Hong Kong Dollar (HKD)
$ · Official currency of Hong Kong Special Administrative Region of the People's Republic of China
HKD at a glance
Every fact on this page is drawn from Hong Kong Monetary Authority or another primary source — see the 9 sources cited below.
| Currency | Hong Kong Dollar |
|---|---|
| ISO 4217 code | HKD · number 344 |
| Symbol | $ |
| Minor unit | 1 HKD = 100 cent |
| Used in | 1 country or territory |
| Pegged to | USD · HK$7.75–7.85 per USD (Convertibility Undertakings); HK$7.80 per USD is the fixed linked rate used for currency-board note issuanceband 7.75–7.85 HKD per USD (Convertibility Undertakings) · since 1983-10-17 |
| Central bank | Hong Kong Monetary Authority |
| Official rates | Hong Kong Monetary Authority → |
| Introduced | 1863 |
Where the Hong Kong Dollar is used
- Hong Kong
Exchange rate regime Currency board
7.80 HKD per USD · band 7.75–7.85 HKD per USD (Convertibility Undertakings) · since 1983-10-17
Hong Kong operates the Linked Exchange Rate System, a Currency Board arrangement in place since 17 October 1983 that links the Hong Kong dollar to the US dollar at HK$7.80. The HKMA keeps the exchange rate within the HK$7.75–7.85 Convertibility Zone through strong-side and weak-side Convertibility Undertakings, made symmetric around 7.80 in May 2005.
HKD is pegged to USD
HK$7.75–7.85 per USD (Convertibility Undertakings); HK$7.80 per USD is the fixed linked rate used for currency-board note issuance · band 7.75–7.85 HKD per USD (Convertibility Undertakings) · since 1983-10-17
Linked Exchange Rate System, a currency-board arrangement in force since 17 Oct 1983. HKMA states verbatim it "commits to sell Hong Kong dollars upon request by banks at the strong-side CU of HK$7.75 per US dollar, and to buy Hong Kong dollars upon request by banks at the weak-side CU of HK$7.85 per US dollar" — the market rate floats freely inside 7.75–7.85 and HKMA intervenes only at the two edges; 7.80 is the separate fixed rate used for note-issuance backing (Certificates of Indebtedness), not a defended market band. The symmetric two-sided CU form dates to a May 2005 refinement of the original 1983 link.
Currencies pegged to the Hong Kong Dollar
1 currencies hold a fixed or tightly managed rate against the HKD.
| Currency | Fixed at | Since | |
|---|---|---|---|
| MOP Macanese Pataca Currency board | MOP 1.03 per HKD (HK$1 = MOP 1.03) | 1983 | MOP → |
Each peg is sourced from the issuing monetary authority. Pegged rates are official central rates — market rates can sit slightly either side of them.
About the Hong Kong Dollar
The Hong Kong Dollar (HKD) is the official currency of the Hong Kong Special Administrative Region of the People's Republic of China. It is written with the dollar sign $, or HK$ when it must be distinguished from other dollar currencies, and divides into 100 cents. The Hong Kong Monetary Authority (HKMA) oversees the currency under the Linked Exchange Rate System, which has held the Hong Kong dollar within a band of HK$7.75–7.85 per US dollar in its present symmetric form since May 2005.
The Linked Exchange Rate System, implemented on 17 October 1983, is a Currency Board arrangement rather than a conventional managed regime. Hong Kong's entire Monetary Base is fully backed by US dollar assets held in the Exchange Fund at the linked rate of HK$7.80 per US dollar. The HKMA undertakes to sell Hong Kong dollars to banks at 7.75 and to buy them at 7.85, so that an automatic interest-rate adjustment mechanism, not policy discretion, keeps the rate inside the Convertibility Zone.
Hong Kong's monetary history began when the government declared silver dollars legal tender in 1863; the first dollar-denominated Hong Kong banknote had appeared in 1846, and the territory's own coinage followed in 1864. The currency remained on a silver standard until December 1935, when a world silver crisis prompted a link to the pound sterling at HK$16 per pound. A fixed rate against the US dollar (1972–1974) and a floating period (1974–1983) preceded the link adopted in October 1983.
Hong Kong dollar trading has grown rapidly in the global FX market. In the Bank for International Settlements' Triennial Central Bank Survey of April 2025, the Hong Kong dollar was on one side of 3.8% of global over-the-counter foreign-exchange turnover, up from 2.6% in 2022. Turnover in the USD/HKD pair rose 95% between the two surveys, reaching 3.6% of the global total. Hong Kong itself intermediated 7.0% of world FX trading in April 2025, the fourth-largest share after the United Kingdom, the United States and Singapore.
Unusually among major currencies, most Hong Kong banknotes are issued by three commercial banks — The Hongkong and Shanghai Banking Corporation, the Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) — under authorisation from the government through the HKMA, alongside a government-issued $10 note. Notes are issued and redeemed against US dollars paid into the Exchange Fund at HK$7.80. The government issues the coins, which since 1993 have carried the bauhinia flower in place of the Queen's portrait.
HKD coins & banknotes
- 10¢
- 20¢
- 50¢
- $1
- $2
- $5
- $10
- $10 (government-issued)
- $20
- $50
- $100
- $500
- $1,000
HKD quick facts
- The Hong Kong Mint opened in 1866 to strike the territory's first 5-cent, 20-cent, 50-cent and $1 silver coins, and closed again after only two years.
- Note-issuing banks must pay US dollars into the Exchange Fund at HK$7.80 per US$1 for every Hong Kong banknote they issue under the Linked Exchange Rate System.
- When the government resumed minting $1 coins in 1960 in place of $1 notes, the new coin's size and weight earned it the Cantonese nickname "da bing," meaning "big cake."
- Hong Kong's first banknote, a $5 note issued in 1846, was so large it was nicknamed "the big blanket"; banknote sizes only began shrinking in 1959.
- Since 1993 Hong Kong's coins have depicted the bauhinia flower, replacing the Queen's portrait series, which remains legal tender.
HKD frequently asked questions
Is the Hong Kong dollar pegged to the US dollar?
Yes. Under the Linked Exchange Rate System, in place since 17 October 1983, the Hong Kong dollar is linked to the US dollar at HK$7.80 through a Currency Board arrangement. The Hong Kong Monetary Authority's Convertibility Undertakings keep the market rate between HK$7.75 and HK$7.85 per US dollar, and the entire Monetary Base is fully backed by US dollar assets held in the Exchange Fund.
What is the symbol for the Hong Kong dollar?
The Hong Kong dollar uses the dollar sign $, written HK$ when it needs to be distinguished from the US dollar and other dollar currencies. Its ISO 4217 alphabetic code is HKD and its numeric code is 344. One Hong Kong dollar divides into 100 cents, with coins denominated from 10 cents up to $10.
Who issues Hong Kong dollar banknotes?
Three commercial banks issue most Hong Kong banknotes under authorisation granted by the government through the Hong Kong Monetary Authority: The Hongkong and Shanghai Banking Corporation, the Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong). The government itself issues the $10 note and all coins. Notes in everyday circulation are $10, $20, $50, $100, $500 and $1,000.
Why does the Hong Kong dollar stay between 7.75 and 7.85 per US dollar?
The 7.75–7.85 band is not the original design. Before May 2005 the HKMA maintained only a weak-side undertaking, fixed at HK$7.80, with no matching commitment on the strong side. The May 2005 refinements introduced a new strong-side undertaking to buy US dollars at 7.75 and moved the weak-side rate from 7.80 to 7.85, placing both limits exactly 5 HK cents from the HK$7.80 Linked Exchange Rate so that the band became symmetric for the first time.
Explore HKD
Facts on this page are sourced from Hong Kong Monetary Authority and other primary references (9 sources). Rates are mid-market and for information only.
Sources for this HKD profile
9 primary sources behind the facts above, each listed with the sections of this page it is cited for. Links open on the publisher's own site.
- Hong Kong Monetary Authority www.hkma.gov.hk/eng/key-functions/money/linked-exchange-rate-system/ Cited for: Exchange rate regime · FAQ
- Hong Kong Monetary Authority www.hkma.gov.hk/eng/key-functions/money/linked-exchange-rate-system/how-does-the-lers-work/ Cited for: Exchange rate regime · About
- Hong Kong Monetary Authority www.hkma.gov.hk/eng/key-functions/money/linked-exchange-rate-system/milestones-of-monetary-reform/ Cited for: Exchange rate regime · Introduced · About · FAQ
- Hong Kong Monetary Authority www.hkma.gov.hk/eng/key-functions/money/hong-kong-currency/notes/ Cited for: Coins & banknotes · About · Quick facts · FAQ
- Hong Kong Monetary Authority www.hkma.gov.hk/eng/key-functions/money/hong-kong-currency/coins/ Cited for: Coins & banknotes · About · Quick facts · FAQ
- Hong Kong Monetary Authority www.hkma.gov.hk/eng/key-functions/money/hong-kong-currency/money-past-and-present/history-and-evolution-of-coins-in-hong-kong/ Cited for: Introduced · Quick facts
- Hong Kong Monetary Authority www.hkma.gov.hk/eng/key-functions/money/hong-kong-currency/money-past-and-present/history-and-evolution-of-notes-in-hong-kong/ Cited for: Introduced · Quick facts
- Government of the Hong Kong Special Administrative Region www.gov.hk/en/about/abouthk/facts.htm Cited for: Where it is used
- Bank for International Settlements www.bis.org/statistics/rpfx25_fx.htm Cited for: About