Under a currency board system the Hong Kong dollar was fixed at 7.80 to one U.S. in 1983. The Hong Kong Monetary Authority was formed in 1994 to manage the Hong Kong dollar. Currency notes are issued by three private commercial banks and an association of banks regulates short-term deposit rates. In 1997, the government is forecasting economic growth of 5.5 percent and inflation of about seven percent. Total exports are forecast to rise 8.5 percent, with domestic exports static but re-exports rising by 10 percent.
Major imports are raw materials, semi-manufactures, food and mineral fuels.
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