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:
“Her wrongs are ... indissolubly linked with all undefended woe, all helpless suffering, and the plenitude of her “rights” will mean the final triumph of all right over might, the supremacy of the moral forces of reason and justice and love in the government of the nation. God hasten the day.”
—Anna Julia Cooper (1859–1964)
“So long as the system of competition in the production and exchange of the means of life goes on, the degradation of the arts will go on; and if that system is to last for ever, then art is doomed, and will surely die; that is to say, civilization will die.”
—William Morris (1834–1896)
“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)
“He could jazz up the map-reading class by having a full-size color photograph of Betty Grable in a bathing suit, with a co- ordinate grid system laid over it. The instructor could point to different parts of her and say, “Give me the co-ordinates.”... The Major could see every unit in the Army using his idea.... Hot dog!”
—Norman Mailer (b. 1923)