In the early 1980s, Hong Kong faced future problems. The stock market crash in Hong Kong shook people's confidence in the Hong Kong dollar, and the Hong Kong dollar continued to depreciate. 1 In September 1983, there was a Hong Kong dollar crisis, and the Hong Kong dollar pair1US dollar fell to an all-time low of 9.6 Hong Kong dollars. In order to save Hong Kong's financial system, the Hong Kong government announced the linked exchange rate system on June 5438+0983 10 and June 5438+05, and then the Hong Kong dollar was pegged to the US dollar. The exchange rate is set at HK$ 7.8 1 USD. Since then, it has stabilized and the linked exchange rate system has been implemented to this day.

1998 during the Asian financial turmoil, the Hong Kong dollar was heavily traded by international investors headed by Soros, which caused the exchange rate to fluctuate greatly. Later, the Hong Kong Monetary Authority decided to use foreign exchange reserves to stabilize the exchange rate, so that the exchange rate of HK$ 7.8 1 USD could be maintained.

Secondly, the support of the central government for many years, such as free travel, Pan-Pearl River Delta cooperation, duty-free import of Hong Kong industrial products into the mainland, and policy actions to support Hong Kong to become an international financial center, has maintained Hong Kong's international status.