CAD to HKD Exchange Rate

Ahh, Hong Kong: the name translates to “fragrant harbor.” What else do you really need to know?

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What influences the CAD/HKD exchange rate?

The Canadian dollar (CAD) works under a floating exchange rate regime. Therefore, the CAD exchange rate may be determined by supply and demand. Other factors that might influence CAD’s value include commodity prices, interest rates, and inflation rates.1
 
The Hong Kong dollar (HKD), which is administered by the Hong Kong Monetary Authority, isn’t allowed to be traded freely. Instead, it’s pegged to the U.S. dollar, so that the HKD trades within a narrow band that ranges from 7.75 and 7.85 USD. Therefore the value of the USD may play a significant role in the CAD/HKD exchange rate.

CAD/HKD Snapshot

“In terms of trade with Canada, Hong Kong is Canada’s 6th largest export market, and Canada’s 2nd largest export market in the world for beef and beef products; and 5th largest market for fish and seafood.” – Government of Canada2

  • Hong Kong is the 3rd biggest financial market within Asia. And as of 2014, it was the 2nd biggest destination of Foreign Direct Investment (FDI) for Canada in Asia.2  
  • In 2015, Canada was ranked 10th in GDP, while Hong Kong ranked 33rd.3
  • In 2015, Canada was the 11th largest exporter and 10th largest importer in the world.4 Hong Kong was the 32nd largest exporter and the 6th largest importer.5

Canada’s top exports include crude petroleum, cars, refined petroleum, vehicle parts, and helicopters, planes, and spacecraft.4 Hong Kong’s top exports include gold, diamonds, telephones, broadcasting equipment, and jewellery.5 
 
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Currency Name: Hong Kong Dollar

Currency Code: HKD

Currency Symbol: $

Central Bank: Hong Kong Monetary Authority

Countries Used In: Hong Kong

Major Unit: One Hong Kong Dollar

Minor Unit: One Cent

Note Denominations: $10, $20, $50, $100, $500, $1,000

Coin Denominations: 10¢, 20¢, 50¢, $1, $2, $5, $10

 

HKD to CAD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the HKD to CAD exchange rate today.

 

Sources:

  1. https://lop.parl.ca/Content/LOP/ResearchPublications/tips/tip117-e.htm
  2. http://www.canadainternational.gc.ca/hong_kong/bilateral_relations_bilaterales/canada_hk.aspx?lang=eng&_ga=2.216747920.764771610.1497977016-1910332906.1497977016   
  3. http://databank.worldbank.org/data/download/GDP.pdf
  4. http://atlas.media.mit.edu/en/profile/country/can/
  5. http://atlas.media.mit.edu/en/profile/country/hkg/