On the 17th Oct, the territory celebrates the 25th birthday of its currency's peg to the US dollar.
The arrangement, which is designed to reduce exchange rate volatility – thereby encouraging trade and investment, particularly with dollar-based partners – has survived multiple property and stock market crashes and also a concerted attack by speculators during the Asian financial crisis.
The peg links the Hong Kong and US dollars at a rate of HK$7.8 to US$1, and a simple logic underpins its mechanics, helping the system to self-correct in times of extreme stress.
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