1 USD to HKD US Dollars to Hong Kong Dollars Exchange Rate

what is hkd

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. In 1945, paper money production resumed essentially unaltered from before the war, with the government issuing 1 cent, 5 cents, 10 cents, and 1-dollar notes, and the three banks issuing 5, 10, 50, 100 and 500-dollar notes. 1-dollar notes were replaced by coins in 1960, with only the 1-cent note issued by the government after 1965. Financially, the currency peg was designed not to require the Bank of England to lend its reserves to maintain Hong Kong’s currency peg. When Hong Kong was established as a free trading port in 1841, there was no local currency in everyday circulation.

  1. In early 1997, to commemorate Hong Kong’s transfer of sovereignty from Britain to the PRC, the government issued a new commemorative coin set which depicted Chinese cultural themes and Hong Kong’s landmarks and 19 and 97, marking the year 1997, on each side of the designs.
  2. Denominations issued in the 1860s and 1870s included 1, 5, 10, 25, 50, 100 and 500 dollars.
  3. As of today, the three commercial banks, HSBC, Bank of China and Standard Chartered issue their own designs of banknotes in denominations of HK$20, HK$50, HK$100, HK$500 and HK$1,000, with all designs being similar to the other in the same denomination of banknote.
  4. These percentages show how much the exchange rate has fluctuated over the last 30 and 90-day periods.

The arrangements in Hong Kong are unusual but not unique; a comparable system is used in the United Kingdom, where seven banks issue banknotes. 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.

Quick Conversions from Hong Kong Dollar to United States Dollar : 1 HKD = 0.1278346 USD

A further aim of allowing the Hong Kong dollar to trade in a range is to avoid the HK dollar being used as a proxy for speculative bets on a renminbi revaluation. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. These percentages show how much the exchange rate has fluctuated over the last 30 and 90-day periods. The U.S. dollar is the currency most used in international transactions.

what is hkd

As of today, the three commercial banks, HSBC, Bank of China and Standard Chartered issue their own designs of banknotes in denominations of HK$20, HK$50, HK$100, HK$500 and HK$1,000, with all designs being similar to the other in the same denomination of banknote. While only the HK$10 banknote is issued solely by Hong Kong Monetary Authority on behalf of the Government of Hong Kong, which in total makes up the banknote circulation arrangement to four different note issuers. However, banknotes were not produced until the 1860s, https://www.tradebot.online/ when the Oriental Bank, the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation began issuing notes. Denominations issued in the 1860s and 1870s included 1, 5, 10, 25, 50, 100 and 500 dollars. These notes were not accepted by the Treasury for payment of government dues and taxes, although they were accepted for use by merchants. 25 dollar notes did not survive beyond the end of the 19th century, whilst the 1-dollar notes (only produced by the HSBC) were issued until 1935.

Exchange rates

The issue of Hong Kong dollar notes is governed today by the Hong Kong Monetary Authority (HKMA), the governmental currency board of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in the region. They are Hongkong and Shanghai Banking Corporation Limited; the Bank of China (Hong Kong) Limited; and the Standard Chartered Bank (Hong Kong) Limited. In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government.

The currency code for Dollars is HKD, and the currency symbol is $. Below, you’ll find Hong Kong Dollar rates and a currency converter. In early 1997, to commemorate Hong Kong’s transfer of sovereignty from Britain to the PRC, the government issued a new commemorative coin set which depicted Chinese cultural themes and Hong Kong’s landmarks and 19 and 97, marking the year 1997, on each side of the designs. These are the average exchange rates of these two currencies for the last 30 and 90 days. As of 18 May 2005, in addition to the lower guaranteed limit, a new upper guaranteed limit was set for the Hong Kong dollar at HK$7.75 to the US dollar. The lower limit has been lowered from 7.80 to 7.85 (by 100 pips per week from 23 May to 20 June 2005).[23] The Hong Kong Monetary Authority indicated this move is to narrow the gap between the interest rates in Hong Kong and those of the United States.

Popular US Dollar (USD) Currency Pairings

These notes were printed in paper in 2002 and in polymer since 2007. All older HK$10 banknotes, although rare and being phased out, remain legal tender. In 1960, cupro-nickel 1-dollar coins were introduced, these were then reduced in size in 1978. They were followed in 1975 by nickel-brass 20 cents and cupro-nickel 2-dollar coin (both scallop shaped), and in 1976 by decagonal, cupro-nickel 5-dollar coin, changed to a round thicker shape in 1980. The 5-cent coin was last issued in 1979, but last struck in 1988. In 1863, 1-mil (1⁄10-cent), 1-cent and 10-cent coins were introduced, followed in 1866 by 5-cent and 20-cents, half-dollar and 1-dollar.

In 1873, the international silver crisis resulted in a devaluation of silver against gold-based currencies. Since the silver dollars in the US and Canada were attached to a gold exchange standard, this meant that the silver dollars circulating along the China coast dropped in value as compared to the U.S. dollar and the Canadian dollar. As of today, coins in denominations of HK$10, HK$5, HK$2, HK$1, 50 cents, 20 cents and 10 cents are issued by the Hong Kong Monetary Authority on behalf of the Government of Hong Kong.

These were not issued because the Japanese sank a ship carrying 1-cent coins bound for Hong Kong in the Second World War. The following year (1935), cupro-nickel 5 and 10 cents were introduced, replaced by nickel in 1937 and nickel-brass between 1948 and 1949. Copper-nickel 50 cents were issued in 1951 and first bore the name “fifty cents” in both Chinese and English, but these were changed to nickel-brass in 1977. In 1975, the HK$5 notes were replaced by coins, whilst HK$1,000 notes were introduced in 1977.

Early 20th century

Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity. These are the lowest points the exchange rate has been at in the last 30 and 90-day periods. These are the highest points the exchange rate has been at in the last 30 and 90-day periods. Check live rates, send money securely, set rate alerts, receive notifications and more. Create a chart for any currency pair in the world to see their currency history. These currency charts use live mid-market rates, are easy to use, and are very reliable.

Hong Kong was a dependent territory of the United Kingdom from 1842 until the transfer of its sovereignty to the People’s Republic of China in 1997. In British Weihaiwei, the Hong Kong dollar circulated jointly with the Chinese yuan from 1914 to 1930, when Weihaiwei was returned to the Republic of China. The Xe Rate Alerts will let you know when the rate you need is triggered on your selected currency pairs.

London eventually acquiesced and legislation was enacted in attempts to regulate the coinage. New British trade dollars were coined at the mints in Calcutta and Bombay for use in both Hong Kong and the Straits Settlements. In 1906, the Straits Settlements issued their own silver dollar coin and attached it to a gold sterling exchange standard at a fixed value of 2 shillings and 4 pence.

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. Our currency rankings show that the most popular Hong Kong Dollar exchange rate is the HKD to USD rate.


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