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Hong Kong in the development of trade and financial center during the practiced different types of linked exchange rate system. In 1863, the Hong Kong government announced at the time of the International Monetary - silver - as legal tender in Hong Kong,louis vuitton damier bags and in 1866 began issuing our own silver. Until 1935, Hong Kong's monetary system are the silver standard. Later occurrence of global silver crisis, the government then declared abandoned the silver standard, according to the Hong Kong dollar exchange rate of £ 1 16 against the Hong Kong dollar and the pound pegged Jiao.
According to the 1935 enactment of the "currency regulations", the bank shall hand over all the Exchange Fund is used to support silver on hand to issue banknotes in exchange for certificates of indebtedness, in sterling assets, these CIs silver investment received by the Exchange Fund put became legal support issuing banks to issue banknotes.

In fact, this arrangement is that the currency board system. Note-issuing banks in the future if additional notes, certificates of indebtedness must be purchased in sterling.
June 1972, the British government decided to let the pound float. Subsequently, the Hong Kong dollar pegged to the dollar once the initial HK $ 5.65 to US $ 1,cheap louis vuitton handbags and in February 1973 to HK $ 5.085 per US dollar. However, since June 1972, the Hong Kong dollar note-issuing banks available to purchase certificates of indebtedness.

November 1974, due to the weak dollar, the Hong Kong dollar was changed to float freely.
While the first two years of operation of the floating exchange rate system is implemented after quite smoothly, but then the situation is not ideal. Monetary policy framework was still in early development stage, is not enough to replace the value of foreign currency monetary framework to locate, while there is no clear monetary policy target, let alone achieve these objectives tools. Therefore, the Hong Kong economy into turmoil period, almost all the links in volatility.
Real GDP growth fell to 0.3% in 1975, in 1976 it rose to 16.2%.

Inflation rose sharply from 2.7% in 1975 to 15.5% in 1980. Hong Kong dollar from 1981 to HK $ 5.13 per US dollar, Hong Kong dollar depreciated to 9.60 in 1983 to US $ 1.
Speculative attacks on the activities and future of Hong Kong's confidence crisis intensified, so that devaluation of the situation deteriorate further in 1983 to a very severe even juncture. September 1983, the exchange rate was recorded lows, two day total devaluation of 13 percent to HK $ 9.60 to US $ 1 low.
Faced with a currency crisis and related concerns over the soundness of the bank, the Hong Kong government announced in October 15,2014 cheap louis vuitton handbags 1983 a new policy to stabilize the Hong Kong dollar, the Hong Kong dollar will be linked by HK $ 7.80 to US $ 1 a fixed exchange rate with the US dollar. This arrangement became the foundation of our monetary system.
62010 version

The new version of the 2010 Hong Kong dollars banknote series with banknotes in circulation as a total of five denominations, the same color. The first to be released on the 20th of HK $ 1000 and HK $ 500 denomination banknotes in design, these two denominations of banknotes will be in the fourth quarter of 2010 and beginning of 2011 were in circulation. The remaining HK $ 100, HK $ 50 and HK $ 20 denomination banknotes three kinds of design will be announced in 2012. According to reports, new banknotes with a number of advanced security features, and unified the related features on five kinds of bills in position. Where five of the more important features include: dynamic color pattern - when the bill is tilted, the pattern changed from golden-green, and a visible light pattern scroll up and down; color window wire - wire from purple to green, a closer look visible "H" and "K" word combination made from miniature letters; unified high light watermark - by Bauhinia, the denomination numeral and dot pattern composed; fluoroscopic pattern - Backlit complete pattern visible under ultraviolet light rendered two fluorescent colors; fluorescence bill number - straight row numbers showing red fluorescence under ultraviolet light. New banknotes first joined Braille and touch line, the visually impaired to identify the denomination banknotes.
Hong Kong Monetary Authority Chief Executive Norman Chan said in the past six years,cheap louis vuitton handbags outlet counterfeit digital Hong Kong continued to decline, every one million banknotes in circulation, only less than one is counterfeit.

Norman Chan said the new notes using the most sophisticated security design and woodblock printing technology, greatly enhanced security features and advantages of the easily recognizable. Meanwhile, the new bill also enhanced accessibility features for the visually impaired to identify the denomination banknotes.
Banknotes issued by the Financial Secretary of the HKSAR Government has been approved by the Hong Kong Note Printing Limited printing, and design notes by note-issuing banks in charge of each.
7 Battle

HKMA four consecutive shots to defend the linked exchange rate system linked to the dollar, the market began to doubt: the free market, it will repeat the mistakes of 1997, hedge funds competing to become the target of attack? There are indications that this round of the Battle of Hong Kong dollar and Fed Chairman Ben Bernanke and perhaps inextricably linked. [1]
Intervened in currency markets for the first time:
HKMA HK $ 7.75 to the dollar: The dollar bought a HK dollar selling intervention scale of approximately HK $ 4.673 billion (US $ 603 million), for the first time since December 2009 intervention in the market. Subsequently, the situation worsened, the HKMA at 23 noon and twice in the afternoon to buy dollars, Hong Kong dollars selling, respectively, the amount of HK $ 3.914 billion and HK $ 2.712 billion. On the 24th, with the touch of HK $ 7.75 for the strong-side Convertibility Undertaking ceiling HKMA market again. Within the four days, the HKMA sold a total of HK $ 14.4 billion for the maintenance of stability.
At October 15,cheap louis vuitton handbags replica Fed Chairman Ben Bernanke has said publicly that the emerging market foreign exchange market intervention should be reduced, allowing the currency to appreciate. At the same time, Bernanke also defended that the Fed policy is not the only cause of capital inflows in recent years, emerging economies, capital inflows to emerging markets in developing countries mainly due to the growth was faster than the developed countries. Coincidentally, five days, the Hong Kong currency intervention rare start after the Bernanke speech. During the Hong Kong exchange forward two years to 22 March, the highest since the largest single-day gain.
Former hedge fund manager BruceKrasting immediately wrote that the 15th Bernanke strongly hinted that the HKMA pushed to the foreground. Once the hot money betting on the Hong Kong dollar appreciation began to overweight, with 29-year-old peg will go bankrupt. Clearly, Bernanke focused on the yuan, but the foreign exchange market on its selection of the relevant currency - Hong Kong dollars.
Eyeing the "Shark":
Lurking in the capital markets hedge funds are as bloodthirsty sharks.
Once the peg relaxed or lifted, those who charge more than the Hong Kong dollar in profit from hedge funds. And these, there is no lack of Bill Ackerman (BillAckman) such international speculators, he managed large hedge fund Pershing Square Capital (PershingSquareCapital).
It is reported that, Ackerman said he maintain a bullish bet on the Hong Kong dollar, as long as the Hong Kong dollar appreciation allowed, he will make a profit.
Bloomberg data show that the Hong Kong dollar exchange contracts biennial far below the average of the past three years, to the end of 2013, the Hong Kong dollar against the US dollar is expected to report 7.76, 7.75 - 7.85 in the current trading range. Ackerman openly called for a call option to buy the Hong Kong dollar, Hong Kong dollar appreciation or so after re-entering into the peg profit.
A lot of hot money:
In addition,cheap louis vuitton handbags authentic a noteworthy phenomenon is already large influx of hot money betting on the appreciation of the underlying assets. With the influx of hot money, Hong Kong's capital market, the rapid response. Bloomberg data show that since the Hang Seng Composite Index hit a new high in September 2011, also a record 11 days of continuous rise since July 2005 for the longest winning streak record. And since the Fed's September 13 announcement since QE3, the Hang Seng Index's 355 stocks rose in 314, where the Hang Seng Finance Index rose the most in four industry index.
The reason for the influx of hot money, "the most important reason is that foreign investors believe that the current European economic situation dominated market outlook is not good, relatively speaking, the assets in Asia should be a good subject for investors speaking to mainland China, Hong Kong market as the background, with a very big attraction, so the influx of hot money in the increasing frequency. in addition, recent economic data Mainland better market for yuan-denominated assets have relatively optimism, but also an important reason for the influx of hot money in Hong Kong. in the short term, the most intuitive effect is that Hong Kong stocks continued to rise, making the hot money inflows significantly increase market liquidity, capital flows, stock and property markets and currency markets, these markets will inevitably push up asset prices. "
For the future whether the HKMA will continue to intervene in currency markets, "It depends on foreign markets, the recent economic situation can be improved, and what central banks will take action. If the situation in Europe in these economies still can not improve, then the hot money there are likely to continue to flow into emerging economies. so the current situation, do not rule out the possibility of the HKMA shot again intervene in currency markets. "

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