84-657: HYC could refer to: Hok Yau Club (學友社), an NGO in Hong Kong Howard Chu, core developer of OpenLDAP Hyde Central railway station , a rail station in England Hold Your Colour , an album from the band Pendulum Harlem Yacht Club Wycombe Air Park , which has the IATA code HYC Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with
168-458: A floating currency system. On 17 October 1983, the Hong Kong dollar was officially pegged to the U.S. dollar at a rate of HK$ 7.8 = US$ 1, officially switching back to the currency board system . The peg of Hong Kong dollar to the U.S. dollar in 1983 actually took place in the context of Sino-British negotiation regarding the future of Hong Kong after 1997. Due to the lack of public confidence in
252-812: A less-than-successful trial from 1994 to 2002 to move the HK$ 10 denomination from the banknote format (issued by the banks) to the coin format (Government-issued), HK$ 10 notes are currently the only denomination issued by the HKMA, having acquired the note printing plant at Tai Po from the De La Rue Group of the UK on behalf of the Government. 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. The latest series of banknotes
336-489: A prolonged discussion among the members of a readers club of the Wah Kiu Yat Po ( 華僑日報 ), a popular Hong Kong newspaper at the time, it adopted the current name in 1975 to reflect the changing nature of the organisation. The Annual general meeting (AGM) is the titular governing body of the club. It consists of all qualified Voting members with annual membership subscription. The AGM must take place at least once
420-545: A range is to avoid the HK dollar being used as a proxy for speculative bets on a renminbi revaluation. In formal Cantonese , the 圓 or 元 ( Cantonese Yale : yùn ) character is used. In informal Cantonese, 蚊 ( Cantonese Yale : mān ) is used. The use of the character 蚊 ( mān ) originate from the tone change of the currency denomination used in China in imperial times 文 ( Cantonese Yale : màn ), which
504-525: A re-valuation of Hong Kong dollar from $ 16 to $ 14.5, a 10% re-valuation against the pound and 5.7% devaluation against the US dollar. The unilateral devaluation sparked a circle of grievances among local business communities as well as colonial officials in Hong Kong because the official reserves and private savings in sterling were substantial from Hong Kong. In the 1950–60s, Hong Kong accumulated significant reserves in sterling with its economic growth, money supply
588-624: A traceable record of ten years' participation in the club, with the recommendation of other voting members, can apply for a life membership with a one-off fee of HK$ 500. A life member shall enjoy all rights given to a voting member, except the voting right of in Annual General Meetings and Standing Committee elections. A proposal of amendment to the club's Constitution regarding the Lift Membership has been discussed in recent months. The last Standing Committee announced
672-648: A year. Its function includes scrutinising the performance of the Standing Committee and the financial report of the club. The appointment of Honorary presidents of the Club must be ratified in the AGM. The AGM is also the electoral body of the Standing Committee and each qualified Voting member is entitled to cast his vote in the election. The Standing Committee is the governing body of the club while
756-504: Is W. Then it comes with the month and year of the registration, and the order of registration. For example, if somebody is the first person applies for the membership in December 2006 at Head Office, then the number issued to him will be K0612001. The next one will be K0612002, and so on. Therefore, upon the annual renewal of the membership, a new number will be issued, and the previous one will no longer be in use. For voting membership,
840-565: Is an independent and non-profit non-governmental organisation (NGO) in Hong Kong. It is a peripheral organisation of the Chinese Communist Party . Its aim is to provide support and guidance to students as well as to organise activities for youths. Since the transfer of sovereignty over Hong Kong back to the People's Republic of China in 1997, the club has launched a number of civic projects to promote patriotic education to
924-596: Is assigned to him for life. The club is an underground branch of the Chinese Communist Party in Hong Kong. It was reportedly one of the chief organisers of the Hong Kong 1967 riots and organised over 100,000 student demonstrators. One of the club's venues was, and still is, located in Kiu Kwan Mansion, North Point, serving as the command centre and arms/weapon storage at the time of the riots. Florence Leung Mo-han, Hok Yau Club president from 1962 to 1974,
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#17328017620391008-427: Is backed with US dollars at the linked exchange rate. The resources for the backing are kept in Hong Kong's exchange fund , which is among the largest official reserves in the world. Hong Kong also has huge deposits of US dollars, with official foreign currency reserves of US$ 361 billion as of March 2016. In a speech addressing the issue of who determines the monetary policy in Hong Kong on 13 May 2002, Tony Latter, in
1092-476: Is called 1 hou ( 毫 ) in Cantonese . To express prices in informal Cantonese, for example HK$ 7.80, the phrase is 七個八 ( Cantonese Yale : chāt go baat ; lit. 'seven units eight'); in financial terms, where integer values in cents exist, e.g., HK$ 6.75, the phrase is 六個七毫半 ( Cantonese Yale : luhk go chāt hòu bun ; lit. 'six units and seven dime half'; fives in cents
1176-516: Is normally expressed as “half”, unless followed by another five, such as 55 cents when preceded by a dollar value); $ 7.08 is 七蚊零八仙 ( Cantonese Yale : chāt mān lìng baat sīn ; lit. 'seven dollars zero eight cents'). In Hong Kong, the following are slang terms used to refer to various amounts of money: Some of these terms are also used by overseas Chinese to refer their local currency. A slang term in English sometimes used for
1260-565: Is pegged at 1 Hong Kong dollar to 1.03 Macanese patacas , and is generally accepted at par or MOP 1.00 for retail purchases. When Hong Kong was established as a free trading port in 1841, there was no local currency in everyday circulation. Foreign currencies such as Indian rupees , Spanish or Mexican 8 reales , and Chinese cash coins circulated. Since 1825, it had been the policy of the British government to introduce sterling silver coinage to all of its colonies, and to this end, in 1845,
1344-679: Is the official currency of Hong Kong . It is subdivided into 100 cents . Historically, it was also subdivided into 1000 mils . The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar. Three commercial banks are licensed by the Hong Kong Monetary Authority to issue their own banknotes for general circulation in Hong Kong. These banks, HSBC , Bank of China , and Standard Chartered , issue their own designs of banknotes in denominations of HK$ 20, HK$ 50, HK$ 100, HK$ 150, HK$ 500, and HK$ 1000, with all designs being similar to one another in
1428-561: Is used in the United Kingdom , where seven banks issue banknotes. 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
1512-665: The Government of Hong Kong , which in total makes up the banknote circulation arrangement to four different note issuers. In 1845, the first private bank, the Oriental Bank , was founded. However, banknotes were not produced until the 1860s, 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
1596-565: The Hong Kong Mint was closed down with a loss of $ 440,000. The machinery at the Hong Kong mint was sold first to Jardine Matheson and, in turn, to the Japanese and used to make the first Yen coins in 1870. In the 1860s, banknotes of the new British colonial banks, the Hong Kong and Shanghai Banking Corporation and the Chartered Bank of India, Australia and China , denominated in dollars, also began to circulate in both Hong Kong and
1680-554: The Hong Kong Monetary Authority (HKMA) authorises the three note-issuing commercial banks to freely issue new banknotes provided that they deposit an equivalent value of United States dollars with the HKMA. In practice, in the unique linked exchange rate system, the exchange rate of HK$ 7.80 = US$ 1, is strictly controlled by the Hong Kong Monetary Authority in the foreign exchange market by controlling supply and demand of Hong Kong dollars in order to influence
1764-399: The Hong Kong Monetary Authority on behalf of the Government of Hong Kong . Banknotes circulated by the three different note issuers, 2023 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
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#17328017620391848-633: The People's Bank of China , China's central bank (PBOC), intervened in the effort of squeezing out Renminbi short speculations by tightening liquidity at Hong Kong commercial banks. The PBOC's move at the offshore market, coupled with another plunge in Chinese stocks, has led to investors’ fears that the Hong Kong Dollar may be de-pegged from the US Dollar in the foreseeable future. In response to
1932-967: The Philippines as part of the Spanish East Indies in the Spanish colonial empire through the Manila-Acapulco Galleon Trade with the coins minted in the Spanish Americas in Mexico or Peru or Bolivia . By 1858, the British government gave up all attempts to influence the currency situation in Canada, and by the 1860s, it came to the same realisation in Hong Kong: that there was no point in trying to displace an already existing currency system. In 1863,
2016-702: The Royal Mint in London began issuing special subsidiary coinage for use in Hong Kong within the dollar system, though other national currencies circulated unofficially for years afterwards. In 1866, a local mint was established at Cleveland Street in Causeway Bay on Hong Kong Island for the purpose of minting Hong Kong silver dollar and half dollar coins of the same value and similar likeness to their Spanish/Mexican counterparts. The Chinese did not however receive these new Hong Kong dollars well, and in 1868,
2100-539: The Second World War (a ship carrying 1941 1-cent coins was sunk, making this unissued coin very rare). Just before the Japanese occupation, an emergency issue of 1 dollar notes was made consisting of overprinted Bank of China 5 yuan notes. 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
2184-652: 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. This was the point of departure as between the Hong Kong unit and the Straits unit. In British Weihaiwei , the Hong Kong dollar circulated jointly with the Chinese yuan from 1914 to 1930, when Weihaiwei
2268-636: 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. Under the Currency Ordinance of 1935, banknotes in denominations of 5 dollars and above issued by
2352-404: The 1960s, the UK found it difficult to keep the value of sterling as it was, with its role as official reserve currency even within the sterling area . In 1964, sterling was 83% of the official reserves of overseas sterling area countries, but this share had decreased to 75% in 1966 and to 65% in 1967. When sterling was devalued by the UK in 1967, and Hong Kong dollar's peg to the pound resulted in
2436-405: The AGM is not sitting. The club's constitution limits the number of the committee should consist of six members, but no more than nine. Qualified voting members are eligible to vote and stand for the Standing Committee election. The 2005–2007 Standing Committee is the current Standing Committee of Hok Yau Club. The six-member Committee was chosen in the AGM held on 27 November 2005. According to
2520-608: The Bauhinia the requested "politically neutral design" and did a secret "scissors and paste job". 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. 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
2604-711: The Chinese Communist Party in Hong Kong through the club in the 1960s and 1970s, such as bribery, money laundering , arms trafficking, and support of terrorism.. Just before the handover of Hong Kong, the club was once again openly accused as an underground branch of the Chinese Communist Party and under the control of the Party's Hong Kong and Macau Working Committee ( 中國共產黨港澳工作委員會 ). The Club officially denied this relationship in its newsletter in March 1997. Several media reports also have come into light regarding
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2688-478: The Financial Secretary of Hong Kong Government John Bremridge announced to peg the Hong Kong dollar with the U.S. dollar at a rate of HK$ 7.8 to US$ 1 in a currency board fashion on 17 October 1983. When recalling the choice of rate, Tony Latter notes that a rate of HK$ 7.25 to HK$ 7.50 was considered a reasonable range in macroeconomic terms, given the rate against the U.S. dollar around HK$ 6.60 before
2772-425: The Hong Kong dollar is "Honkie". 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 . The 1-mil and 1-cent were struck in bronze, with the 1 mil a holed coin. The remaining coins were struck in silver. Production of the 1-mil ended in 1866, whilst that of the half-dollar and 1-dollar ceased in 1868, with only
2856-494: The Queen's portrait are still legal tender and can be seen, but these are slowly being phased out. However, most still remain in legal tender and are in circulation. Because the redesign was highly sensitive with regard to political and economic reasons, the designing process of the new coins could not be entrusted to an artist but was undertaken by Joseph Yam , Chief Executive of the Hong Kong Monetary Authority , himself who found in
2940-619: The Second World War, the Hong Kong dollar was re-pegged to sterling at a fixed rate identical to the pre-war level. Meanwhile, the United Kingdom made efforts in maintaining the sterling area with countries of the British Commonwealth as well as its colonies. It imposed exchange controls on non-sterling area countries, barring them from freely converting British pounds into US dollars, but no such restriction
3024-609: The Spanish or Mexican 8 reales coins were set at a legal tender value of 4 shillings, 2 pence sterling (50 pre-decimal pence). But just as in the case of the British North American colonies, the attempts to introduce the sterling coinage failed to overcome the strong local adherence to the silver Spanish dollar system that had been in wide circulation across the Far East , emanating for centuries from Manila in
3108-483: The U.S. dollar and extended the exchange controls also to the Sterling Area countries, which put an effective end to the Sterling Area in 1972. In the same year, the Hong Kong dollar was pegged to the U.S. dollar at a rate of HK$ 5.65 = US$ 1, revised to HK$ 5.085 = US$ 1 in 1973. From 1974 to 1983, the Hong Kong dollar was not anchored to another currency, changing the monetary regime from a currency board system to
3192-710: The U.S. dollar with a return to the former currency board system. The proposal received support from two government officials within the Monetary Affairs Branch of the Hong Kong Government, namely the Deputy Secretary for Monetary Affairs Tony Latter and the Government Economist Alan McLean as a practical way to restore confidence in the Hong Kong dollar. After discussions between London and Hong Kong,
3276-458: The US dollars by the Hong Kong government officials, London agreed to offer exchange guarantees to protect Hong Kong against potential devaluation of sterling in the future, which was the first to receive such guarantees among the sterling area countries. After the US's cessation of the convertibility between gold and the U.S. dollar in October 1971, Britain abandoned the fixed exchange rate with
3360-402: The alphabets assigned, and the formation are different. Head Office is assigned as A, while Island Centre is B and SGC is C. The annual renewal of membership has no effect on the number. Each voting member is given a designated member number. He can retain the number for life (with annual renewal of membership). A life member is identified as P, regardless of his location, and a designated number
3444-478: The amount of existing Renminbi assets in Hong Kong's offshore market. Moreover, according to figures from the HKMA as of the end of 2014, Renminbi deposits and certificates of deposits stood at 1.158 trillion Renminbi, while outstanding Renminbi bonds amounted to 381 billion and Renminbi-denominated loans stood at 188 billion. Other studies shows, while the Hong Kong's financial and economic links are increasingly dominated by mainland China , and previous concerns about
HYC - Misplaced Pages Continue
3528-572: The banks stopped issuing HK$ 10 notes. In 1994 the HKMA gave authority to the Bank of China to issue notes. On New Year's Day (1 January) 1993 at stroke of midnight HKT , HSBC , Bank of China and Standard Chartered officially introduced all new banknote designs. HSBC , Bank of China and Standard Chartered officially introduced a new series of banknotes on New Year's Day (1 January) 1993 at stroke of midnight HKT in denominations of $ 10 , $ 20 , $ 25 , $ 50 , $ 100 , $ 500 and $ 1000 . After
3612-461: The club's administration by a small group of Club members. The amendment proposal is expected to be introduced in the next AGM in November 2006. Ordinary membership number is renewed every year. The formation of the number is according to the date and venue of the membership registration. Each centre is represented by an alphabet, whereas Head Office (Kowloon Centre) is K, Island Centre is H and SGC
3696-435: The club's constitution, membership of the Club consists of three types: An ordinary member can become a voting member of the club, has he been able to show his continuous participation of the club's activities for two years. His application must be recommended and countersigned by two others qualified voting members, and is subject to the approval of the Standing Committee of the club. In recent years, there have been changes of
3780-401: The crisis and the rate around HK$ 8.30 to HK$ 8.80 when the government's intention to change monetary regime was revealed in early October. In political terms, the government did not want to set the rate too weak so as to warrant international allegations of currency manipulation for competitive advantages, or too strong a rate that would result in high interest rates and the eventual abandonment of
3864-516: The currency board monetary regime continues to function with the same pegged rate beyond the handover of sovereignty of Hong Kong to China in 1997. The Basic Law of Hong Kong and the Sino-British Joint Declaration provides that Hong Kong retains full autonomy with respect to currency issuance. Currency in Hong Kong is issued by the government and three local banks ( HSBC , Bank of China and Standard Chartered ) under
3948-400: The exchange rate being fixed. By this arrangement the HKMA guarantees to exchange United States dollar into Hong Kong dollars and vice versa, at the rate of 7.80. When the market rate is below 7.80, the banks will convert United States dollar for Hong Kong dollars from the HKMA, Hong Kong dollars supply will increase, and the market rate will climb back to 7.80. The same mechanism also works when
4032-513: The extent that there was now a dearth of Spanish/Mexican dollars and the authorities in both Hong Kong and the Straits Settlements were putting pressure on the authorities in London to take measures to have a regular supply of silver dollar coins. 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
4116-618: The half-dollar (now with the denomination given as 50 cents) resuming production in 1890. Production of all silver coins was suspended in 1905, only briefly resumed in 1932 and 1933 for the production of 5-cent coins. In 1934, the last 1-cent coins were issued, but the last minting was 1941. 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
4200-423: The introduction of one-dollar notes by the government and the government acknowledged the Hong Kong dollar as the local monetary unit. It was not until 1937 that the legal tender of Hong Kong was finally unified. In 1939, the Hong Kong dollar was put on a fixed peg of HK$ 16 = £1 ($ 1 = 1 s 3 d ). The discussion about switching from the silver standard to the gold standard began as early as 1930. A commission report
4284-589: The late 2000s and the inclusion of the Renminbi in the special drawing rights , there has been some debates to peg the Hong Kong dollar with the Renminbi, instead of the United States dollar. Studies shows that, if the Hong Kong dollar were to be re-pegged to the Renminbi, it would need over 2 trillion Renminbi worth of assets to replace the HKMA's US$ 340 billion in foreign reserves as of 2015, which exceeds
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#17328017620394368-539: The long collusion between officials in Hong Kong, bankers and local business communities. The People's Republic of China (PRC) established by the Chinese Communist Party in 1949 was in dire need for foreign currency, especially after the Korean War (1950–1953) and the Sino-Soviet split in the early 1960s for international trade with countries of non-Soviet bloc. The British sterling obtained through Hong Kong
4452-429: 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). 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. A further aim of allowing the Hong Kong dollar to trade in
4536-473: The market rate is above 7.80, and the banks will convert Hong Kong dollars for United States dollars. By this arrangement, the Hong Kong dollar is backed by one of the world's largest foreign exchange reserves , which is over 7 times the amount of money supplied in circulation or about 48% of Hong Kong dollar M3 at the end of April 2016. Following the Internationalization of the renminbi in
4620-399: The market speculation, Hong Kong Monetary Authority said on 27 January that the regulator will protect Hong Kong dollar's linked exchange rate regime. As Hong Kong's financial markets are highly impacted by mainland China, the Renminbi exchange rate as well as China's equity market remain in a state of high volatility and continues to weigh on Hong Kong markets and the Hong Kong dollar. However,
4704-462: The monetary openness of China's capital account are slowly receding, if China continues to open its capital account, the peg could shift from United States dollar to renminbi. However, in January 2016, the volatility in the Renminbi and China's financial markets expanded to Hong Kong's markets and its currency. Renminbi offshore overnight borrowing rate, CNH HIBOR, soared to 66.8% on 12 January after
4788-421: The name "fifty cents" in both Chinese and English, but these were changed to nickel-brass in 1977. 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
4872-468: The only legal tender on 1 June 1943. The issue of local currency was resumed by the Hong Kong government and the authorised local banks after liberation, with the pre-war rate of HK$ 16 = £1 being restored. The yen was exchanged at a rate of ¥100 = HK$ 1. On 6 September 1945, all military yen notes used in Japanese colonies were declared void by the Japanese Ministry of Finance . After the end of
4956-507: The peg amidst the crisis. The solution in its current form was favored by government officials for reasons beyond monetary considerations. Financially, the currency peg was designed not to require the Bank of England to lend its reserves to maintain Hong Kong's currency peg. Politically, the currency board system well demonstrated the autonomy London has given to Hong Kong in economic policymaking amidst British negotiation with China to grant Hong Kong's higher autonomy after 1997. As envisioned,
5040-730: The position of the Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA) , contended that the Financial Secretary together with the HKMA in the Hong Kong SAR Government were responsible for that. He acknowledged the heavy and direct influence of the Federal Reserve of the United States on Hong Kong's monetary policy under the currency peg, but argued that "It was Hong Kong's choice, and we do not require any permission from US to continue or discontinue it". As of 18 May 2005, in addition to
5124-421: The procedure that applicants are required to attend seminars on the club's history. It is seen as necessary, as the voting members are the electors of the Standing Committee, the governing body of the club. They are entitled to vote in Annual General Meetings (AGMs) and to nominate and be nominated in a Standing Committee election. The membership fee is the same as that of an ordinary member. A voting member with
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#17328017620395208-483: The proposal in early Summer 2005 and consultation was held. The amendment will allow life members of the club to vote in AGMs and to stand for the Standing Committee election held every two years. The then Standing Committee argued that the amendment would allow wider participation in the club's development and promote long-term commitment to the club. There were concerns that the changes would result in long-term domination on
5292-469: The public had greater degree of confidence in the notes issued by those long-established banks than that by the government. During the Japanese occupation , the Japanese military yen were the only means of everyday exchange in Hong Kong. When the yen was first introduced on 26 December 1941, the exchange rate was ¥1 yen = HK$ 2. However, in August 1942, the rate was changed to HK$ 4 to ¥1 yen. The yen became
5376-399: The rate. HK$ 7.8 was finally selected, as the government hoped to demonstrate that the situation has been properly stabilized and it was felt that the rate below HK$ 8.0 can achieve this purpose psychologically. John Bremridge was once quoted saying that the rate was somewhat "a number off the air", but the most important thing was the restoration of public confidence in Hong Kong dollar with
5460-483: 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 . Notes are also issued by the HKMA itself. In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government. The arrangements in Hong Kong are unusual but not unique; a comparable system
5544-493: The relationship between the club and the underground Communist activities. The Honorary Patron of the club is Regina Leung, wife of Chief Executive Leung Chun-ying . Former Honorary Patrons include Selina Tsang, wife of former Chief Executive Donald Tsang , and Betty Tung Hung-ping, wife of then Chief Executive Tung Chee-hwa , who resigned after her husband had stepped down from power in 2005. HK$ The Hong Kong dollar ( Chinese : 港元 , sign : HK$ ; code : HKD )
5628-415: The same denomination of banknote. However, the HK$ 10 banknote and all coins are issued by the Government of Hong Kong . As of April 2019, the Hong Kong dollar was the ninth- most traded currency in the world . Hong Kong uses a linked exchange rate system , trading since May 2005 in the range US$ 1:HK$ 7.75–7.85. Apart from its use in Hong Kong, the Hong Kong dollar is also used in neighbouring Macau . It
5712-471: The supervision of the Hong Kong Monetary Authority , which was a semi-independent public body established in the early 1990s to regulate banks and manage exchange funds and serves until now as the territory's de facto " central bank ". Banknotes are printed by Hong Kong Note Printing Limited . A bank can issue a Hong Kong dollar only if it has the equivalent exchange in US dollars on deposit. The currency board system ensures that Hong Kong's entire monetary base
5796-491: The talks, on 24 September 1983, the Hong Kong dollar was devalued by 15% over 2 days to a historical low at HK$ 9.6 to US$ 1. Public panic set in and there were runs on foodstuff on this Black Saturday (1983) . Amidst the monetary crisis, John Greenwood, an economist who was later dubbed the "architect of the Linked Exchange Rate System " in Hong Kong, advocated the proposal to peg the Hong Kong dollar to
5880-546: The three authorised local banks, the Mercantile Bank of India, London and China , the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation, were all declared legal tender. The government took over production of 1 dollar notes. In 1941, the government introduced notes for 1 cent , 5 cents and 10 cents due to the difficulty of transporting coins to Hong Kong caused by
5964-435: 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. In 1975, the HK$ 5 notes were replaced by coins, whilst HK$ 1,000 notes were introduced in 1977. The Mercantile Bank was absorbed by the HSBC in 1978 and ceased issuing notes. In 1985, HK$ 20 notes were introduced, whilst, in 1993, HK$ 10 coins were introduced and
6048-450: The title HYC . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=HYC&oldid=957561688 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Hok Yau Club Hok Yau Club
6132-463: The wider region. 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 . By 1895, the circumstances had changed to
6216-638: The younger generation. The motto of the club is "To Learn and To Serve" ( 「探求真知，服務社會」 ). The club has three venues: Head Office in Sham Shui Po , Kowloon , which also serves as the club's Kowloon Centre, Island Centre in North Point , Hong Kong Island , and a Student Guidance Centre in Cheung Sha Wan , Kowloon . It was founded as "Hok Yau Dancing Club" ( 學友中西舞蹈研究社 ) in April 1949. After
6300-452: Was a Communist Party member. She has since immigrated to Canada and published Chinese-language memoirs in 2012 titled My Time in Hong Kong's Underground Communist Party . She admitted that the club operated under the guidance of the CCP and served to recruit young people. She later stated, "Their futures are ruined. That was the biggest mistake of my life which I regret the most." For this, Leung
6384-401: Was able to finance 28% and 46% of PRC's total import from 1963 to 1967 and from 1970 to 1971 respectively. Of the British sterling obtained by PRC through Hong Kong during 1953 and 1971, about 40–50% was supplied by The Hongkong and Shanghai Banking Corporation (HSBC), the de facto "central bank" in Hong Kong, which accounted for 10% of annual foreign currency needed by PRC in the period. In
6468-402: Was exponentially expanded from £140–£160 million in the late 1950s to £363 million in October 1967, equivalent to 10% of the UK's total sterling liabilities to the overseas sterling area before the devaluation. Subsequently, Hong Kong and London engaged in talks about compensation and protection against further losses. Considering the potential diversification of official reserves from sterling to
6552-612: Was issued starting in 2018. Commemorative banknotes have also been issued celebrating the note-issuing banks' anniversaries as well as the Olympic Games held in Beijing in 2008 and 2022. Since 1983, the linked exchange rate system is a unique type of exchange rate regime used for the Hong Kong dollar to be pegged with the United States dollar at a fixed rate of HK$ 7.80 = US$ 1. In this unique linked exchange rate system,
6636-473: Was last issued in 1979, but last struck in 1988. In 1994, a bimetallic 10-dollar coin was introduced. Starting on New Year's Day (1 January) 1993 at stroke of midnight HKT , prior to the establishment of the HKSAR, coins with Queen Elizabeth II 's portrait were gradually withdrawn from circulation. Most of the notes and coins in circulations feature Hong Kong's Bauhinia flower or other symbols. Coins with
6720-647: Was placed on sterling area countries. As a colony of the British Empire, Hong Kong was obliged to observe the sterling area regulations. Nevertheless, its unique geo-economic position afforded Hong Kong the ability to defy exchange controls by operating a dual system with the sterling area and a free exchange market principally with the US dollar, which was technically illegal from 1949 to 1967. Hong Kong economy specialist Leo Goodstadt argues that ministers and officials in London were bound to tolerate Hong Kong's situation, given Hong Kong's extensive trade with PRC, and
6804-482: Was released in May 1931. It concluded that it was important for Hong Kong to facilitate free flow of capital with China and the same monetary standard was thus preferred. The report also recommended the Hong Kong Government only to take over the burden of note issuance when the banks failed to do so. Actually, the Hong Kong Government was not willing to take up the logistics of note issuance, and some officials even thought that
6888-480: Was returned to the Republic of China . By 1935, only Hong Kong and China remained on the silver standard. In that year, Hong Kong, shortly after China, abandoned silver and introduced a crawling peg to sterling of £1 = HK$ 15.36 to HK$ 16.45. It was from this point in time that the concept of a Hong Kong dollar as a distinct unit of currency came into existence. The One-Dollar Currency Note Ordinance of that year led to
6972-619: Was subsequently denounced by pro-Beijing newspaper Ta Kung Pao . In 1975 the Hong Kong Standard described the Hok Yau Club as "pro- Peking " and " Maoist ". In his book " Song of the Azalea: Memoir of a Chinese son ", Kenneth Ore ( 柯其毅 ), one of the club's former members (so as he has claimed), has described himself as "underground recruiter" and uncovered his participation to the underground activities of
7056-450: Was the chief denomination until the introduction of the yuan in the late 19th century. The dollar is divided into 100 cents, with the character 仙 ( Cantonese Yale : sīn , a transliteration of “cent”) used on coins and in informal Cantonese. However, 仙 is now only used in the stock market, as now it no longer has a note or coin form due to its small value, and is no longer used in regular cash transactions. The amount of 10 cents
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