258
Appendix 5
(Chapter 3: Financial Structure)
Exchange Value of the Hong Kong Dollar
Par value of
the HK$ in
grams of
fine gold, as
HK$1
£1=
US$1
SDRI
reported to
£
US$
SDR
HK$
HK$
HK$
December 18, 1946
IMF parity established
September 18, 1949
the IMF
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%
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
0.146 631
0.068 75
0.165
14-545 5 6-060 61
0-146 631
0-068 75 0-179 14
0.165
14-5455 5.582 13
6.060 61
Following the floating of the pound sterling in June 1972, the Hong Kong dollar was pegged to the US dollar
0-146 631*
0-17699 0.163 018
5.65
6.134 29
February 14, 1973
Following the US dollar devaluation,
the US$/HK$ central rate was adjusted 0.146 631*
0-196 657 0-163 018
5-085
6.134 29
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*
Note: 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.