The most actively traded currency in the world is the Hong Kong dollar. In addition to that, it is the eighth most traded currency in the entire world. Since 1983, the Hong Kong dollar has been fixed in relation to the value of the US dollar.
The Hong Kong dollar (HKD) is a currency that can be used across China and is issued by the Hong Kong Monetary Authority. One Hong Kong Dollar is equal to one hundred cents.The Hong Kong dollar (HKD) was initially launched in the year 1863, back when Hong Kong was still a British colony.
The value of one Hong Kong dollar was initially equivalent to one British shilling, and the currency was first fixed to the British pound. The standard was shifted to the silver dollar in the year 1866. In 1935, the Hong Kong dollar was fixed at an exchange rate of 1 HKD to 8 US dollars relative to the dollar.
In 1972, the exchange rate was adjusted to 7.8 US dollars for every one Hong Kong dollar. In 1974, the exchange rate was adjusted so that one Hong Kong dollar was equal to 7.
5 US dollars. In 1980, the exchange rate was adjusted to 7.2 dollars for every one Hong Kong dollar.
In 1983, the exchange rate was adjusted to 1 Hong Kong dollar equal 7 US dollars.Since 1995, the Hong Kong dollar has been an easily convertible currency. To protect the value of the Hong Kong dollar, the Hong Kong Monetary Authority has the authority to step into the market for currency exchange.
On the offshore market, the Hong Kong dollar is also commonly utilized.