz

inSight

25 Dec 2003

Christmas Quiz

To readers of this column: a Merry Christmas to you all. For this fifth Christmas Quiz since I started writing this column in 1999 I have gone back in history and selected 25 significant monetary and banking events in Hong Kong from the timeline at the HKMA Information Centre. They are listed below in random order. All you have to do is to give the year in which those events occurred. To make it easier for readers, I have also listed separately all the 25 significant years in the timeline of Money and Banking in Hong Kong. Please match the events with the corresponding years by filling in "A" to "Y" in the boxes next to the years below. Once this is done, you can fill in your personal particulars, and press the "submit" button underneath. You should send in your answers before midnight on Sunday 4 January 2004 (Hong Kong Time). Alternatively, you can send your answers to us by fax: (852) 2509-9159 or even deliver them personally to our Information Centre. We shall draw up to three winners if more than one set of correct answers is received. The winners will each receive a small prize and a conducted tour of our Information Centre at Two IFC, which is open to the public, if they have not already been there to dig up the correct answers.

 

Joseph Yam

25 December 2003

　
 
 

Monetary and Banking Events in Hong Kong:

  1. The first Hong Kong coins are issued.
  2. Exchange Fund Bills are launched.
  3. The Hong Kong Monetary Authority is established.
  4. Creation of Hong Kong's Exchange Fund.
  5. The Hong Kong dollar is first pegged to the US dollar.
  6. Spanish, Mexican and other silver dollars, the Indian rupee and Chinese cash are proclaimed legal tender in Hong Kong.
  7. Hong Kong's first Banking Ordinance is enacted.
  8. The Hong Kong Government promulgates a law prohibiting the circulation of foreign currencies in Hong Kong.
  9. 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.
  10. The Hong Kong Government uses the Exchange Fund to buy HK$118 billion of Hong Kong stocks.
  11. The Bank of China issues its first Hong Kong banknotes.
  12. Six out of the 11 banks operating in Hong Kong collapse following a financial crisis originating in Britain.
  13. The Hong Kong Mortgage Corporation is established.
  14. The Bank of Credit and Commerce Hong Kong Ltd closes down.
  15. Real Time Gross Settlement is launched in Hong Kong, enabling interbank payments to be settled real time.
  16. The Hong Kong Exchange Banks’ Association (the predecessor of the Hong Kong Association of Banks) is founded.
  17. The Hong Kong Government issues 1-cent, 5-cent and 10-cent notes.
  18. 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.
  19. The Hong Kong Government takes over Overseas Trust bank Ltd.
  20. The Linked Exchange Rate system is established.
  21. The Hong Kong dollar is floated.
  22. Banking crisis with runs on a number of banks; Ming Tak Bank and Canton Trust & Commercial Bank close down.
  23. The Hong Kong Exchange Banks’ Association establishes the Interest Rate Agreement, which prescribes the maximum rate of interest payable on certain deposits.
  24. The Tracker Fund of Hong Kong is launched.
  25. The Hong Kong Government limits the legal tender to the Mexican dollar, the British trade dollar and the Hong Kong dollar.

 

Click here for previous articles in this column.

 

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Last revision date : 25 December 2003