Exchange Rate Now!

The entire currency market is reeling from the depression which rocked the eurozone. It is currently a challenge of relativity – which country can withstand this crisis and emerge stronger in the economic sense, and as a result have a stronger currency.

China, in particular, has emerged the strong winner. In recent months, China not only gave a fresh display of its economic and political muscle, but also exhibited the skills and sophistication on emerging from the crisis.

For example, China’s State Administration of Foreign Exchange clarified in May 2010 that Europe will continue as the key investment markets for China’s foreign-exchange reserves of nearly $2.5 trillion. This reserve is unrivaled even by the United States, and shows the long term vision of the Chinese in getting value for their investment and equally importantly, the confidence that Europe will be able to recover from the Eurozone crisis.

Currently, 1 Chinese Yuan (or Renminbi) trades at 0.1183 Euro, or 1 Euro = 8.453 Renminbi.

Hedge funds in particular, pays attention to the announcement by the Chinese government and would (more…)

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The Hong Kong Dollar (HKD, HK$, “Hongkers” – informal name) is pegged to the US Dollar (USD). The initial conversion rate was 5.085 Hong Kong Dollar to 1 US Dollar in 1972 but the H.K. Dollar has since been floated to a current band of exchange rate between 7.75 HKD/ 7.85 HKD = 1 US Dollar. This represents a maximum variance of 1.29%.

To the average tourist between United States and Hong Kong – there is hardly any need to forecast the trend of US Dollar/Hong Kong Dollar exchange rate. You can simply convert either of the currency just the day before you travel, and rest assured that it will not matter materially if you had converted your currency 6 months ago or even earlier. This bode well for Hong Kongers studying in the United States, as a stable peg of Hong Kong Dollar means that it is easy to forecast and budget your study expenses. Similarly, Hong Kongers working in the United States will not be exposed to the currency fluctuations that can relatively reduce your pay against a basket of foreign currencies.

There is no fear that speculative trading will destabilise the trading band of the Hong Kong Dollar compared to the US Dollar (more…)