HKD (HK$)
Hong Kong dollar
Current regime
Trading the HKD between market participants and across borders is unrestricted.
The HKD has been linked to the USD at the rate of 7.8 HKD per USD since 17 October 1983.
Highly standardised payment processing.
History
The Hong Kong dollar was introduced in 1935 to replace the silver standard and was pegged to the pound sterling £1 = HK$15.36 to HK$16.45.
Japanese occupation during WWII led to the introduction of the Japanese military yen from 26 December 1941 until Japan surrendered on the 15 August 1945.
The Hong Kong dollar was reintroduced after liberation and the pre-war rate of HKD$16 = £1 was restored.
The Hong Kong dollar pound sterling peg was abandoned in 1972 after the Nixon gold shock and the currency was then pegged to the USD at a rate of HK$5.65 = US$1 and then revised to HK$5.085 = US$1 in 1973.
The Hong Kong dollar was floated from 1974 until 1983 and the implementation of the Linked Exchange Rate System. The Hong Kong dollar accounted for 3.5% of global FX turnover in April 2019.
https://www.hkma.gov.hk/eng
