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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. [15] [16] Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, [17] and is pegged to the US dollar.
History. Ho Sin Hang, chairman of the Hang Seng Bank, conceived the idea of creating the Hang Seng Index as a "Dow Jones Index for Hong Kong". Along with Hang Seng Director Lee Quo-wei, he commissioned Hang Seng's head of Research Stanley Kwan to create the index in 1964, the index was initially used for internal reference in the Hang Seng Bank, they debuted the index on November 24, 1969.
The Hong Kong Monetary Authority ( HKMA) is Hong Kong's central banking institution. It is a government authority founded on 1 April 1993 when the Office of the Exchange Fund and the Office of the Commissioner of Banking merged. The organisation reports directly to the Financial Secretary. [2]
The Association was renamed the Hong Kong Stock Exchange in 1914. A second exchange, the Hong Kong Stockbrokers' Association was incorporated in 1921. The two exchanges merged to form the Hong Kong Stock Exchange in 1947 and re-establish the stock market after the Second World War.
Hong Kong [d] is a special administrative region of the People's Republic of China. With 7.4 million residents of various nationalities [e] in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated territories in the world. Hong Kong was established as a colony of the British Empire after the Qing dynasty ...
SEHK : 5 HSBC Holdings plc. SEHK : 6 Power Assets Holdings Limited. SEHK : 7 Hong Kong Finance Investment Holding Group Limited (formerly Hoifu Energy Group Limited) SEHK : 8 PCCW Limited. SEHK : 9 Nine Express Limited. SEHK : 10 Hang Lung Group. SEHK : 11 Hang Seng Bank Ltd. SEHK : 12 Henderson Land Development Co. Ltd.
The Securities and Futures Commission (SFC) of Hong Kong is the independent statutory body charged with regulating the securities and futures markets in Hong Kong. The SFC is responsible for fostering an orderly securities and futures markets, to protect investors and to help promote Hong Kong as an international financial centre and a key financial market in China.
The Financial Secretary ( Chinese: 財政司司長) is the title held by the Hong Kong government minister who is responsible for all economic and financial matters (“Department of Finance” per Article 60 of the Basic Law ). The position is among the three most senior Principal Officials of the Government, second only to the Chief Secretary ...