242
Appendix 5
(Chapter 4: Finance and Economy)
Exchange Value of the Hong Kong Dollar
Par value of the HK$ in
December 18, 1946
IMF parity established
grams of
fine gold, as
HK$I=
£1 =
US$I=
SDRI
reported to
the IMF
US$
SDR
HK$
HK$
HKS
0.223834
0.0625
0.2519
16.00
3.97022
September 18, 1949
Hong Kong dollar devalued by 30.5% 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
0.146631
0.06875
0.165
14.5455
6.06061
0.146631
0.06875 0.17914 0.165
14.5455 5.58213
6.06061
July 6, 1972
Following the floating of the pound sterling in June 1972, the Hong Kong dollar was pegged to the US dollar
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$1HK$5.085
0.146631*
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.