Hong Kong Dollar (HKD)
a.k.a. HKD
Hong Kong's currency, code HKD, kept within a tight band of 7.75 to 7.85 per US dollar.
In plain English
Hong Kong's currency, code HKD, kept within a tight band of 7.75 to 7.85 per US dollar.
Since 1983 the Hong Kong dollar has been linked to the US dollar under a currency board. Since 2005 it has traded in a band between 7.75 and 7.85 HKD per USD, and the Hong Kong Monetary Authority buys or sells to defend the edges.
Because of the peg, Hong Kong interest rates broadly follow US rates. Speculators have bet against the peg several times; it has held.
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