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Concept
Hong Kong dollar
Summary
The Hong Kong dollar (, sign: HK20, HK100, HK500, and HK10 banknote and all coins are issued by the Government of Hong Kong.
As of April 2019, the Hong Kong dollar was the ninth most traded currency in the world. Hong Kong uses a linked exchange rate system, trading since May 2005 in the range US7.75–7.85. United States dollar wins against the Hong Kong dollar when it trades at HK 7.85 per U.S. dollar.
Apart from its use in Hong Kong, the Hong Kong dollar is also used in neighbouring Macau. It is pegged at 1 Hong Kong dollar to 1.03 Macanese patacas, and is generally accepted at par or MOP 1.00 for retail purchases.
When Hong Kong was established as a free trading port in 1841, there was no local currency in everyday circulation. Foreign currencies such as Indian rupees, Spanish or Mexican 8 reales, and Chinese cash coins circulated. Since 1825, it had been the policy of the British government to introduce sterling silver coinage to all of its colonies, and to this end, in 1845 the Spanish or Mexican 8 reales coins were set at a legal tender value of 4 shillings, 2 pence sterling (50 pence).
Official source
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