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The Census and Statistics Department today (December 1) announced that a new series of Effective Exchange Rate Index (EERI) for the Hong Kong Dollar (HKD) will be published by the Census and Statistics Department as from January 3, 2012, replacing the existing series of EERI.
The weights adopted in compiling the existing series of EERI have been based on the average merchandise trade pattern of Hong Kong from 1999 to 2000. To reflect the more up-to-date situation, the weights used for compiling the new series of EERI are those based on the average merchandise trade pattern from 2009 to 2010.
The exchange rates of HKD against 14 currencies are currently included in the compilation of EERI, with January 2000 as the base period. Following a review of the trade pattern of Hong Kong, another currency, the Indian Rupee, is added to the new series of EERI. The new currency basket of the EERI will include the following 15 currencies:
* Australian Dollar * Japanese Yen
* Republic of Korea Won * Canadian Dollar
* Malaysian Ringgit * Singapore Dollar
* Chinese Renminbi * New Taiwan Dollar
* Swiss Franc * Euro
* Philippine Peso * Thai Baht
* Indian Rupee * Pound Sterling
* U.S. Dollar
The new series of EERI, based on January 2010 as 100 (i.e. using the daily average exchange rate of January 2010 as basis for comparison), will replace the existing series as from January 3, 2012. Same as the existing series, the new series of EERI will be released on a daily basis except for non-trading days (i.e. public holidays and when banks close for business for reasons such as typhoon).
Daily EERI using the new weights have been compiled for the new series dating back to January 2, 2010, while monthly and annual series are available dating back to January 2010 and 2010 respectively. The new series of EERI dating back to earlier periods are derived based on movements in the old series and using a conversion factor obtained from the values of the two index series in an overlapping period.
More details on the new series of EERI will be published in a feature article in the December 2011 issue of Hong Kong Monthly Digest of Statistics. Enquiries about EERI may be directed to the Census and Statistics Department (Tel.: 2582 4914; e-mail: trade@censtatd.gov.hk).
Ends/Thursday, December 1, 2011
Issued at HKT 16:33
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