Name: Hong Kong Dollar

Symbol: HK$

Minor Unit:
1/100 = Cent

Inflation: 4.4%

Banknotes:
Freq Used: HK$20, HK$50, HK$100, HK$500, HK$1000

Central Bank:
Hong Kong Monetary Authority
Website: http://www.info.gov.hk/hkma/

Users: Hong Kong

During the 19th century, Hong Kong used a variety of foreign currencies such as Indian Rupees, Spanish Dollars, Mexican Pesos, and Chinese coins for daily transactions. As a British colony, an attempt to standardize the currency system was made in 1825 by introducing Sterling coins. This currency, however, proved to be unpopular and foreign coins continued to circulate.

In 1863, London's Royal Mint began issuing Hong Kong Dollar coins. By 1935, Hong Kong was the only country left on the silver standard. During Japanese occupation the Dollar was temporarily suspended, replaced by the Japanese Military Yen. In 1945, the Hong Kong was re-issued, pegged to the British Pound at a rate of 16 HKD to 1 GBP. In 1972, the Hong Kong Dollar re-pegged to the US Dollar, with the rate changing multiple times over the next few decades. Currently, the HKD operates on a linked exchange rate regime.