Currency · HKD · HK$

Hong Kong dollar (HKD)
exchange rate

The Hong Kong dollar is the official currency of Hong Kong and one of Asia's most traded currencies. Its distinctive feature : it is pegged to the US dollar through a currency board arrangement managed by the HKMA. Convert it at the real interbank rate, in real time, with a transparent margin from 0.40%.

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HKDISO code · HK$
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The Hong Kong dollar in brief

The essentials about the Hong Kong dollar (HKD)

The key facts about a major Asian currency, and how to convert it at the right rate.

ISO code HKD, symbol HK$

The official currency of Hong Kong, issued under licence by three of the territory's commercial banks.

Managed by the HKMA

The Hong Kong Monetary Authority safeguards the stability of the HKD against the US dollar.

Pegged to the US dollar

Kept within a band of roughly 7.75 to 7.85 HKD per 1 USD since 1983, through a currency board arrangement.

Exchange from 0.40% at ibani

A sliding, transparent margin applied to the real rate, with no hidden fees.

Our experts' analysis

The Hong Kong dollar,
a currency pegged to the greenback.

The Hong Kong dollar (HKD) is the official currency of Hong Kong and ranks among Asia's most traded currencies. Its singularity lies in its exchange rate regime : since 1983, it has been linked to the US dollar under the Linked Exchange Rate System, a currency board mechanism.

For Swiss players, tracking the HKD/CHF pair largely comes down to tracking the USD/CHF pair, since the HKD moves within a narrow band against the US dollar. Understanding the peg and the decisions of the Federal Reserve therefore helps anticipate movements in the Hong Kong dollar and optimise your exchange operations.

HKD key facts
ISO codeHKD · HK$
Monetary authorityHKMA
Area of useHong Kong
Exchange rate regimePegged to the USD
Exchange rate regime

The peg of the HKD to the US dollar

The Hong Kong Monetary Authority (HKMA) acts as the central bank for Hong Kong. Its primary mission is to preserve the stability of the Hong Kong dollar through the Linked Exchange Rate System, in place since 1983.

This framework rests on two principles :

A currency board arrangement

Any issuance of Hong Kong dollars must be backed by US dollar reserves, which ensures the credibility of the peg.

A narrow fluctuation band

The HKMA commits to exchanging the HKD for the USD between 7.75 and 7.85, around a central point of 7.80, and intervenes to maintain this band.

A direct consequence of this peg : Hong Kong's monetary policy effectively follows that of the US Federal Reserve. When the Fed raises or lowers its rates, the HKMA tends to adjust its own to preserve the parity, which explains the great stability of the HKD against the dollar.

History of the Hong Kong dollar

The key dates in its history

1935

Creation of the Hong Kong dollar

Hong Kong abandons the silver standard and establishes the Hong Kong dollar as the official currency, then linked to the pound sterling.

1972-1974

From sterling to the dollar, then floating

The HKD is linked to the US dollar in 1972, before being allowed to float freely from 1974.

1983

Birth of the Linked Exchange Rate System

On 17 October 1983, after severe instability, Hong Kong introduces a currency board arrangement pegging the HKD to the US dollar at 7.80.

1998

Reinforcement after the Asian crisis

Following the Asian financial crisis, the HKMA introduces technical measures, including a convertibility undertaking, to consolidate the peg.

2005

Introduction of the 7.75-7.85 band

The HKMA introduces convertibility undertakings on both sides, defining the official band of roughly 7.75 to 7.85 HKD per 1 USD.

2022-2023

Defending the peg amid rising rates

The rapid rise in Fed rates pushes the HKD towards the weak side of the band ; the HKMA intervenes repeatedly to defend the peg.

Today's rate

Our rates for the Hong Kong dollar (HKD)

Indicative value for 1 unit, ibani margin included. Click a pair for its details and history.

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To the Hong Kong dollar (HKD)
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Frequently asked questions

Frequently asked questions about the Hong Kong dollar (HKD)

Always compare the rate offered with the real interbank (mid-market) rate. A specialised online exchange service like ibani starts from this real rate and only adds a transparent margin from 0.40%, with no hidden fees, whereas a bank often applies a much wider spread. Compare with our rate comparator.

Since 1983, the Hong Kong dollar has been linked to the US dollar through the Linked Exchange Rate System, a currency board arrangement managed by the Hong Kong Monetary Authority (HKMA). The rate is kept within a band of roughly 7.75 to 7.85 HKD per 1 USD, around a central point of 7.80. As a result, Hong Kong's monetary policy effectively follows that of the US Federal Reserve.

The Hong Kong dollar is issued under the authority of the Hong Kong Monetary Authority (HKMA), the territory's de facto central bank. The HKMA manages the Linked Exchange Rate System and safeguards the stability of the HKD against the US dollar.

You can convert the Hong Kong dollar (HKD) into the Swiss franc (CHF) and the euro (EUR), as well as many other currencies such as the US dollar, the pound sterling, the Canadian dollar, the Singapore dollar, the Japanese yen or the New Zealand dollar.

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