Hong Kong Dollar
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.
- 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.
- 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.
Symbols and Names
- Symbols: $, HK$
- Nicknames: none
ISO 4217 Code
- 毫 (hou) = 1/10 of a Dollar
- 仙 (sin) = 1/10 of a Dollar
- Bills: $10, $20, $50, $100, $500, $1,000
- Coins: 10¢, 20¢, 50¢. $1, $2, $5,$10