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Appendix 5
(Chapter 3: The Economy)
Exchange Value of the Hong Kong Dollar
(A) When a fixed exchange rate was maintained against one or more other currencies
Par value of
the HK$ in grams of fine gold
fl:
US$I=
HK$
HK$
SDRI- HK$
December 18, 1946
IMF parities established; Hong Kong dollar is pegged to sterling
0.223834
16.00
3.970
September 18, 1949
=
Hong Kong dollar devalued pari passu with sterling by 30.5%
0.155517
16.00
5.714
November 20, 1967
Hong Kong dollar devalued pari passu with sterling by 14.3%
0.133300
16.00
6.667
November 23, 1967
Hong Kong dollar revalued by 10%, including against sterling, but continues pegged to sterling, at new rate
0.146631
14.55
6.061
December 18, 1971
As part of the general currency realignment, Hong Kong dollar and sterling appreciate by 8.57% against US dollar. As a result of USA terminating, in August 1971, the convertibility of US dollar into gold, gold par value no longer has a practical meaning. IMF begins to adopt the SDR as its accounting unit
L
July 6, 1972
Hong Kong dollar pegged to US dollar following the floating of sterling
February 14, 1973
US dollar devalued; Hong Kong dollar remains pegged,
at new rate
November 26, 1974
Hong Kong dollar allowed to float, ie the government no longer undertakes to maintain a particular rate against
any other currency
October 17, 1983
Hong Kong dollar was linked to US dollar, through creation of a Hong Kong dollar notes market, at a fixed exchange rate of HK$7.8 = US$Ï
14.55
5.582
6.061
5.650
6.134
5.085
6.134
(B) Since the currency was floated
12.27
DM
(HK dollars to one unit of foreign currency)
4.910
5.130
2.03
2.61
SDR
Trade-weighted Index* Calculated with 1981 trade weights (18.12.71=100)
105.1
87.6
rimir
10.88
End of period
1974
11.53
1980
1981
1982
1983
Note:
*
10.58
11.32
2.52
5.675
6.495
2.73
7.780
2.86
0.0164
0.0253
6.012
6.543
0.0260
6.605
85.2
0.0278
7.165
79.5
0.0337
8.145
68.3
The trade-weighted exchange rate index is derived from a weighted average of nominal exchange rates of the Hong Kong dollar against the currencies of 15 principal trading partners.
Figures in table (B) are based on closing middle-market T/T rates.
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