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HONG KONG DOLLAR - HKD

Todays Date : 05/24/2018

The Hong Kong dollar, symbol $ or HK$, code HKD, is the official currency of Hong Kong, and the eighth most traded currency in the world, accounting for 2.4% of the world’s daily share. The Hong Kong dollar is subdivided into tenths called hou, and one hundreths called sin, although sin are no longer in use or circulation. The Hong Kong dollar is managed by the Hong Kong Monetary Authority in Central Hong Kong. 

The Hong Kong dollar as we know it today was officially designated as its own unit beginning in 1935, pegged to the pound sterling at 1 pound equal to 15.26 dollars. In 1937 it became the official legal tender of Hong Kong, and in 1939 was pegged at a rate of 1 pound equal to 16 dollars. During the Japanese occupation on Hong Kong beginning in 1941, the Japanese yen became the only currency permitted, introduced at a rate of 1 yen equal to 2 dollars. After the departure of Japanese control and the Japanese surrender in 1945, Hong Kong reverted back to the original Hong Kong dollar at a rate of 1 dollar equal to 100 yen, with all Japanese yen void by the end of 1945. In 1972, the HK dollar was pegged to the US dollar at a rate of 1 USD equal to 5.65 HKD, and floated from 1974 to 1983. Since 2005, the HK dollar has been pegged to the US dollar at a rate of 1 USD equal to 7.75 HKD. 

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Currency Quick Facts

Name: Hong Kong dollar

Symbol: HK$ or $

Code: HKD

Decimal Unit: 1/10th hou, 1/100th sin (no longer in use)

Nicknames: none

Coins: 10, 20, 50¢; $1, 2, 5, 10

Notes: $10, 20, 50, 100, 150, 500, 1,000

Central Bank: Hong Kong Monetary Authority

Country(ies): Hong Kong, Macau

Currency Characteristics

Hong Kong dollars are currently in circulation in coin values of 10, 20, and 50¢; $1, 2, 5, 10, as well as banknote denominations of $10, 20, 50, 100, 150, 500, and 1,000. All HK dollar banknotes feature a different color for each note denomination of value, to allow for easy differentiation. Hong Kong banks are only permitted to issue as many Hong Kong dollars as they have on hand in US dollar reserves. 

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