240
Appendix 5
(Chapter 3: Financial Structure)
Exchange Value of the Hong Kong Dollar
December 18, 1946
IMF parity established ...
September 18, 1949
Hong Kong dollar devalued by 30.5%
Par value of the HK$
in grammes
of fine gold, as reported
HK$1-
£1=
US$1=
SDRI=
£
US$
SDR
HK$
HK$
HK$
to the IMF
0.223834 0.0625 0.2519
16.00
3.97022
pari passu with the pound sterling 0.155517 0.0625 0.175
16.00
5.71429
-
November 20,
1967
Hong Kong dollar devalued by 14.3%
pari passu with the pound sterling .. 0.133300 0.0625 0.15
16.00
6.66667
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
IL
Following the floating of the pound
sterling in June 1972, the Hong Kong dollar was pegged to the US dollar ...
February 14, 1973
Following the US dollar devaluation,
the US$/HK$ central rate adjusted
November 26, 1974
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*
די
-
0.17699 0.163018
5.65
6.13429
was
0.146631*
0.196657 0.163018
5.085
6.13429
Hong Kong dollar allowed to float, i e 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.