Gold Price in Hong Kong Dollars
The Hong Kong dollar is the official currency of Hong Kong, a special economic zone belonging to China. Despite recovering Hong Kong in 1997, China has not imposed the use of the yuan in the former British colony.
After many attempts in the 19th century to create a currency for Hong Kong, the independent Hong Kong dollar as we know it today was born in 1935 when the silver standard was abandoned. Up to that point, currencies as diverse as the pound sterling, spanish dollar and mexican peso had been used in Hong Kong. The Hong Kong dollar was first pegged to silver and then later to the US dollar.
The Hong Kong Monetary Authority is the central bank of Hong Hong and, together with private banks, issues the currency with the restriction that all Hong Kong dollars printed must be back up by US dollar deposits in banks. The exchange rate with the US dollar is fixed by the government.
Records available back to 1981 show that the lowest gold price in Hong Kong dollars was $1,771.30 per ounce in1982. Gold’s peak in Hong Dollars was $14,800, reached in September 2011.
