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The evolution of the Hong Kong currency board during global exchange rate instability, 1967–1973


  • Schenk, Catherine R.


Hong Kong SAR is well known as one of the few economies to operate a form of currency board as the basis of its monetary system. This system arose out of colonial status and has been retained except for a period of floating from 1975-83 to the present day, with some amendments. This article explores the evolution of the Exchange Fund during a period of global exchange rate instability showing that the abandonment of the monetary anchor in 1975 was part of a series of innovations to the use of the Fund as the colonial government sought to manage the exchange rate risks posed by the collapse of the Bretton Woods system.

Suggested Citation

  • Schenk, Catherine R., 2009. "The evolution of the Hong Kong currency board during global exchange rate instability, 1967–1973," Financial History Review, Cambridge University Press, vol. 16(02), pages 129-156, October.
  • Handle: RePEc:cup:fihrev:v:16:y:2009:i:02:p:129-156_99

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    Cited by:

    1. Robert N McCauley & Tracy Chan, 2014. "Currency movements drive reserve composition," BIS Quarterly Review, Bank for International Settlements, December.
    2. Ito, Hiroyuki & McCauley, Robert N. & Chan, Tracy, 2015. "Currency composition of reserves, trade invoicing and currency movements," Emerging Markets Review, Elsevier, vol. 25(C), pages 16-29.

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