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Appendix 5
(Chapter 3: Financial Structure)
Exchange Value of the Hong Kong Dollar
Par value of
December 18, 1946
IMF parity established
September 18, 1949
the HK$ in
grams of
fine gold, as
HK$1=
£1=
US$1=
SDRI-
F
reported to
the IMF
US$
SDR
HK$
HK$
HK$
0.223 834
0.062 5
0-2519
16.00
3.970 22
Hong Kong dollar devalued by 30.5% pari passu with the pound sterling
0.155 517
0.062 5
0-175
16.00
5.714 29
November 20, 1967
Hong Kong dollar devalued by 14.3% pari passu with the pound sterling
=
0.133 300
0.062 5 0.15
16.00 6.666 67
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% 0.146 631
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
February 14, 1973
Following the US dollar devaluation,
0-068 75
0.165
14-5455 6-060 61
0.146 631
0-068 75
0.179 14
0.165
14.5455 5-582 13 6-060 61
0-146 631*
0.17699
0-163 018
5.65
6.134 29
the US$/HK$ central rate was adjusted 0-146 631*
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
0-146 631*
0.196 657 0-163 018
5.085
6.134 29
* 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.