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Skyrocketing Exchange Rate!


Exchange rates are like life, ups and downs are the norm.

However, for the Hong Kong dollar, this year has been really strong, with a strong momentum of "not giving up until 1:1" all the way!

The exchange rate is fierce, but the pain is for those who work and live in Hong Kong and are about to study abroad. The good exchange rate has not yet arrived, and the deadline for tuition fees is approaching. Panda's friends who didn't exchange Hong Kong dollars at the beginning of this year are too late to repent.


Source: Sina Finance

So, what is the reason for the continuous rise of the Hong Kong dollar? As an international financial center in Asia, what is the trend of the Hong Kong dollar and other currencies? Let Panda give you a detailed introduction!


Why does the Hong Kong dollar continue to strengthen?

Linked exchange rate system


Hong Kong adopts the linked exchange rate system to maintain currency stability and reduce transaction costs between Hong Kong financial institutions and between Hong Kong financial markets and international financial markets.



What is the linked exchange rate system?


The linked exchange rate system is a fixed exchange rate system that fixes the exchange rate between the local currency (Hong Kong dollars) and a specific foreign currency (US dollars) and strictly follows the established exchange rate ratio to link the currency issuance with the foreign exchange reserves.


Simply understood, the Hong Kong dollar is pegged to the US dollar, and as the US dollar rises, the Hong Kong dollar also strengthens. Since the beginning of this year, the strength of the US dollar has been evident to all, and the Hong Kong dollar linked to it is naturally not willing to fall behind.


Hong Kong's Economic Market is Active

As an important global foreign exchange market, since the beginning of this year, with the relaxation of epidemic control policies, as one of the four pillar industries of the Hong Kong economy, the recovery of the tourism industry has driven industries such as transportation, catering, and retail, stimulating consumption growth; At the same time, the series of stimulating consumption policies launched by the SAR government have greatly boosted consumer market confidence and injected abundant vitality into Hong Kong's economic development.



It is worth mentioning that there have been a large number of "deposit special forces" flying to Hong Kong recently, as well as the scene of "long queues" at the entrance of banks in Hong Kong at 7 a.m.


Since the central bank continued to "lower interest rates", the deposit interest rates in mainland China have fully entered the "2.0" era. At the same time, several banks in Hong Kong have significantly increased their deposit rates, even reaching an annualized interest rate of 7.28%. In contrast, Hong Kong's high interest rate deposits appear particularly attractive, attracting more foreign capital to flow into the Hong Kong market and promoting further appreciation of the Hong Kong dollar!


However, Panda still needs to remind everyone to stay rational and pay attention to exchange rate risks.


HKD vs USD vs JPY vs AUD


As mentioned earlier, the Hong Kong government implemented the linked exchange rate system. Specifically, for every 1 Hong Kong dollar issued, the Hong Kong Monetary Authority provides a 100% guarantee of US dollar foreign exchange reserves, while maintaining absolute stability in the exchange rate: within the range of 7.75 to 7.85 Hong Kong dollars to 1 US dollar.

The exchange rate trend of the US dollar to the Hong Kong dollar also reflects this system well.


Source: Sina Finance


Since the beginning of this year, the Japanese yen has been hovering at a low level under the dual pressure of loose monetary policy in China and continuous interest rate hikes by the Federal Reserve. Coupled with the strong performance of the Hong Kong dollar, a new high is just around the corner!

For friends who have plans to travel and study abroad in Japan, this wave of cost-effectiveness is full!


Source: Sina Finance


From the beginning of this year to the present, the exchange rate of the Hong Kong dollar and Australian dollar can be described as a wave-like rise, marking the path of an inspirational life.

Domestic prices in Australia have risen, but consumer demand remains weak. In addition, the Federal Reserve has been continuously raising interest rates.

Amidst internal and external troubles, the Australian dollar has continued to decline.


Source: Sina Finance

Overall, the Hong Kong dollar is currently at a high level, but the exchange rate is unpredictable. It is difficult to predict whether the Hong Kong dollar will continue to rise in the future. Panda kindly reminds friends in Hong Kong to seize the opportunity and take action promptly if they have a demand for exchange!



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