HKMA Background Brief No.1: HK Linked ER System

Since 1983 the Hong Kong dollar has been linked to the US dollar at the rate of HK$7.8 to one US dollar. The link is maintained through the operation of a strict and robust currency board system. This booklet published by the Hong Kong Monetary Authority explains the workings of the link, the background to its introduction, and the benefits - and limitations - it brings to Hong Kong's economy.

Hong Kong's Linked Exchange Rate System is the first of a series of HKMA Background Briefs designed to

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