Hkd Deposits by Country
HKD Deposit Rates
The Hong Kong Dollar is one of the most traded currencies on the foreign exchange market, the code of the Hong Kong Dollar is HK$ in order to differentiate it from the other countries that is using dollar-denomination. In May 2005, the HK$ was place to its new upper guaranteed limit which is 7.75 against the US$ adding up to its lower guaranteed limit. The lower limit of HK$ is decreased from 7.80 to 7.85 in 5 weeks by 0.01 weekly. According to the Hong Kong Monetary Authority, this action is to lessen the breach between the interest rate of HK$ and US$, moreover, the objective of permitting the HK$ to deal in a series in order to prevent the use of HK$ as a substitute for Chinese Renminbi revaluation.
The Sino-British Joint Declaration and Basic Law of Hong Kong gives that Hong Kong maintains its full independence with the issuance of their currency. The HK$ is distributed by the Hong Kong government and three regional banks under the management of the Hong Kong Monetary Authority, while Hong Kong Note Printing Limited prints their bank notes. Banks in Hong Kong (like HSBC, Standard Chartered Bank and Bank of China) can only distribute HK$ in the case that it has the corresponding exchange rate in the deposit of the US$. The organization of the Hong Kong board system guarantees that the monetary base of Hong Kong is supported with the US$ as associated with the exchange rate. The sources for the support of the exchange fund Hong Kong, which is one of the biggest global official reserves. In 2008, HK$ has over US$700 billion deposit.
As of 2011, deposit accounts are available from a number of banks including Standard Chartered Bank, Hang Seng Bank, HSBC and Bank of East Asia.