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142-607: ECF carries out programs of evangelism, education, and relief work in Hong Kong , Macau , Thailand , Burma , Singapore , Malaysia , Indonesia , Philippines , Vietnam , the United States , People's Republic of China , and Republic of China ( Taiwan ). Programs are primarily conducted in schools, orphanages, and churches; with the educational programs focused on providing middle- and high-school English teachers training. The ECF founder, Dr. Ji Zhiwen (anglicized as Andrew Gih),

284-738: A colony of the British Empire after the Qing dynasty ceded Hong Kong Island in 1841–1842 as a consequence of losing the First Opium War . The colony expanded to the Kowloon Peninsula in 1860 and was further extended when the United Kingdom obtained a 99-year lease of the New Territories in 1898. Hong Kong was occupied by Japan from 1941 to 1945 during World War II . The territory

426-458: A proposed extradition amendment bill permitting the extradition of fugitives to mainland China. The protests are the largest in Hong Kong's history, with organisers claiming to have attracted more than three million Hong Kong residents. The Hong Kong regional government and Chinese central government responded to the protests with a number of administrative measures to quell dissent. In June 2020,

568-402: A 2021 thematic report by the Hong Kong government, after excluding foreign domestic helpers, the real number of non-Chinese ethnic minorities in the city was 301,344, or 4% of Hong Kong's population. About half the population have some form of British nationality , a legacy of colonial rule; 3.4 million residents have British National (Overseas) status, and 260,000 British citizens live in

710-520: A diverse ecosystem; over 3,000 species of vascular plants occur in the region (300 of which are native to Hong Kong), and thousands of insect, avian, and marine species. Hong Kong has a humid subtropical climate ( Köppen Cwa ), characteristic of southern China, despite being located south of the Tropic of Cancer , although closely bordering on a tropical climate . Summers are long, hot and humid, with occasional showers and thunderstorms and warm air from

852-401: A floating currency system. On 17 October 1983, the Hong Kong dollar was officially pegged to the U.S. dollar at a rate of HK$ 7.8 = US$ 1, officially switching back to the currency board system . The peg of Hong Kong dollar to the U.S. dollar in 1983 actually took place in the context of Sino-British negotiation regarding the future of Hong Kong after 1997. Due to the lack of public confidence in

994-840: A four-year term. Twenty are directly elected from geographical constituencies , thirty-five represent functional constituencies (FC), and forty are chosen by an election committee consisting of representatives appointed by the Chinese central government. Thirty FC councillors are selected from limited electorates representing sectors of the economy or special interest groups, and the remaining five members are nominated from sitting district council members and selected in region-wide double direct elections . All popularly elected members are chosen by proportional representation . The 30 limited electorate functional constituencies fill their seats using first-past-the-post or instant-runoff voting. Twenty-two political parties had representatives elected to

1136-788: A less-than-successful trial from 1994 to 2002 to move the HK$ 10 denomination from the banknote format (issued by the banks) to the coin format (Government-issued), HK$ 10 notes are currently the only denomination issued by the HKMA, having acquired the note printing plant at Tai Po from the De La Rue Group of the UK on behalf of the Government. These notes were printed in paper in 2002 and in polymer since 2007. All older HK$ 10 banknotes, although rare and being phased out, remain legal tender. The latest series of banknotes

1278-486: A neutral zone to safeguard its status as a free port. The colonial government prepared for a possible attack, evacuating all British women and children in 1940. The Imperial Japanese Army attacked Hong Kong on 8 December 1941 , the same morning as its attack on Pearl Harbor . Hong Kong was occupied by Japan for almost four years before the British resumed control on 30 August 1945. Its population rebounded quickly after

1420-538: A range is to avoid the HK dollar being used as a proxy for speculative bets on a renminbi revaluation. In formal Cantonese , the 圓 or 元 ( Cantonese Yale : yùn ) character is used. In informal Cantonese, 蚊 ( Cantonese Yale : mān ) is used. The use of the character 蚊 ( mān ) originate from the tone change of the currency denomination used in China in imperial times 文 ( Cantonese Yale : màn ), which

1562-522: A re-valuation of Hong Kong dollar from $ 16 to $ 14.5, a 10% re-valuation against the pound and 5.7% devaluation against the US dollar. The unilateral devaluation sparked a circle of grievances among local business communities as well as colonial officials in Hong Kong because the official reserves and private savings in sterling were substantial from Hong Kong. In the 1950–60s, Hong Kong accumulated significant reserves in sterling with its economic growth, money supply

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1704-409: A second language. Slightly over half the population (58.7%) speaks English , the other official language; 4.6% are native speakers, and 54.1% speak English as a second language. Code-switching , mixing English and Cantonese in informal conversation, is common among the bilingual population. Post-handover governments have promoted Mandarin , which is currently about as prevalent as English; 54.2% of

1846-516: A series of protests in 2014 which became known as the Umbrella Revolution. Discrepancies in the electoral registry and disqualification of elected legislators after the 2016 Legislative Council elections and enforcement of national law in the West Kowloon high-speed railway station raised further concerns about the region's autonomy. In June 2019, mass protests erupted in response to

1988-432: A severe amount of income inequality, which has risen since the handover, as the region's ageing population has gradually added to the number of nonworking people. Although median household income steadily increased during the decade to 2021, the wage gap remained high; the 90th percentile of earners receive 41% of all income. The city has the most billionaires per capita, with one billionaire per 109,657 people, as well as

2130-498: A small inlet located between Aberdeen Island and the southern coast of Hong Kong Island. Aberdeen was an initial point of contact between British sailors and local fishermen. Although the source of the romanised name is unknown, it is generally believed to be an early phonetic rendering of the Cantonese (or Tanka Cantonese ) phrase hēung góng . The name translates as "fragrant harbour" or "incense harbour". "Fragrant" may refer to

2272-431: Is a special administrative region of China , with executive, legislative, and judicial powers devolved from the national government . The Sino-British Joint Declaration provided for economic and administrative continuity through the handover, resulting in an executive-led governing system largely inherited from the territory's history as a British colony. Under these terms and the "one country, two systems" principle,

2414-427: Is backed with US dollars at the linked exchange rate. The resources for the backing are kept in Hong Kong's exchange fund , which is among the largest official reserves in the world. Hong Kong also has huge deposits of US dollars, with official foreign currency reserves of US$ 361 billion as of March 2016. In a speech addressing the issue of who determines the monetary policy in Hong Kong on 13 May 2002, Tony Latter, in

2556-470: Is called 1 hou ( 毫 ) in Cantonese. To express prices in informal Cantonese, for example HK$ 7.80, the phrase is 七個八 ( Cantonese Yale : chāt go baat ; lit. 'seven units eight'); in financial terms, where integer values in cents exist, e.g., HK$ 6.75, the phrase is 六個七毫半 ( Cantonese Yale : luhk go chāt hòu bun ; lit. 'six units and seven dime half'; fives in cents

2698-410: Is governed by a hybrid regime that is not fully representative of the population. Legislative Council members elected by functional constituencies composed of professional and special interest groups are accountable to these narrow corporate electorates and not the general public. This electoral arrangement has guaranteed a pro-Beijing camp majority in the legislature since the handover. Similarly,

2840-511: Is normally expressed as “half”, unless followed by another five, such as 55 cents when preceded by a dollar value); $ 7.08 is 七蚊零八仙 ( Cantonese Yale : chāt mān lìng baat sīn ; lit. 'seven dollars zero eight cents'). In Hong Kong, the following are slang terms used to refer to various amounts of money: Some of these terms are also used by overseas Chinese to refer their local currency. A slang term in English sometimes used for

2982-510: Is pegged at 1 Hong Kong dollar to 1.03 Macanese patacas , and is generally accepted at par or MOP 1.00 for retail purchases. When Hong Kong was established as a free trading port in 1841, there was no local currency in everyday circulation. Foreign currencies such as Indian rupees , Spanish or Mexican 8 reales , and Chinese cash coins circulated. Since 1825, it had been the policy of the British government to introduce sterling silver coinage to all of its colonies, and to this end, in 1845,

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3124-667: Is the official currency of Hong Kong . It is subdivided into 100 cents . Historically, it was also subdivided into 1000 mils . The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar. Three commercial banks are licensed by the Hong Kong Monetary Authority to issue their own banknotes for general circulation in Hong Kong. These banks, HSBC , Bank of China , and Standard Chartered , issue their own designs of banknotes in denominations of HK$ 20, HK$ 50, HK$ 100, HK$ 150, HK$ 500, and HK$ 1000, with all designs being similar to one another in

3266-550: Is used in the United Kingdom , where seven banks issue banknotes. As of today, the three commercial banks, HSBC , Bank of China and Standard Chartered issue their own designs of banknotes in denominations of HK$ 20 , HK$ 50 , HK$ 100 , HK$ 500 and HK$ 1,000 , with all designs being similar to the other in the same denomination of banknote. While only the HK$ 10 banknote is issued solely by Hong Kong Monetary Authority on behalf of

3408-537: The Basic Law of Hong Kong for 50 years after the handover. It does not specify how Hong Kong will be governed after 2047, and the central government's role in determining the territory's future system of government is the subject of political debate and speculation. Hong Kong's political and judicial systems may be integrated with China's at that time, or the territory may continue to be administered separately. However, in response to large-scale protests in 2019 and 2020 ,

3550-578: The Basic Law of Hong Kong is the regional constitution. The regional government is composed of three branches: The chief executive is the head of government and serves for a maximum of two five-year terms. The State Council (led by the Premier of China ) appoints the chief executive after nomination by the Election Committee , which is composed of 1500 business, community, and government leaders. The Legislative Council has 90 members, each serving

3692-795: The Bethel Worldwide Evangelistic Band in 1931. After Sung left this work in 1933, Gih continued it under the name of Bethel Mission until July 1947, when he founded the Evangelize China Fellowship (ECF) as a Mandarin Church in Shanghai. After Shanghai fell to the Communists, Gih moved his work to Hong Kong, and appointed Paul Shen to open ECF work in Taiwan , resulting eleven years later in seven churches and an orphanage. In addition to

3834-592: The Chinese People's Political Consultative Conference appointed by the central government. Chinese national law does not generally apply in the region, and Hong Kong is treated as a separate jurisdiction. Its judicial system is based on common law , continuing the legal tradition established during British rule. Local courts may refer to precedents set in English law and overseas jurisprudence. However, mainland criminal procedure law applies to cases investigated by

3976-553: The Chinese central government 's adherence to the "one country, two systems" principle. After reversal of the last colonial era Legislative Council democratic reforms following the handover, the regional government unsuccessfully attempted to enact national security legislation pursuant to Article 23 of the Basic Law . The central government decision to implement nominee pre-screening before allowing chief executive elections triggered

4118-643: The Former Marine Police Headquarters was redeveloped into a commercial and retail complex, and Béthanie (built in 1875 as a sanatorium ) houses the Hong Kong Academy for Performing Arts . The Tin Hau Temple , dedicated to the sea goddess Mazu (originally built in 1012 and rebuilt in 1266), is the territory's oldest existing structure. The Ping Shan Heritage Trail has architectural examples of several imperial Chinese dynasties, including

4260-638: The Government of Hong Kong , which in total makes up the banknote circulation arrangement to four different note issuers. In 1845, the first private bank, the Oriental Bank , was founded. However, banknotes were not produced until the 1860s, when the Oriental Bank, the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation began issuing notes. Denominations issued in

4402-553: The Hong Kong Mint was closed down with a loss of $ 440,000. The machinery at the Hong Kong mint was sold first to Jardine Matheson and, in turn, to the Japanese and used to make the first Yen coins in 1870. In the 1860s, banknotes of the new British colonial banks, the Hong Kong and Shanghai Banking Corporation and the Chartered Bank of India, Australia and China , denominated in dollars, also began to circulate in both Hong Kong and

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4544-542: The Hong Kong Monetary Authority (HKMA) authorises the three note-issuing commercial banks to freely issue new banknotes provided that they deposit an equivalent value of United States dollars with the HKMA. In practice, in the unique linked exchange rate system, the exchange rate of HK$ 7.80 = US$ 1, is strictly controlled by the Hong Kong Monetary Authority in the foreign exchange market by controlling supply and demand of Hong Kong dollars in order to influence

4686-399: The Hong Kong Monetary Authority on behalf of the Government of Hong Kong . Banknotes circulated by the three different note issuers, 2023 The issue of Hong Kong dollar notes is governed today by the Hong Kong Monetary Authority (HKMA), the governmental currency board of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in

4828-410: The Hong Kong dollar , is the ninth most traded currency in the world. Home to the seventh-highest number of billionaires of any city in the world, Hong Kong has the largest number of ultra high-net-worth individuals . Although the city has one of the highest per capita incomes in the world, severe income inequality exists among the population. Despite being the city with the most skyscrapers in

4970-780: The Middle Neolithic period, about 6,000 years ago, the region had been widely occupied by humans. Neolithic to Bronze Age Hong Kong settlers were semi-coastal people. Early inhabitants are believed to be Austronesians in the Middle Neolithic period and later the Yue people. As hinted by the archaeological works in Sha Ha, Sai Kung, rice cultivation had been introduced since Late Neolithic period. Bronze Age Hong Kong featured coarse pottery, hard pottery, quartz and stone jewelry, as well as small bronze implements. The Qin dynasty incorporated

5112-708: The Office for Safeguarding National Security of the CPG in the HKSAR . Interpretative and amending power over the Basic Law and jurisdiction over acts of state lie with the central authority, making regional courts ultimately subordinate to the mainland's socialist civil law system. Decisions made by the Standing Committee of the National People's Congress override any territorial judicial process. Furthermore, in circumstances where

5254-561: The People's Bank of China , China's central bank (PBOC), intervened in the effort of squeezing out Renminbi short speculations by tightening liquidity at Hong Kong commercial banks. The PBOC's move at the offshore market, coupled with another plunge in Chinese stocks, has led to investors’ fears that the Hong Kong Dollar may be de-pegged from the US Dollar in the foreseeable future. In response to

5396-649: The People's Liberation Army is responsible for the region's defence. Although the Chairman of the Central Military Commission is supreme commander of the armed forces, the regional government may request assistance from the garrison. Hong Kong residents are not required to perform military service, and current law has no provision for local enlistment, so its defence is composed entirely of non-Hongkongers. The central government and Ministry of Foreign Affairs handle diplomatic matters, but Hong Kong retains

5538-914: The Philippines as part of the Spanish East Indies in the Spanish colonial empire through the Manila-Acapulco Galleon Trade with the coins minted in the Spanish Americas in Mexico or Peru or Bolivia . By 1858, the British government gave up all attempts to influence the currency situation in Canada, and by the 1860s, it came to the same realisation in Hong Kong: that there was no point in trying to displace an already existing currency system. In 1863,

5680-686: The Royal Mint in London began issuing special subsidiary coinage for use in Hong Kong within the dollar system, though other national currencies circulated unofficially for years afterwards. In 1866, a local mint was established at Cleveland Street in Causeway Bay on Hong Kong Island for the purpose of minting Hong Kong silver dollar and half dollar coins of the same value and similar likeness to their Spanish/Mexican counterparts. The Chinese did not however receive these new Hong Kong dollars well, and in 1868,

5822-570: The Safeguarding National Security Ordinance was passed by the Legislative Council to grant officials "even more powers to crack down on opposition to Beijing and the Hong Kong government" and includes penalties such as life imprisonment for political crimes such as treason and insurrection . Critics state that this expansion "will strike a lasting blow to the partial autonomy the city had been promised by China [in

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5964-526: The Second World War (a ship carrying 1941 1-cent coins was sunk, making this unissued coin very rare). Just before the Japanese occupation, an emergency issue of 1 dollar notes was made consisting of overprinted Bank of China 5 yuan notes. In 1945, paper money production resumed essentially unaltered from before the war, with the government issuing 1 cent , 5 cents , 10 cents , and 1-dollar notes , and

6106-701: The Shanghai Street shophouses in Mong Kok . Mass-produced public-housing estates , built since the 1960s, are mainly constructed in modernist style . The Census and Statistics Department estimated Hong Kong's population at 7,413,070 in 2021. The overwhelming majority (91.6%) is Han Chinese , most of whom are Taishanese , Teochew , Hakka , and other Cantonese peoples . The remaining 8.4% are non-ethnic Chinese minorities, primarily Filipinos , Indonesians , and South Asians . However, most Filipinos and Indonesians in Hong Kong are short-term workers. According to

6248-490: The Sino-British Joint Declaration ]." Hong Kong's administrative divisions are divided into three levels: Areas (區域), Districts (地區), and Sub-districts (分區). Hong Kong is administratively divided into three areas: Hong Kong Island , Kowloon , and the New Territories . They are further divided into 18 districts. The area of Hong Kong Island has four districts, the area of Kowloon has five districts, and

6390-453: The Standing Committee of the National People's Congress passed the controversial Hong Kong national security law . The law criminalises secession, subversion, terrorism and collusion with foreign elements and establishes the Office for Safeguarding National Security of the CPG in the HKSAR, an investigative office under Central People's Government authority immune from HKSAR jurisdiction. Some of

6532-575: The Straits Settlements . In 1906, the Straits Settlements issued their own silver dollar coin and attached it to a gold sterling exchange standard at a fixed value of 2 shillings and 4 pence. This was the point of departure as between the Hong Kong unit and the Straits unit. In British Weihaiwei , the Hong Kong dollar circulated jointly with the Chinese yuan from 1914 to 1930, when Weihaiwei

6674-595: The Tsui Sing Lau Pagoda (Hong Kong's only remaining pagoda). Tong lau , mixed-use tenement buildings constructed during the colonial era, blended southern Chinese architectural styles with European influences. These were especially prolific during the immediate post-war period, when many were rapidly built to house large numbers of Chinese migrants. Examples include Lui Seng Chun , the Blue House in Wan Chai , and

6816-600: The central government in Beijing in June 2020 resulted in the suspension of bilateral extradition treaties by the United Kingdom, Canada, Australia, New Zealand, Finland, and Ireland. The United States ended its preferential economic and trade treatment of Hong Kong in July 2020 because it was no longer able to distinguish Hong Kong as a separate entity from the People's Republic of China. In 2024,

6958-515: The second-highest number of billionaires of any city in the world, the highest number of billionaires of any city in Asia, and the largest concentration of ultra high-net-worth individuals of any city in the world. Despite government efforts to reduce the growing disparity, median income for the top 10% of earners is 57 times that of the bottom 10%. Hong Kong dollar The Hong Kong dollar ( Chinese : 港元 , sign : HK$ ; code : HKD )

7100-708: The tallest buildings in Hong Kong and are among the tallest in the Asia-Pacific region. Other distinctive buildings lining the Hong Kong Island skyline include the HSBC Main Building , the anemometer -topped triangular Central Plaza , the circular Hopewell Centre , and the sharp-edged Bank of China Tower . Demand for new construction has contributed to frequent demolition of older buildings, freeing space for modern high-rises. However, many examples of European and Lingnan architecture are still found throughout

7242-622: The 1279 Battle of Yamen by the Yuan Dynasty. By the end of the Yuan dynasty , seven large families had settled in the region and owned most of the land. Settlers from nearby provinces migrated to Kowloon throughout the Ming dynasty . The earliest European visitor was Portuguese explorer Jorge Álvares , who arrived in 1513. Portuguese merchants established a trading post called Tamão in Hong Kong waters and began regular trade with southern China. Although

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7384-461: The 1860s and 1870s included 1, 5, 10, 25, 50, 100 and 500 dollars. These notes were not accepted by the Treasury for payment of government dues and taxes , although they were accepted for use by merchants. 25 dollar notes did not survive beyond the end of the 19th century, whilst the 1-dollar notes (only produced by the HSBC ) were issued until 1935. Under the Currency Ordinance of 1935, banknotes in denominations of 5 dollars and above issued by

7526-404: The 1960s, the UK found it difficult to keep the value of sterling as it was, with its role as official reserve currency even within the sterling area . In 1964, sterling was 83% of the official reserves of overseas sterling area countries, but this share had decreased to 75% in 1966 and to 65% in 1967. When sterling was devalued by the UK in 1967, and Hong Kong dollar's peg to the pound resulted in

7668-503: The Bauhinia the requested "politically neutral design" and did a secret "scissors and paste job". In early 1997, to commemorate Hong Kong's transfer of sovereignty from Britain to the PRC , the government issued a new commemorative coin set which depicted Chinese cultural themes and Hong Kong's landmarks and 19 and 97, marking the year 1997, on each side of the designs. As of today, coins in denominations of HK$ 10 , HK$ 5 , HK$ 2 , HK$ 1 , 50 cents , 20 cents and 10 cents are issued by

7810-407: The Financial Secretary of Hong Kong Government John Bremridge announced to peg the Hong Kong dollar with the U.S. dollar at a rate of HK$ 7.8 to US$ 1 in a currency board fashion on 17 October 1983. When recalling the choice of rate, Tony Latter notes that a rate of HK$ 7.25 to HK$ 7.50 was considered a reasonable range in macroeconomic terms, given the rate against the U.S. dollar around HK$ 6.60 before

7952-456: The Hong Kong area into China for the first time in 214 BCE, after conquering the indigenous Baiyue . The region was consolidated under the Nanyue kingdom (a predecessor state of Vietnam ) after the Qin collapse and recaptured by China after the Han conquest . During the Mongol conquest of China in the 13th century, the Southern Song court was briefly located in modern-day Kowloon City (the Sung Wong Toi site) before its final defeat in

8094-425: The Hong Kong dollar is "Honkie". In 1863, 1-mil ( 1 ⁄ 10 -cent), 1-cent and 10-cent coins were introduced, followed in 1866 by 5-cent and 20-cents , half-dollar and 1-dollar . The 1-mil and 1-cent were struck in bronze, with the 1 mil a holed coin. The remaining coins were struck in silver. Production of the 1-mil ended in 1866, whilst that of the half-dollar and 1-dollar ceased in 1868, with only

8236-422: The Hongkong and Shanghai Banking Corporation (HSBC). Earliest known human traces in what is now Hong Kong are dated by some to 35,000 and 39,000 years ago during the Paleolithic period. The claim is based on an archaeological investigation in Wong Tei Tung , Sai Kung in 2003. The archaeological works revealed knapped stone tools from deposits that were dated using optical luminescence dating . During

8378-406: The Legislative Council and the requirement that all candidates be vetted and approved by a Beijing-appointed Candidate Eligibility Review Committee . In May 2023, the Legislative Council also introduced legislation to reduce the number of directly elected seats in the district councils, and a District Council Eligibility Review Committee was similarly established to vet candidates. Hong Kong

8520-484: The Legislative Council in the 2016 election . These parties have aligned themselves into three ideological groups: the pro-Beijing camp (the current government), the pro-democracy camp , and localist groups . The Chinese Communist Party does not have an official political presence in Hong Kong, and its members do not run in local elections. Hong Kong is represented in the National People's Congress by 36 deputies chosen through an electoral college and 203 delegates in

8662-432: The Legislative Council passed the National Anthem Ordinance , which criminalised "insults to the national anthem of China". The Chinese central government meanwhile enacted the Hong Kong national security law to help quell protests in the region. Nine months later, in March 2021, the Chinese central government introduced amendments to Hong Kong's electoral system , which included the reduction of directly elected seats in

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8804-438: The New Territories. Much of this is built on reclaimed land ; 70 km (27 sq mi) (6% of the total land or about 25% of developed space in the territory) is reclaimed from the sea. Undeveloped terrain is hilly to mountainous, with very little flat land, and consists mostly of grassland, woodland, shrubland, or farmland. About 40% of the remaining land area is country parks and nature reserves. The territory has

8946-418: The Philippines and Indonesia, have little protection under regional law. Although they live and work in Hong Kong, these workers are not treated as ordinary residents and do not have the right of abode in the territory. Sex trafficking is also an issue, local, mainland Chinese, and foreign women have been trafficked for sex in brothels , homes, and businesses in the city. The Joint Declaration guarantees

9088-442: The Queen's portrait are still legal tender and can be seen, but these are slowly being phased out. However, most still remain in legal tender and are in circulation. Because the redesign was highly sensitive with regard to political and economic reasons, the designing process of the new coins could not be entrusted to an artist but was undertaken by Joseph Yam , Chief Executive of the Hong Kong Monetary Authority , himself who found in

9230-416: The Second World War, the Hong Kong dollar was re-pegged to sterling at a fixed rate identical to the pre-war level. Meanwhile, the United Kingdom made efforts in maintaining the sterling area with countries of the British Commonwealth as well as its colonies. It imposed exchange controls on non-sterling area countries, barring them from freely converting British pounds into US dollars, but no such restriction

9372-425: The Spanish or Mexican 8 reales coins were set at a legal tender value of 4 shillings, 2 pence sterling (50 pre-decimal pence). But just as in the case of the British North American colonies, the attempts to introduce the sterling coinage failed to overcome the strong local adherence to the silver Spanish dollar system that had been in wide circulation across the Far East , emanating for centuries from Manila in

9514-406: The Standing Committee declares a state of emergency in Hong Kong, the State Council may enforce national law in the region. The territory's jurisdictional independence is most apparent in its immigration and taxation policies. The Immigration Department issues passports for permanent residents which differ from those of the mainland or Macau, and the region maintains a regulated border with

9656-420: The U.S. dollar and extended the exchange controls also to the Sterling Area countries, which put an effective end to the Sterling Area in 1972. In the same year, the Hong Kong dollar was pegged to the U.S. dollar at a rate of HK$ 5.65 = US$ 1, revised to HK$ 5.085 = US$ 1 in 1973. From 1974 to 1983, the Hong Kong dollar was not anchored to another currency, changing the monetary regime from a currency board system to

9798-407: The U.S. dollar with a return to the former currency board system. The proposal received support from two government officials within the Monetary Affairs Branch of the Hong Kong Government, namely the Deputy Secretary for Monetary Affairs Tony Latter and the Government Economist Alan McLean as a practical way to restore confidence in the Hong Kong dollar. After discussions between London and Hong Kong,

9940-403: The US dollars by the Hong Kong government officials, London agreed to offer exchange guarantees to protect Hong Kong against potential devaluation of sterling in the future, which was the first to receive such guarantees among the sterling area countries. After the US's cessation of the convertibility between gold and the U.S. dollar in October 1971, Britain abandoned the fixed exchange rate with

10082-435: The ability to maintain separate economic and cultural relations with foreign nations . The territory actively participates in the World Trade Organization , the Asia-Pacific Economic Cooperation forum, the International Olympic Committee , and many United Nations agencies. The regional government maintains trade offices in Greater China and other nations. The imposition of the Hong Kong national security law by

10224-567: The aforementioned acts were previously considered protected speech under Hong Kong law. The United Kingdom considers the law to be a serious violation of the Joint Declaration. In October 2020, the Hong Kong Police arrested seven pro- democracy politicians over tussles with pro-Beijing politicians in the Legislative Council in May. They were charged with contempt and interfering with members of

10366-564: The agreement. After more than a year of further hostilities, Hong Kong Island was formally ceded to the United Kingdom in the 1842 Treaty of Nanking . Administrative infrastructure was quickly built by early 1842, but piracy, disease, and hostile Qing policies initially prevented the government from attracting commerce. Conditions on the island improved during the Taiping Rebellion in the 1850s, when many Chinese refugees, including wealthy merchants, fled mainland turbulence and settled in

10508-478: The amount of existing Renminbi assets in Hong Kong's offshore market. Moreover, according to figures from the HKMA as of the end of 2014, Renminbi deposits and certificates of deposits stood at 1.158 trillion Renminbi, while outstanding Renminbi bonds amounted to 381 billion and Renminbi-denominated loans stood at 188 billion. Other studies shows, while the Hong Kong's financial and economic links are increasingly dominated by mainland China , and previous concerns about

10650-457: The area of the New Territories has nine districts. Each district is represented by a district council . The district councils advise the government on local issues such as public facility provisioning, community programme maintenance, cultural promotion, and environmental policy. As of 2024, there are a total of 470 district council seats, 88 of which are directly elected. In May 2023,

10792-568: The banks stopped issuing HK$ 10 notes. In 1994 the HKMA gave authority to the Bank of China to issue notes. On New Year's Day (1 January) 1993 at stroke of midnight HKT , HSBC , Bank of China and Standard Chartered officially introduced all new banknote designs. HSBC , Bank of China and Standard Chartered officially introduced a new series of banknotes on New Year's Day (1 January) 1993 at stroke of midnight HKT in denominations of $ 10 , $ 20 , $ 25 , $ 50 , $ 100 , $ 500 and $ 1000 . After

10934-513: The building of churches, orphanages, and schools; ECF was credited with creating a vast network of Chinese Christians in the Diaspora , and helping Gih attain a level of "notoriety [that] placed him in the company of fellow revivalist J. Edwin Orr and Billy Graham ." In the first 31 years of ECF, the organization opened 375 churches, seven schools, and two seminaries. As of 2007, ECF comprises one-half of

11076-1152: The chief executive is selected by establishment politicians and corporate members of the Election Committee rather than directly elected. Despite universal suffrage being established as ultimate goals for the election of the chief executive and all members of the Legislative Council in Articles 45 and 68 of the basic law, the legislature is only partially directly elected, and the executive continues to be nominated by an unrepresentative body. The government has been repeatedly petitioned to introduce direct elections for these positions, but has not introduced these direct elections as of 2024. Ethnic minorities (except those of European ancestry) have marginal representation in government and often experience discrimination in housing, education, and employment. Employment vacancies and public service appointments frequently have language requirements which minority job seekers do not meet, and language education resources remain inadequate for Chinese learners. Foreign domestic helpers , mostly women from

11218-621: The colony. Further tensions between the British and Qing over the opium trade escalated into the Second Opium War . The Qing were again defeated and forced to give up Kowloon Peninsula and Stonecutters Island in the Convention of Peking . By the end of this war, Hong Kong had evolved from a transient colonial outpost into a major entrepôt . Rapid economic improvement during the 1850s attracted foreign investment, as potential stakeholders became more confident in Hong Kong's future. The colony

11360-433: The colour of soil over which a waterfall on the island flowed. The simplified name Hong Kong was frequently used by 1810. The name was also commonly written as the single word Hongkong until 1926, when the government officially adopted the two-word name. Some corporations founded during the early colonial era still keep this name, including Hongkong Land , Hongkong Electric Company , Hongkong and Shanghai Hotels and

11502-575: The council, while none of the pro-Beijing lawmakers were detained. Annual commemorations of the 1989 Tiananmen Square protests and massacre were also cancelled amidst fears of violating the national security law. In March 2021, the Chinese central government unilaterally changed Hong Kong's electoral system and established the Candidate Eligibility Review Committee , which would be tasked with screening and evaluating political candidates for their "patriotism", effectively crushing

11644-401: The crisis and the rate around HK$ 8.30 to HK$ 8.80 when the government's intention to change monetary regime was revealed in early October. In political terms, the government did not want to set the rate too weak so as to warrant international allegations of currency manipulation for competitive advantages, or too strong a rate that would result in high interest rates and the eventual abandonment of

11786-432: The currency board monetary regime continues to function with the same pegged rate beyond the handover of sovereignty of Hong Kong to China in 1997. The Basic Law of Hong Kong and the Sino-British Joint Declaration provides that Hong Kong retains full autonomy with respect to currency issuance. Currency in Hong Kong is issued by the government and three local banks ( HSBC , Bank of China and Standard Chartered ) under

11928-404: The end of the New Territories lease approached, and Governor Murray MacLehose raised the question of Hong Kong's status with Deng Xiaoping in 1979. Diplomatic negotiations with China resulted in the 1984 Sino-British Joint Declaration , in which the United Kingdom agreed to the handover of the colony in 1997 and China would guarantee Hong Kong's economic and political systems for 50 years after

12070-400: The exchange rate being fixed. By this arrangement the HKMA guarantees to exchange United States dollar into Hong Kong dollars and vice versa, at the rate of 7.80. When the market rate is below 7.80, the banks will convert United States dollar for Hong Kong dollars from the HKMA, Hong Kong dollars supply will increase, and the market rate will climb back to 7.80. The same mechanism also works when

12212-508: The extent that there was now a dearth of Spanish/Mexican dollars and the authorities in both Hong Kong and the Straits Settlements were putting pressure on the authorities in London to take measures to have a regular supply of silver dollar coins. London eventually acquiesced and legislation was enacted in attempts to regulate the coinage. New British trade dollars were coined at the mints in Calcutta and Bombay for use in both Hong Kong and

12354-413: The global organization ECF International which conducts charitable and evangelical activities in 18 countries. Hong Kong Hong Kong is a special administrative region of China . With 7.4 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is the fourth most densely populated region in the world. Hong Kong was established as

12496-547: The government proposed reforms to the District Council electoral system which further cut the number of directly elected seats from 452 to 88, and total seats from 479 to 470. A requirement that district council candidates be vetted and approved by the District Council Eligibility Review Committee was also proposed. The Legislative Council approved the reforms in July 2023. Hong Kong

12638-618: The half-dollar (now with the denomination given as 50 cents) resuming production in 1890. Production of all silver coins was suspended in 1905, only briefly resumed in 1932 and 1933 for the production of 5-cent coins. In 1934, the last 1-cent coins were issued, but the last minting was 1941. These were not issued because the Japanese sank a ship carrying 1-cent coins bound for Hong Kong in the Second World War . The following year (1935), cupro-nickel 5 and 10 cents were introduced, replaced by nickel in 1937 and nickel-brass between 1948 and 1949. Copper-nickel 50 cents were issued in 1951 and first bore

12780-418: The handover. The impending handover triggered a wave of mass emigration as residents feared an erosion of civil rights, the rule of law, and quality of life. Over half a million people left the territory during the peak migration period, from 1987 to 1996. The Legislative Council became a fully elected legislature for the first time in 1995 and extensively expanded its functions and organisations throughout

12922-423: The introduction of one-dollar notes by the government and the government acknowledged the Hong Kong dollar as the local monetary unit. It was not until 1937 that the legal tender of Hong Kong was finally unified. In 1939, the Hong Kong dollar was put on a fixed peg of HK$ 16 = £1 ($ 1 = 1 s 3 d ). The discussion about switching from the silver standard to the gold standard began as early as 1930. A commission report

13064-401: The last years of the colonial rule. The handover of Hong Kong to China was at midnight on 1 July 1997, after 156 years of British rule. Immediately after the handover, Hong Kong was severely affected by several crises. The Hong Kong government was forced to use substantial foreign exchange reserves to maintain the Hong Kong dollar's currency peg during the 1997 Asian financial crisis , and

13206-572: The late 2000s and the inclusion of the Renminbi in the special drawing rights , there has been some debates to peg the Hong Kong dollar with the Renminbi, instead of the United States dollar. Studies shows that, if the Hong Kong dollar were to be re-pegged to the Renminbi, it would need over 2 trillion Renminbi worth of assets to replace the HKMA's US$ 340 billion in foreign reserves as of 2015, which exceeds

13348-592: The long collusion between officials in Hong Kong, bankers and local business communities. The People's Republic of China (PRC) established by the Chinese Communist Party in 1949 was in dire need for foreign currency, especially after the Korean War (1950–1953) and the Sino-Soviet split in the early 1960s for international trade with countries of non-Soviet bloc. The British sterling obtained through Hong Kong

13490-429: The lower guaranteed limit, a new upper guaranteed limit was set for the Hong Kong dollar at HK$ 7.75 to the US dollar. The lower limit has been lowered from 7.80 to 7.85 (by 100 pips per week from 23 May to 20 June 2005). The Hong Kong Monetary Authority indicated this move is to narrow the gap between the interest rates in Hong Kong and those of the United States. A further aim of allowing the Hong Kong dollar to trade in

13632-528: The maritime area is included) consists of Hong Kong Island , the Kowloon Peninsula , the New Territories , Lantau Island , and over 200 other islands. Of the total area, 1,073 km (414 sq mi) is land and 35 km (14 sq mi) is water. The territory's highest point is Tai Mo Shan , 957 metres (3,140 ft) above sea level. Urban development is concentrated on the Kowloon Peninsula, Hong Kong Island, and in new towns throughout

13774-464: The market rate is above 7.80, and the banks will convert Hong Kong dollars for United States dollars. By this arrangement, the Hong Kong dollar is backed by one of the world's largest foreign exchange reserves , which is over 7 times the amount of money supplied in circulation or about 48% of Hong Kong dollar M3 at the end of April 2016. Following the Internationalization of the renminbi in

13916-399: The market speculation, Hong Kong Monetary Authority said on 27 January that the regulator will protect Hong Kong dollar's linked exchange rate regime. As Hong Kong's financial markets are highly impacted by mainland China, the Renminbi exchange rate as well as China's equity market remain in a state of high volatility and continues to weigh on Hong Kong markets and the Hong Kong dollar. However,

14058-457: The monetary openness of China's capital account are slowly receding, if China continues to open its capital account, the peg could shift from United States dollar to renminbi. However, in January 2016, the volatility in the Renminbi and China's financial markets expanded to Hong Kong's markets and its currency. Renminbi offshore overnight borrowing rate, CNH HIBOR, soared to 66.8% on 12 January after

14200-421: The name "fifty cents" in both Chinese and English, but these were changed to nickel-brass in 1977. In 1960, cupro-nickel 1-dollar coins were introduced, these were then reduced in size in 1978. They were followed in 1975 by nickel-brass 20 cents and cupro-nickel 2-dollar coin (both scallop shaped) and, in 1976, by decagonal , cupro-nickel 5-dollar coin , changed to a round thicker shape in 1980. The 5-cent coin

14342-726: The north and occasionally result in chilly weather. Autumn is the sunniest season, whilst spring is generally cloudy. Snowfall has been extremely rare in Hong Kong; the last reported instance was on Tai Mo Shan in 1975. Hong Kong averages 1,709 hours of sunshine per year. Historic temperature extremes at the Hong Kong Observatory are 36.6 °C (97.9 °F) on 22 August 2017 and 0.0 °C (32.0 °F) on 18 January 1893. The highest and lowest recorded temperatures in all of Hong Kong are 39.0 °C (102 °F) at Wetland Park on 22 August 2017, and −6.0 °C (21.2 °F) at Tai Mo Shan on 24 January 2016 . Hong Kong has

14484-460: The only legal tender on 1 June 1943. The issue of local currency was resumed by the Hong Kong government and the authorised local banks after liberation, with the pre-war rate of HK$ 16 = £1 being restored. The yen was exchanged at a rate of ¥100 = HK$ 1. On 6 September 1945, all military yen notes used in Japanese colonies were declared void by the Japanese Ministry of Finance . After the end of

14626-426: The opium trade. The commissioner destroyed opium stockpiles and halted all foreign trade, triggering a British military response and the First Opium War . The Qing surrendered early in the war and ceded Hong Kong Island in the Convention of Chuenpi . British forces began controlling Hong Kong shortly after the signing of the convention, from 26 January 1841. However, both countries were dissatisfied and did not ratify

14768-507: The peg amidst the crisis. The solution in its current form was favored by government officials for reasons beyond monetary considerations. Financially, the currency peg was designed not to require the Bank of England to lend its reserves to maintain Hong Kong's currency peg. Politically, the currency board system well demonstrated the autonomy London has given to Hong Kong in economic policymaking amidst British negotiation with China to grant Hong Kong's higher autonomy after 1997. As envisioned,

14910-591: The population speak Mandarin, with 2.3% native speakers and 51.9% as a second language. Traditional Chinese characters are used in writing, rather than the simplified characters used in the mainland . Among the religious population, the traditional " three teachings " of China, Buddhism , Confucianism , and Taoism , have the most adherents (20%), followed by Christianity (12%) and Islam (4%). Followers of other religions, including Sikhism , Hinduism , and Judaism , generally originate from regions where their religion predominates. Life expectancy in Hong Kong

15052-765: The position of the Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA) , contended that the Financial Secretary together with the HKMA in the Hong Kong SAR Government were responsible for that. He acknowledged the heavy and direct influence of the Federal Reserve of the United States on Hong Kong's monetary policy under the currency peg, but argued that "It was Hong Kong's choice, and we do not require any permission from US to continue or discontinue it". As of 18 May 2005, in addition to

15194-440: The post-war decades to provide safer housing, integrity in the civil service, and more reliable transportation. Nevertheless, widespread public discontent resulted in multiple protests from the 1950s to 1980s, including pro- Republic of China and pro- Chinese Communist Party protests. In the 1967 Hong Kong riots , pro- PRC protestors clashed with the British colonial government. As many as 51 were killed and 802 were injured in

15336-465: The public had greater degree of confidence in the notes issued by those long-established banks than that by the government. During the Japanese occupation , the Japanese military yen were the only means of everyday exchange in Hong Kong. When the yen was first introduced on 26 December 1941, the exchange rate was ¥1 yen = HK$ 2. However, in August 1942, the rate was changed to HK$ 4 to ¥1 yen. The yen became

15478-399: The rate. HK$ 7.8 was finally selected, as the government hoped to demonstrate that the situation has been properly stabilized and it was felt that the rate below HK$ 8.0 can achieve this purpose psychologically. John Bremridge was once quoted saying that the rate was somewhat "a number off the air", but the most important thing was the restoration of public confidence in Hong Kong dollar with

15620-473: The recovery from this was muted by an H5N1 avian-flu outbreak and a housing surplus. This was followed by the 2003 SARS epidemic , during which the territory experienced its most serious economic downturn. Chinese communists portrayed the return of Hong Kong as key moment in the PRC's rise to great power status. Political debates after the handover have centred around the region's democratic development and

15762-531: The region into a wasteland. The Kangxi Emperor lifted the maritime trade prohibition, allowing foreigners to enter Chinese ports in 1684. Qing authorities established the Canton System in 1757 to regulate trade more strictly, restricting non-Russian ships to the port of Canton . Although European demand for Chinese commodities like tea, silk, and porcelain was high, Chinese interest in European manufactured goods

15904-473: The region. They are Hongkong and Shanghai Banking Corporation Limited ; the Bank of China (Hong Kong) Limited ; and the Standard Chartered Bank (Hong Kong) Limited . Notes are also issued by the HKMA itself. In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government. The arrangements in Hong Kong are unusual but not unique; a comparable system

16046-699: The remainder of the Pro-Democracy camp . Hong Kong is on China's southern coast, 60 km (37 mi) east of Macau, on the east side of the mouth of the Pearl River estuary . It is surrounded by the South China Sea on all sides except the north, which neighbours the Guangdong city of Shenzhen along the Sham Chun River . The territory's 1,110.18 km (428.64 sq mi) area (2,754.97 km if

16188-412: The rest of the country. All travellers between Hong Kong and China and Macau must pass through border controls, regardless of nationality. Mainland Chinese citizens do not have right of abode in Hong Kong and are subject to immigration controls. Public finances are handled separately from the national government; taxes levied in Hong Kong do not fund the central authority. The Hong Kong Garrison of

16330-415: The same denomination of banknote. However, the HK$ 10 banknote and all coins are issued by the Government of Hong Kong . As of April 2019, the Hong Kong dollar was the ninth- most traded currency in the world . Hong Kong uses a linked exchange rate system , trading since May 2005 in the range US$ 1:HK$ 7.75–7.85. Apart from its use in Hong Kong, the Hong Kong dollar is also used in neighbouring Macau . It

16472-481: The southwest. The humid nature of Hong Kong exacerbates the warmth of summer. Typhoons occur most often then, sometimes resulting in floods or landslides. Also rarely occurring are waterspouts and tornadoes , which occurred at Hong Kong International Airport on 26 September 2020 and at Victoria Harbour on 28 September 2024. Winters are short, mild and usually sunny at the beginning, becoming cloudy towards February. Frequent cold fronts bring strong, cooling winds from

16614-471: The supervision of the Hong Kong Monetary Authority , which was a semi-independent public body established in the early 1990s to regulate banks and manage exchange funds and serves until now as the territory's de facto " central bank ". Banknotes are printed by Hong Kong Note Printing Limited . A bank can issue a Hong Kong dollar only if it has the equivalent exchange in US dollars on deposit. The currency board system ensures that Hong Kong's entire monetary base

16756-461: The sweet taste of the harbour's freshwater influx from the Pearl River or to the odour from incense factories lining the coast of northern Kowloon . The incense was stored near Aberdeen Harbour for export before Victoria Harbour was developed. Sir John Davis (the second colonial governor) offered an alternative origin; Davis said that the name derived from "Hoong-keang" ("red torrent"), reflecting

16898-480: The talks, on 24 September 1983, the Hong Kong dollar was devalued by 15% over 2 days to a historical low at HK$ 9.6 to US$ 1. Public panic set in and there were runs on foodstuff on this Black Saturday (1983) . Amidst the monetary crisis, John Greenwood, an economist who was later dubbed the "architect of the Linked Exchange Rate System " in Hong Kong, advocated the proposal to peg the Hong Kong dollar to

17040-460: The territory. The vast majority also hold Chinese nationality , automatically granted to all ethnic Chinese residents at the handover. Headline population density exceeds 7,060 people/km , and is the fourth-highest in the world. The predominant language is Cantonese , a variety of Chinese originating in Guangdong. It is spoken by 93.7% of the population, 88.2% as a first language and 5.5% as

17182-503: The territory. Older government buildings are examples of colonial architecture. The 1846 Flagstaff House , the former residence of the Commander of the British forces in Hong Kong , is the oldest Western-style building in Hong Kong. Some buildings, such as the Court of Final Appeal Building and the Hong Kong Observatory retain their original functions, and others have been adapted and reused ;

17324-532: The three authorised local banks, the Mercantile Bank of India, London and China , the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation, were all declared legal tender. The government took over production of 1 dollar notes. In 1941, the government introduced notes for 1 cent , 5 cents and 10 cents due to the difficulty of transporting coins to Hong Kong caused by

17466-528: The three banks issuing 5, 10, 50, 100 and 500-dollar notes. 1-dollar notes were replaced by coins in 1960, with only the 1-cent note issued by the government after 1965. In 1975, the HK$ 5 notes were replaced by coins, whilst HK$ 1,000 notes were introduced in 1977. The Mercantile Bank was absorbed by the HSBC in 1978 and ceased issuing notes. In 1985, HK$ 20 notes were introduced, whilst, in 1993, HK$ 10 coins were introduced and

17608-514: The traders were expelled after military clashes in the 1520s, Portuguese-Chinese trade relations were re-established by 1549 . Portugal acquired a permanent lease for Macau in 1887. After the Qing conquest , maritime trade was banned under the Haijin policies. From 1661 to 1683, the population of most of the area forming present day Hong Kong was cleared under the Great Clearance , turning

17750-475: The violence, including dozens killed by the Royal Hong Kong Police via beatings and shootings. Although the territory's competitiveness in manufacturing gradually declined because of rising labour and property costs, it transitioned to a service-based economy. By the early 1990s, Hong Kong had established itself as a global financial centre and shipping hub. The colony faced an uncertain future as

17892-665: The war, as skilled Chinese migrants fled from the Chinese Civil War and more refugees crossed the border when the Chinese Communist Party took control of mainland China in 1949. Hong Kong became the first of the Four Asian Tiger economies to industrialise during the 1950s. With a rapidly increasing population, the colonial government attempted reforms to improve infrastructure and public services. The public-housing estate programme , Independent Commission Against Corruption , and Mass Transit Railway were all established during

18034-458: The wider region. In 1873, the international silver crisis resulted in a devaluation of silver against gold-based currencies. Since the silver dollars in the US and Canada were attached to a gold exchange standard, this meant that the silver dollars circulating along the China coast dropped in value as compared to the U.S. dollar and the Canadian dollar . By 1895, the circumstances had changed to

18176-461: The world , housing in Hong Kong is consistently in high demand . Hong Kong is a highly developed territory and has a Human Development Index (HDI) of 0.956, ranking fourth in the world and currently the only place in Asia to be in the top 5. The city has the highest life expectancy in the world , and a public transport usage exceeding 90 per cent. The name of the territory, first romanised as "He-Ong-Kong" in 1780, originally referred to

18318-494: The world's largest number of skyscrapers , with 554 towers taller than 150 metres (490 ft), and the third-largest number of high-rise buildings in the world. The lack of available space restricted development to high-density residential tenements and commercial complexes packed closely together on buildable land. Single-family detached homes are uncommon and generally only found in outlying areas. The International Commerce Centre and Two International Finance Centre are

18460-544: Was handed over from the United Kingdom to China in 1997. Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of one country, two systems . Originally a sparsely populated area of farming and fishing villages, the territory is now one of the world's most significant financial centres and commercial ports. Hong Kong is the world's third-ranked global financial centre (behind New York City and London ), ninth-largest exporter, and eighth-largest importer. Its currency,

18602-420: Was 81.3 years for males and 87.2 years for females in 2022, one of the highest in the world. Cancer , pneumonia , heart disease , cerebrovascular disease , and accidents are the territory's five leading causes of death. The universal public healthcare system is funded by general-tax revenue, and treatment is highly subsidised; on average, 95% of healthcare costs are covered by the government. The city has

18744-401: Was able to finance 28% and 46% of PRC's total import from 1963 to 1967 and from 1970 to 1971 respectively. Of the British sterling obtained by PRC through Hong Kong during 1953 and 1971, about 40–50% was supplied by The Hongkong and Shanghai Banking Corporation (HSBC), the de facto "central bank" in Hong Kong, which accounted for 10% of annual foreign currency needed by PRC in the period. In

18886-523: Was born in Shanghai and became a Christian while a student at Bethel Mission in Shanghai . Moved by the preaching of Paget Wilkes , he became an evangelist at the age of 25. In 1928 he joined the Worldwide Evangelistic Band , led by George Rideout of Asbury College, Wilmore, Kentucky. While on a preaching tour in south China, he met the famed evangelist John Sung (Song Shangjie). They formed

19028-452: Was exponentially expanded from £140–£160 million in the late 1950s to £363 million in October 1967, equivalent to 10% of the UK's total sterling liabilities to the overseas sterling area before the devaluation. Subsequently, Hong Kong and London engaged in talks about compensation and protection against further losses. Considering the potential diversification of official reserves from sterling to

19170-528: Was further expanded in 1898 when the United Kingdom obtained a 99-year lease of the New Territories. The University of Hong Kong was established in 1911 as the territory's first institution of higher education. Kai Tak Airport began operation in 1924, and the colony avoided a prolonged economic downturn after the 1925–26 Canton–Hong Kong strike . At the start of the Second Sino-Japanese War in 1937, Governor Geoffry Northcote declared Hong Kong

19312-519: Was insignificant, so that Chinese goods could only be bought with precious metals. To reduce the trade imbalance, the British sold large amounts of Indian opium to China. Faced with a drug crisis, Qing officials pursued ever more aggressive actions to halt the opium trade. In 1839, the Daoguang Emperor rejected proposals to legalise and tax opium and ordered imperial commissioner Lin Zexu to eradicate

19454-488: Was issued starting in 2018. Commemorative banknotes have also been issued celebrating the note-issuing banks' anniversaries as well as the Olympic Games held in Beijing in 2008 and 2022. Since 1983, the linked exchange rate system is a unique type of exchange rate regime used for the Hong Kong dollar to be pegged with the United States dollar at a fixed rate of HK$ 7.80 = US$ 1. In this unique linked exchange rate system,

19596-421: Was last issued in 1979, but last struck in 1988. In 1994, a bimetallic 10-dollar coin was introduced. Starting on New Year's Day (1 January) 1993 at stroke of midnight HKT , prior to the establishment of the HKSAR, coins with Queen Elizabeth II 's portrait were gradually withdrawn from circulation. Most of the notes and coins in circulations feature Hong Kong's Bauhinia flower or other symbols. Coins with

19738-583: Was placed on sterling area countries. As a colony of the British Empire, Hong Kong was obliged to observe the sterling area regulations. Nevertheless, its unique geo-economic position afforded Hong Kong the ability to defy exchange controls by operating a dual system with the sterling area and a free exchange market principally with the US dollar, which was technically illegal from 1949 to 1967. Hong Kong economy specialist Leo Goodstadt argues that ministers and officials in London were bound to tolerate Hong Kong's situation, given Hong Kong's extensive trade with PRC, and

19880-496: Was released in May 1931. It concluded that it was important for Hong Kong to facilitate free flow of capital with China and the same monetary standard was thus preferred. The report also recommended the Hong Kong Government only to take over the burden of note issuance when the banks failed to do so. Actually, the Hong Kong Government was not willing to take up the logistics of note issuance, and some officials even thought that

20022-475: Was returned to the Republic of China . By 1935, only Hong Kong and China remained on the silver standard. In that year, Hong Kong, shortly after China, abandoned silver and introduced a crawling peg to sterling of £1 = HK$ 15.36 to HK$ 16.45. It was from this point in time that the concept of a Hong Kong dollar as a distinct unit of currency came into existence. The One-Dollar Currency Note Ordinance of that year led to

20164-450: Was the chief denomination until the introduction of the yuan in the late 19th century. The dollar is divided into 100 cents, with the character 仙 ( Cantonese Yale : sīn , a transliteration of “cent”) used on coins and in informal Cantonese. However, 仙 is now only used in the stock market, as now it no longer has a note or coin form due to its small value, and is no longer used in regular cash transactions. The amount of 10 cents

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