ENG-1976 — Page 328

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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.