Linked Exchange Rate System
| Rank | Currency | ISO 4217 code (Symbol) |
% daily share (April 2010) |
|---|---|---|---|
| 1 | United States dollar | USD ($) | 84.9% |
| 2 | Euro | EUR (€) | 39.1% |
| 3 | Japanese yen | JPY (¥) | 19.0% |
| 4 | Pound sterling | GBP (£) | 12.9% |
| 5 | Australian dollar | AUD ($) | 7.6% |
| 6 | Swiss franc | CHF (Fr) | 6.4% |
| 7 | Canadian dollar | CAD ($) | 5.3% |
| 8 | Hong Kong dollar | HKD ($) | 2.4% |
| 9 | Swedish krona | SEK (kr) | 2.2% |
| 10 | New Zealand dollar | NZD ($) | 1.6% |
| 11 | South Korean won | KRW (₩) | 1.5% |
| 12 | Singapore dollar | SGD ($) | 1.4% |
| 13 | Norwegian krone | NOK (kr) | 1.3% |
| 14 | Mexican peso | MXN ($) | 1.3% |
| 15 | Indian rupee | INR | 0.9% |
| Other | 12.2% | ||
| Total | 200% | ||
The primary monetary policy objective of the Hong Kong Monetary Authority is to maintain exchange rate stability within the framework of the linked exchange rate system through sound management of the Exchange Fund, monetary operations and other means deemed necessary.
The important underpinnings of the linked exchange rate system include the strong official reserves of Hong Kong, a sound and robust banking system, fiscal prudence and a flexible economic structure.
In 2007, Jim Rogers, a former partner in George Soros's Quantum Fund, said the Government should abolish the Hong Kong dollar and adopt the yuan as the official currency of the territory when the renminbi is freely convertible.(the renminbi is not freely convertible.) However, in the same year, Rogers changed his position and believe the Hong Kong Government should adopt the renminbi even when it is non-freely convertible. "This is 2007; I don't know why the Hong Kong dollar exists any more.... You have a gigantic neighbor who is becoming the most incredible economy in the world." Rogers also believes the renminbi is going to replace the US dollar as world reserve currency.
| Current HKD exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF EUR GBP JPY USD INR CNY TWD |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP JPY USD INR CNY TWD |
| From XE.com: | AUD CAD CHF EUR GBP JPY USD INR CNY TWD |
| From OANDA.com: | AUD CAD CHF EUR GBP JPY USD INR CNY TWD |
| From fxtop.com: | AUD CAD CHF EUR GBP JPY USD INR CNY TWD |
Read more about this topic: Hong Kong Dollar
Famous quotes containing the words linked, exchange, rate and/or system:
“O Nature, and O soul of man! how far beyond all utterance are your linked analogies! not the smallest atom stirs or lives in matter, but has its cunning duplicate in mind.”
—Herman Melville (1819–1891)
“We never exchange more than three words with a Friend in our lives on that level to which our thoughts and feelings almost habitually rise.”
—Henry David Thoreau (1817–1862)
“At the rate science proceeds, rockets and missiles will one day seem like buffalo—slow, endangered grazers in the black pasture of outer space.”
—Bernard Cooper (b. 1936)
“As long as learning is connected with earning, as long as certain jobs can only be reached through exams, so long must we take this examination system seriously. If another ladder to employment was contrived, much so-called education would disappear, and no one would be a penny the stupider.”
—E.M. (Edward Morgan)