1 US Dollar = 7.8 HK Dollars

If you ever travel to Hong Kong from the United States, you will need to exchange your US dollars for Hong Kong dollars, the city’s currency since 1846. Don’t bother checking the latest exchange rate, though. Since 1983, the Hong Kong dollar has been pegged to the US dollar at a fixed rate of 1 US dollar for 7.8 Hong Kong dollars (even though, technically, it fluctuates between 7.75 and 7.85 Hong Kong dollars).

In 1935, the Hong Kong dollar was pegged to the British sterling; but after the sterling's devaluation in 1967, the Hong Kong dollar was briefly pegged to the US dollar in 1972, before becoming a floating currency in 1974.

However, as the Sino-British negotiations regarding the future handover of the city to China began, public confidence dwindled. On September 24, 1983, known locally as Black Saturday, the Hong Kong dollar was devalued by 15% in just two days. Eventually, on October 17, 1983, the Hong Kong dollar was re-pegged to the US dollar at a fixed rate of 1 US dollar for 7.8 Hong Kong dollars.

Following the handover in 1997, Article 8 of the Basic Law of Hong Kong guarantees, among other provisions, that Hong Kong would retain full autonomy regarding currency issuance.