Black Saturday, 24 September 1983, is the name given to the crisis when the Hong Kong dollar exchange rate versus the United States dollar was at an all-time low. On that day, US$1 exchanged for HK$9.6.[1] For a period, Hong Kong stores began quoting products in US dollar prices, because of the uncertain fluctuation in domestic currency.
From November 1974 to October 1983, Hong Kong was under a floating rate regime. The political talks of Hong Kong's handover of sovereignty to China involving UK's Prime MinisterMargaret Thatcher's visit to Beijing began to send consumer confidence down in 1982. The stalling of the Sino-British Joint Declaration also contributed to a pessimistic attitude. The collection of events eventually resulted in "Black Saturday”, which came in the form of a currency, banking and fiscal crisis.[2]
^Jao YC. [1998] (1998). Money and Finance in Hong Kong Retrospect and Prospect. World Scientific Publishing. ISBN978-981-02-3481-2
^Jao YC. [2001] (2001). The Asian Financial Crisis and the Ordeal of Hong Kong. Quorum, Greenwood. ISBN1-56720-447-3
March 10, 2023
black, saturday, 1983, black, saturday, september, 1983, name, given, crisis, when, hong, kong, dollar, exchange, rate, versus, united, states, dollar, time, that, exchanged, period, hong, kong, stores, began, quoting, products, dollar, prices, because, uncert. Black Saturday 24 September 1983 is the name given to the crisis when the Hong Kong dollar exchange rate versus the United States dollar was at an all time low On that day US 1 exchanged for HK 9 6 1 For a period Hong Kong stores began quoting products in US dollar prices because of the uncertain fluctuation in domestic currency Contents 1 History 2 Response 3 See also 4 ReferencesHistory EditFrom November 1974 to October 1983 Hong Kong was under a floating rate regime The political talks of Hong Kong s handover of sovereignty to China involving UK s Prime Minister Margaret Thatcher s visit to Beijing began to send consumer confidence down in 1982 The stalling of the Sino British Joint Declaration also contributed to a pessimistic attitude The collection of events eventually resulted in Black Saturday which came in the form of a currency banking and fiscal crisis 2 Response EditThe government responded with a linked exchange rate on 17 October 1983 See also EditEconomic bubbleReferences Edit Jao YC 1998 1998 Money and Finance in Hong Kong Retrospect and Prospect World Scientific Publishing ISBN 978 981 02 3481 2 Jao YC 2001 2001 The Asian Financial Crisis and the Ordeal of Hong Kong Quorum Greenwood ISBN 1 56720 447 3 Retrieved from https en wikipedia org w index php title Black Saturday 1983 amp oldid 1097301978, wikipedia, wiki, book, books, library,
