HKD - Hong Kong Dollar ($)

The Hong Kong dollar is the official currency of Hong Kong. It’s the 13th most commonly traded currency on Earth. The currency code for the dollar is HKD and the symbol is $, or HK$ – to differentiate it from the US dollar. The most popular Hong Kong dollar exchange is with the US dollar. HK$ has 4 significant digits and is considered a fiat currency.

The Hong Kong Dollar is one of the most traded currencies in the world. The currency symbol is $ or HK$ to distinguish it from the other Dollar currencies. A Dollar consists of 100 cents.

The Hong Kong Dollar is the currency in Hong Kong (HK, HKG). The symbol for HKD can be written HK$. The Hong Kong Dollar is divided into 100 cents. The exchange rate for the Hong Kong Dollar was last updated on May 24, 2019 from Yahoo Finance. The HKD conversion factor has 5 significant digits.

Economy

  • Hong Kong is considered one world's leading international financial centers.
  • Hong Kong has a major capitalist service economy characterized by low taxation and free trade.
  • Hong Kong is considered the world’s freest economy according to the Index of Economic Freedom.
  • Despite the 2009 downturn in economic growth, the country has recovered well.
  • Hong Kong’s economic strengths, including a sound banking system, virtually no public debt, a strong legal system, ample foreign exchange reserves, rigorous anti-corruption measures, and close ties with mainland China are the main reasons for recovery.

History

  • In 1841, trading in Hong Kong did not use any local currencies. Foreign currencies such as Indian Rupees, Spanish and Mexican Reales, and Chinese coins were circulated.
  • In 1863, the Royal Mint in London began issuing special subsidiary coinage for use in Hong Kong within the Dollar system.
  • During the Japanese occupation, Japanese military Yen were the only means of everyday exchange in Hong Kong.
  • In 1972, the Hong Kong Dollar was pegged to the US Dollar at a rate of 5.65 HK$ = 1 USD.
  • As of May 18, 2005, in addition to the lower guaranteed limit, a new upper guaranteed limit was set for the Hong Kong Dollar at 7.75 to the American Dollar.
  • Available coins are 10, 20, and 50 cent coins; 1, 2, 5, and 10 dollar coins, and banknotes of 10, 20, 50, 100, 500, and 1,000 dollars.

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