Markets plunge in China, Hong Kong as first salvoes fired in Sino-US trade war


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Between and , the Hong Kong dollar floated. The lower limit has been lowered from 7. A further aim of allowing the Hong Kong dollar to trade in a range is to avoid the HK dollar being used as a proxy for speculative bets on a renminbi revaluation. A bank can issue a Hong Kong dollar only if it has the equivalent exchange in US dollars on deposit.

The currency board system ensures that Hong Kong's entire monetary base is backed with US dollars at the linked exchange rate. The resources for the backing are kept in Hong Kong's exchange fund , which is among the largest official reserves in the world. Some of these terms are also used by overseas Chinese to refer their local currency. A slang term in English sometimes used for the Hong Kong dollar is "Honkie".

The 1-mil and 1-cent were struck in bronze, with the 1 mil a holed coin. The remaining coins were struck in silver. Production of the 1-mil ended in , whilst that of the half-dollar and 1-dollar ceased in , with only the half-dollar now with the denomination given as 50 cents resuming production in Production of all silver coins was suspended in , only briefly resumed in and for the production of 5-cent coins.

In , the last 1-cent coins were issued, but the last minting was These were not issued because the Japanese sank a ship carrying 1-cent coins bound for Hong Kong in the Second World War. The following year , cupro-nickel 5 and 10 cents were introduced, replaced by nickel in and nickel-brass between and Copper-nickel 50 cents were issued in and first bore the name "fifty cents" in both Chinese and English, but these were changed to nickel-brass in In , cupro-nickel 1-dollar coins were introduced, these were then reduced in size in They were followed in by nickel-brass 20 cents and cupro-nickel 2-dollar both scallop shaped , and in by decagonal , cupro-nickel 5-dollar coin, changed to a round thicker shape in The 5-cent coin was last issued in , but last struck in In , a bimetallic dollar coin was introduced.

Most of the notes and coins in circulations feature Hong Kong's Bauhinia flower or other symbols. Coins with the Queen's portrait are still legal tender and can be seen, but these are slowly being phased out. However, most still remain in legal tender and are in circulation.

Because the redesign was highly sensitive with regard to political and economic reasons, the designing process of the new coins could not be entrusted to an artist but was undertaken by Joseph Yam , Chief Executive of the Hong Kong Monetary Authority , himself who found in the bauhinia the requested "politically neutral design" and did a secret "scissors and paste job".

In , to commemorate Hong Kong's transfer of sovereignty from Britain to the PRC , the government issued a new commemorative coin set which depicted Chinese cultural themes and Hong Kong's landmarks and 19 and 97, marking the year , on each side of the designs. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in the region.

Notes are also issued by the HKMA itself. In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government. The arrangements in Hong Kong are unusual but not unique; a comparable system is used in the United Kingdom , where seven banks issue banknotes.

In , the first private bank, the Oriental Bank , was founded. Denominations issued in the s and s included 1, 5, 10, 25, 50, and dollars. These notes were not accepted by the Treasury for payment of government dues and taxes , although they were accepted for use by merchants. Under the Currency Ordinance of , banknotes in denominations of 5 dollars and above issued by the three authorised local banks, the Mercantile Bank of India Limited, the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation, were all declared legal tender.

The government took over production of 1 dollar notes. In , the government introduced notes for 1, 5 and 10 cents due to the difficulty of transporting coins to Hong Kong caused by the Second World War a ship carrying 1-cent coins was sunk, making this unissued coin very rare. Just before the Japanese occupation, an emergency issue of 1 dollar notes was made consisting of overprinted Bank of China 5 yuan notes. In , paper money production resumed essentially unaltered from before the war, with the government issuing 1, 5 and 10 cents, and 1-dollar notes, and the three banks issuing 5, 10, 50, and dollar notes.

In , the 5-dollar notes were replaced by a coin, whilst 1,dollar notes were introduced in In , dollar notes were introduced, whilst, in , a dollar coin was introduced and the banks stopped issuing 10 dollar notes. After a less-than-successful trial from to to move the dollar denomination from the banknote format issued by the banks to the coin format Government-issued , 10 dollar banknotes are currently the only denomination issued by the HKMA, having acquired the note printing plant at Tai Po from the De La Rue Group of the UK on behalf of the Government.

The older dollar banknotes are, although rare and being phased out, still circulating. A commemorative polymer ten dollar note was issued in July to commemorate the 10th anniversary of Hong Kong's return to China. A new series of banknotes was issued starting in When the market rate is below 7. The same mechanism also works when the market rate is above 7. Following the Internationalization of the renminbi and the inclusion of the Renminbi in the special drawing rights , there has been debates to peg the Hong Kong dollar with the Renminbi, instead of the United States dollar.

Moreover, according to figures from the HKMA as of the end of , Renminbi deposits and certificates of deposits stood at 1. In response to the market speculation, Hong Kong Monetary Authority said on January 27 that the regulator will protect Hong Kong dollar's linked exchange rate regime. Yet, many investors no longer consider Hong Kong as a safe haven as they once had given increasing financial influence by mainland China.

The rate has been moving to 7. From Wikipedia, the free encyclopedia. For the airport in Japan, see Hakodate Airport. Coins of the Hong Kong dollar. Banknotes of the Hong Kong dollar.

Linked exchange rate system in Hong Kong. Hong Kong Census and Statistics Department. Archived from the original on 16 June Retrieved 23 May Archived from the original on 31 May Retrieved 13 June April , Bank for International Settlements.

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