The Hong Kong currency board in the shadow of the rising yuan. 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 to CNY 6.23: What was the exchange rate between the Hong Kong dollar and the Chinese yuan in 2005? What is it today? Has the Hong Kong dollar appreciated/depreciated against the Chinese yuan over the period 2005–2012? Is this a favorable development for Hong Kong?