Hong Kong Economic Information
Central Bank: Hong Kong Monetary Authority
Currency: Hong Kong dollar (HKD or HK$)
In 1997, Hong Kong became a special administrative region of China with a high degree of autonomy to manage its monetary system. With ambitions of being the primary international financial center for Asia, Hong Kong is the world's 11th largest trading economy. The Hong Kong dollar operates under a monetary policy that strives to maintain currency stability. To accomplish this, the Hong Kong dollar is permitted to trade within a range of $7.75-$7.85 to the U.S. dollar.
Key industries:
Textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches and clocks.
Agricultural products:
Fresh vegetables, poultry, pork and fish.
Export commodities:
Electrical machinery and appliances, textiles, apparel, footwear, watches and clocks, toys, plastics, precious stones and printed material.
Import commodities:
Raw materials and semi-manufactures, consumer goods, capital goods, foodstuffs and fuel.
Historical foreign currency exchange rates
 Downward Trend |
 Upward Trend |
| Source: These exchange rates are interbank rates as published by Interactive Data as of 8/29/2010. These rates were not available to retail customers and were not the rates offered by EverBank. Past performance does not guarantee future results. |
A few factors to consider when evaluating the Hong Kong dollar:
Reasons to consider
- Hong Kong's integration with China has helped it recover from the downturn more quickly than many observers anticipated.
- Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad.
- Hong Kong’s service industry grew rapidly in 2009 accounting for more than 90% of the territory’s GDP
- GDP grew over the third quarter 2009, indicating that its economic recovery is underway.
- Hong Kong boasts one of the world’s most prosperous economies, thanks to small government, low taxes and light regulation
Risk factors to consider
- Hong Kong's open economy has left it exposed to the global economic slowdown.
- Hong Kong's natural resources are limited, and food and raw materials must be imported.
- High unemployment, 5.9% for 2009.
- Central Bank discount rate 0.75%.
- GDP for 2009, -3.1%.
How EverBank can help with your Hong Kong dollar needs?
WorldCurrency® CDs (Single-currency CDs): Earn interest rates at local rates in the currency of your choice.
WorldCurrency Basket CDs (Multi-currency CDs): Open a single CD comprised of multiple currencies, each designed to focus on a specific regional strength, and/or geopolitical and economic development. This currency is available in the following Basket CD(s):
WorldCurrency Access Deposit Account: Open a transactional money market account in the currency of your choice.
I'm interested in opening a WorldCurrency® account, what is my next step?
Please note: Not all investments are right for all investors. You should conduct your own research and/or consult with an investment advisor before making any investment.
- Before opening a WorldCurrency account, we recommend reading the following pages:
- If you are ready to open your WorldCurrency account, apply online or call 800.926.4922 for more information.
- For your protection, we require that you sign and mail your application along with a deposit.
