Hong Kong dollar
On 17 October 1983, Hong Kong dollar was officially pegged to the US dollar at a rate of HK$7.8 = US$1, officially switching back to the currency board system. The peg of Hong Kong dollar to the US dollar in 1983 actually took place in the context of Sino-British negotiation regarding the future of Hong Kong after 1997. Due to the lack of public confidence in the talks, on 24 September 1983, Hong Kong dollar was devalued by 15% over 2 days to a historical low at HK$9.6 to US$1. Public panic set in and there were runs on foodstuff on this Black Saturday (1983). Amidst the monetary crisis, John Greenwood, an economist who was later dubbed the "architect of the Linked Exchange Rate System" in Hong Kong, advocated the proposal to peg the Hong Kong dollar to the US dollar with a return to the former currency board system. The proposal received support from two government officials within the Monetary Affairs Branch of the Hong Kong Government, namely, the Deputy Secretary for Monetary Affairs Tony Latter and the Government Economist Alan McLean as a practical way to restore confidence in the Hong Kong dollar. After discussions between London and Hong Kong, the Financial Secretary of Hong Kong Government John Bremridge announced to peg the Hong Kong dollar with the US dollar at a rate of HK$7.8 to US$1 in a currency board fashion on 17 October 1983.