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:
“Thus for each blunt-faced ignorant one
The great grey rigid uniform combined
Safety with virtue of the sun.
Thus concepts linked like chainmail in the mind.”
—Thom Gunn (b. 1929)
“Even if you find yourself in a heated exchange with your toddler, it is better for your child to feel the heat rather than for him to feel you withdraw emotionally.... Active and emotional involvement between parent and child helps the child make the limits a part of himself.”
—Stanley I. Greenspan (20th century)
“If you could choose your parents,... we would rather have a mother who felt a sense of guilt—at any rate who felt responsible, and felt that if things went wrong it was probably her fault—we’d rather have that than a mother who immediately turned to an outside thing to explain everything, and said it was due to the thunderstorm last night or some quite outside phenomenon and didn’t take responsibility for anything.”
—D.W. Winnicott (20th century)
“The system was breaking down. The one who had wandered alone past so many happenings and events began to feel, backing up along the primal vein that led to his center, the beginning of hiccup that would, if left to gather, explode the center to the extremities of life, the suburbs through which one makes one’s way to where the country is.”
—John Ashbery (b. 1927)