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The Hong Kong dollar ( Chinese: 港元, sign: HK$; code: HKD) is the official currency of the Hong Kong Special Administrative Region. It is subdivided into 100 cents or 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar. Three commercial banks are licensed by the Hong Kong Monetary ...
Hong Kong Inter-bank Offered Rate, (or HIBOR, Chinese: 香港銀行同業拆息), is the annualized rate charged for inter-bank lending on Hong Kong Dollar (HKD) denominated instruments, for a specified period ranging from overnight to one year. [citation needed] It is calculated daily at 11:00 a.m. local time based on quotations from 20 banks ...
A property tax known as "rates" has been levied in Hong Kong since 1845. The tax applies to all domestic and commercial properties unless exempted, and is based upon the rental value of the property, re-assessed each year. Formerly part of the revenue went to the Urban Council and, from 1986, the Regional Council, but since 2000 the whole ...
The HKMA's resolve to keep the Hong Kong dollar in the 7.75-7.85 per U.S. dollar band it has been in since the currency board's inception in 1983 is not in doubt. CORRECTED-COLUMN-Hong Kong FX ...
A linked exchange rate system is a type of exchange rate regime that pegs the exchange rate of one currency to another. It is the exchange rate system implemented in Hong Kong to stabilise the exchange rate between the Hong Kong dollar (HKD) and the United States dollar (USD). The Macao pataca (MOP) is similarly linked to the Hong Kong dollar .
The economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. [16] [17] Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, [18] and is pegged to the US dollar.
The two exchanges merged to form the Hong Kong Stock Exchange in 1947 and re-establish the stock market after the Second World War. Rapid growth of the Hong Kong economy led to the establishment of three other exchanges – the Far East Exchange in 1969; the Kam Ngan Stock Exchange in 1971; and the Kowloon Stock Exchange in 1972.
In October 1997, the Hong Kong dollar, which had been pegged at 7.8 to the U.S. dollar since 1983, came under speculative pressure because Hong Kong's inflation rate had been significantly higher than the United States' for years. Monetary authorities spent more than $1 billion to defend the local currency.