Exchange Bank Association was originally established in 1897 in
Hong Kong
Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...
as a bank association in dealing with the foreign exchange business.
Afterwards, it became an organization that set
interest rate
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, th ...
s on
bank deposits to keep bank competition alive and balanced.
History
The association was crucial in the stabilizing of
financial market
A financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities include stocks and bonds, raw materials and precious metals, which are known in the financial markets ...
s during the
Colonial Hong Kong
Hong Kong was a colony and later a dependent territory of the British Empire from 1841 to 1997, apart from a period of occupation under the Japanese Empire from 1941 to 1945 during the Pacific War. The colonial period began with the British ...
era from the 1890s to 1930s.
[Masuyama, Seiichi. Vandenbrink, Donna. Yue Chia, Siow. ]999 999 or triple nine most often refers to:
* 999 (emergency telephone number), a telephone number for the emergency services in several countries
* 999 (number), an integer
* AD 999, a year
* 999 BC, a year
Books
* ''999'' (anthology) or ''999: ...
(1999). East Asia's Financial Systems: Evolution & Crisis. Institute of Southeast Asian Studies Publishing. Their
interest rates
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, th ...
however, only affected banks.
The 1960s and 70s would spawn new
deposit-taking companies that set their own interest rates. This is one of the reason why the economy was split into a 3-tier system by 1981.
See also
*
Banking Ordinance
The Banking Ordinance is a set of laws passed by the Legislative Council of Hong Kong to tighten restrictions for opening up or licensing a bank. Prior to the 1964 re-regulations, the government had no way to control bank's monetary effect on ...
*
Hong Kong Association of Banks
The Hong Kong Association of Banks (HKAB; Chinese language:香港銀行公會 or 銀公會 in short) is an association created based on a series of Bank Ordinances enacted since 1948. In 1981 the association was established and replaced the Exch ...
References
External links
WikiFX Forex BrokerImmediate Edge Trading
History of Hong Kong
Banking in Hong Kong
1897 establishments in Hong Kong
Organizations established in 1897
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