Editing Money supply (section)

===East Asia===
====Hong Kong====

The [[Hong Kong Basic Law]] and the [[Sino-British Joint Declaration]] provides that Hong Kong retains full autonomy with respect to currency issuance. Currency in Hong Kong is issued by the government and three local banks under the supervision of the territory's ''de facto'' central bank, the Hong Kong Monetary Authority. Bank notes are printed by [[Hong Kong Note Printing]].

A bank can issue a Hong Kong dollar only if it has the equivalent exchange in US dollars on deposit. The currency board system ensures that Hong Kong's entire monetary base is backed with US dollars at the linked exchange rate. The resources for the backing are kept in Hong Kong's exchange fund, which is among the largest official reserves in the world. Hong Kong also has huge deposits of US dollars, with official foreign currency reserves of 331.3 billion USD {{as of|September 2014|lc=y}}.<ref>{{cite web|url=http://www.hkma.gov.hk/eng/key-information/press-releases/2014/20140905-3.shtml|publisher=Hong Kong Monetary Authority |title= Hong Kong's Latest Foreign Currency Reserve Assets Figures Released|access-date=November 20, 2016}}</ref>
=====Currency peg history=====
{{Main article|Hong Kong dollar}}
[[File:HKD vs USD over the year.svg|thumb|right|250px|HKD vs USD over the year]]
Hong Kong's [[exchange rate regime]] has changed over time.
* 1967: [[1967 sterling devaluation|Sterling was devalued]], the [[Fixed exchange rate system|peg]] was increased from 1 shilling 3 pence (£1 = HK$16) to 1 shilling 4½ pence (£1 = HK$14.5455). Valued in USD, the currency went from US$1 = HK$5.71 to US$1 = HK$6.06
* 1972: pegged to the US dollar, US$1 = HK$5.65
* 1973: US$1 = HK$5.085
* 1974 to 1983: The Hong Kong dollar was [[Floating exchange rate|floated]]
* October 17, 1983: Pegged at US$1 = HK$7.80 through the currency board system
* May 18, 2005: A lower and upper guaranteed limit are in place at 7.75 to the US dollar. Lower limit was lowered from 7.80 to 7.85, between May 23 and June 20, 2005. The Monetary Authority indicated this was to narrow the gap between interest rates between Hong Kong and the US, and to avoid the HK dollar being used as a proxy for speculative bets on a [[renminbi]] revaluation.

====Japan====
[[File:Money supply of japan.gif|thumb|[[Japan]]ese money supply (April 1998 – April 2008)]]
The [[Bank of Japan]] defines the monetary aggregates as:<ref>{{cite web |url=http://www.boj.or.jp/en/type/exp/stat/data/exms01.pdf |page=11 |publisher=Bank of Japan }}{{Dead link|date=August 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
* '''M1''': cash currency in circulation, plus deposit money
* '''M2 + CDs''': M1 plus [[quasi-money]] and [[certificate of deposit|CDs]]
* '''M3 + CDs''': M2 + CDs plus deposits of post offices; other savings and deposits with financial institutions; and money trusts
* '''Broadly defined liquidity''': M3 and CDs, plus money market, pecuniary trusts other than money trusts, investment trusts, bank debentures, commercial paper issued by financial institutions, repurchase agreements and [[securities lending]] with cash collateral, government bonds and foreign bonds