Cryptocurrency Q&A
Is HKD still used?
Is HKD still used?
HallyuHeroine
Wed Oct 09 2024
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7 answers
1574
I'm wondering if the Hong Kong Dollar (HKD) is still in use as a currency. I'm not sure if it has been replaced or phased out due to recent changes.
7 answers
BonsaiStrength
Fri Oct 11 2024
The stability offered by this system has contributed to Hong Kong's status as a major financial hub. Despite its primary use in Hong Kong, the Hong Kong dollar's influence extends beyond its borders.
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Federico
Fri Oct 11 2024
Notably, the Hong Kong dollar is also widely accepted and used in the neighbouring territory of Macau. This underscores the currency's regional significance and its ability to facilitate cross-border transactions.
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Silvia
Fri Oct 11 2024
In Macau, the Hong Kong dollar is pegged to the Macanese pataca at a rate of 1 Hong Kong dollar to 1.03 Macanese patacas. This fixed exchange rate ensures that the two currencies maintain a stable and predictable relationship.
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Valentina
Fri Oct 11 2024
Hong Kong employs a unique linked exchange rate system, which has been operational since May 2005. This system maintains the Hong Kong dollar's value within a tight range against the US dollar, specifically between US$1:HK$7.75 and HK$7.85.
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Rosalia
Fri Oct 11 2024
Despite the official peg, the Hong Kong dollar is often accepted at par or as equivalent to MOP 1.00 in retail transactions in Macau. This reflects the high degree of interchangeability and trust between the two currencies.
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