Do you want to convert USD to HKD? In this post, we present a foreign exchange API to do this.
In China, there is a dollar that is one of the Special Administrative Regions of Hong Kong. Its abbreviation is HKD. This is the ninth most demanded and offered currency in the foreign exchange market.
Recently, the region’s authorities announced a rise in interest rates of 75 points. This came after the policy adopted by the US Federal Reserve. Many economies boost interest rates to keep inflation under control.
Currently, the rate is set at 2%. The Hong Kong Monetary Authority reported this, which is the Central Bank of the region and therefore has autonomy in certain areas. This entity has border control and can adopt autonomous monetary policies.
In 1983 the HKD was pegged to the USD. From this point on, the Hong Kong currency was completely tied to the movements of the US currency. However, people expects that the adjustment bring more fluctuation in global equity markets. It affects also the region’s exports.
Rates are expected to go up even more next year. Currently, capital flight from the region is increasing, leading to a weakening of reserves and their consequent degradation of the currency. This also does not create a very optimistic mood for the Hong Kong economy whose GDP is suffering a contraction. This decrease has already been six quarters in a row.
Use A Foreign Exchange API
As can be seen, there have been several modifications to Hong Kong exchange rates. To receive all of the fast data, you should use an API. An API is a mechanism that distributes data to different gadgets.
The API is built into the layouts of web page content. It enables you to share that knowledge with the rest of the planet by including documentation in your digital designs. There, you may monitor the HKD to the USD in actual time and overtime.
In this regard, you can utilize Exchangr, which gives historical prices with existing currency rates. You will indeed be able to observe all of the elements that influence currency activity in this manner.
You will be able to evaluate its performance throughout previous wars, crises, and stagflationary periods to grasp certain factors that may be comparable. Considering all of this, you will be able to determine the best moment to purchase or sell currencies. That is why you must keep current.
About Exchangr
This open API is popular among developers. You can include it in JSON, PHP, Ruby, C#, and Python. It offers substantial documentation to combine and contrast real-time FX activity and historical rates. It’s an API for money translation.
You may also compare various foreign currencies. Participants in this activity have a general notion that incorporates various aspects. This site includes details on several different currencies from across the world. You may combine data from both spot and futures contracts of several exchange rates, such as the dollar, JPY, euro, and bath, as well as the Hong Kong Dollar.