4. The Hong Kong currency board in the shadow of the rising yuan (intermediate). Since 1983, the...
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4. The Hong Kong currency board in the shadow of the rising yuan (intermediate).
Since 1983, the Hong Kong dollar (HK$) is via a currency board pegged to the U.S. dollar at the rate of HK$7.80 = US$1. Since 2005 the Chinese yuan (CNY)
has appreciated from CNY 8.28 = US$1 to CNY 6.23 = US$1:
a. What was the exchange rate between the Hong Kong dollar and the Chinese yuan in 2005? What is it today?
b. Has the Hong Kong dollar appreciated/depreciated against the Chinese yuan over the period 2005–2012? Is this a favorable development for Hong Kong?
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