218
December 18, 1946
Appendix 5
(Chapter 3: Financial Structure)
Exchange Value of the Hong Kong Dollar
IMF parity established
September 18, 1949
Par value of the
HK$I=
£1 =
US$1 =
SDRI-
HK$ in
grammes
of fine gold, as
£
US$
SDR
HK$
HK$
HK$
reported
to the
IMF
0.223834 0.0625 0.2519
16.00
3.97022
Hong Kong dollar devalued by 30.5%
pari passu with the pound sterling... 0.155517
November 20, 1967
Hong Kong dollar devalued by 14,3%
pari passu with the pound sterling
November 23, 1967
Hong Kong dollar revalued by 10% against the pound sterling reducing the previous change in the gold parity of the Hong Kong dollar from 14.3% to 5.7%
December 18, 1971
Following the currency realignment in December, 1971, the Hong Kong dollar appreciated by 8.57% against the US dollar while the par value in terms of gold and the existing parity for sterling were maintained
July 6, 1972
Following the floating of the pound sterling in June, 1972, the Hong Kong dollar was pegged to the US dollar...
0.0625 0.175
16.00
5.71429
0.133300
0.0625
0.15
16.00
6.66667
0.146631
0.06875 0.165
14.5455 6.06061
0.146631
0.06875 0.17914 0.165
14.5455 5.58213 6.06061
0.146631*
0.17699 0.163018
5.65
6.13429
February 14, 1973
Following the US dollar devaluation, the US$/HK$ central rate was adjusted
0.146631*
0.196657 0.163018
5.085
6.13429
November 26, 1974
Hong Kong dollar allowed to float, ie the Government no longer undertook to maintain the rate against the US dollar within 24% either side of the central rate of US$1-HK$5,085
0.146631*
* While effective exchange rates for the Hong Kong dollar have changed since 1971, the formal par value in terms of
gold, as recorded by the IMF, remains unaltered.