2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Not only countries can have their own national currency. This can also be done in certain regions. Since 1841, Hong Kong has been a British colony. And since then it has been a separate administrative region. It has autonomous rights, participates in international organizations as a separate member. Therefore, the currency of Hong Kong is a separate monetary unit. Including the world market. Hong Kong was reunited with China in 1997.
History
In the middle of the 19th century, Hong Kong was a major port city. RMB, Spanish reals, Indian rupees and other foreign currencies were used for day to day trade. And Mexican silver coins were paid until the beginning of the 20th century. The first own currency in Hong Kong appeared in 1895. During World War II, the Japanese tried to withdraw the Hong Kong dollar from use and replace it with the yen. But the locals stubbornly continued to use the old familiar currency.
Design
Hong Kong's currency is printed in several banks at once. And everyone develops their own design of money. Therefore, outwardlyHong Kong dollars are very different even with the same denomination. In addition to ordinary banknotes, commemorative ones are issued. But even everyday banknotes are original and colorful. Since 2003, banknotes have been unified according to the prevailing size and color (the denomination is indicated in dollars):
- 20 - 143 x 72mm, blue;
- 50 - 148 x 74, green;
- 100 - 153 x 72, red;
- 500 - 158 x 80, taupe;
- 1000 - 164 x 82, yellow-orange.
Basically, the design of banknotes reflects the established traditions of Hong Kong. The banknotes depict a Chinese bank, modern architectural buildings, lions and mythical creatures, as well as colonial Hong Kong and its attractions. But the real masterpiece is the commemorative $150 note.
The most common currency in Hong Kong has a denomination of ten dollars. And in order for banknotes to be used for a long time, their cans are made of polymeric material. Of the coins, the most notable are the denominations of 20 cents and $2. They are minted in the shape of a rounded polygon.
On the front side of all coins is a bauhini flower (this is a type of orchid), a symbol of Hong Kong. Above and below, in the form of a semicircle, the inscription is the name of the country. On the reverse side of the coins, the denomination and the year of issue are minted. There are 7 types of metallic money in circulation. Three types of cents in denominations of 10, 20 and 50 are minted from nickel alloys with brass and steel. Coins in denominations of 1, 2, 5 and 10 dollarsmade of copper-nickel alloy and bimetal. The latter has a nickel-brass insert.
Hong Kong dollar exchange rate
As soon as the currency of Hong Kong appeared as an independent monetary unit, its rate was pegged to silver, and from 1935 to the pound sterling. In 1967, it was devalued. This had a negative impact on the Hong Kong dollar. And their peg to the pound sterling is over. In 1972, the Hong Kong dollar was pegged to the US currency.
And the rate fluctuation limits were within 25 percent. Due to inflation, the Hong Kong dollar has depreciated by more than 20%. And in 1983 a fixed currency direction was introduced. In 2012, the Hong Kong dollar/ruble exchange rate was 1:3, 619254. More recent data is updated daily.
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