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

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  • Schenk, Catherine R.

Abstract

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.

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  • 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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