Hong Kong SAR, China: Real effective exchange rate index (2010 = 100)

Key figures

What the numbers say

In 2021, Hong Kong SAR, China's real effective exchange rate index (2010 = 100) fell 6.76 on 2020 (from 132.63 to 125.88).

Across the 30 yearly changes before that (1991 to 2020), the average change was +1.39 and a typical year strayed about 7.36 from that (the standard deviation). This year's change was 1.1 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.

On record, the biggest yearly rise was 17.74 in 1998 and the biggest yearly fall was 16.5 in 2003. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2012 to 2021 the straight-line trend is upward, about 2.62 a year. A straight line explains 83% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

A straight-line projection, tested first

Extending that straight line gives about 141.74 for 2024. We show this only because the same method, fitted on earlier years, predicted 2019 to 2021 better than "no change" would have: its average miss was 3.23, against 7.15 for assuming no change. Treat it as a continuation of the recent pattern, not a forecast of events: it cannot see a recession, a policy change or a revision to the data.

See how a linear trend forecast works and the guide on forecasting without fooling yourself.

Closest to Hong Kong SAR, China in the 2021 ranking

• Korea, Rep. — 1st of 2: 138.98

What this measures

Real effective exchange rate is the nominal effective exchange rate (a measure of the value of a currency against a weighted average of several foreign currencies) divided by a price deflator or index of costs. This indicator is an index series where 2010=100.

Limitations: Because of conceptual and data limitations, changes in real effective exchange rates should be interpreted with caution.

All 32 values

Real effective exchange rate index (2010 = 100) in nearby economies

• Australia — 89.97 (2025)
• China — 110.09 (2025)
• Fiji — 107.33 (2025)
• Japan — 56.07 (2025)
• Korea, Rep. — 138.98 (2021)
• Malaysia — 85.43 (2025)
• New Zealand — 102.13 (2025)
• Papua New Guinea — 116.1 (2025)
• Philippines — 112.49 (2025)
• Samoa — 115.71 (2025)

More financial sector data for Hong Kong SAR, China

• DEC alternative conversion factor (LCU per US$) — US$7.8 (2025)
• Official exchange rate (LCU per US$, period average) — US$7.8 (2025)
• GDP deflator (base year varies by country) — 105.23 (2025)
• Inflation, GDP deflator (annual % growth) — 1.02% (2025)
• Market capitalization of listed domestic companies (current US$) — US$6.09 trillion (2025)
• Market capitalization of listed domestic companies (% of GDP) — 1,425% (2025)
• Listed domestic companies, total — 2,508 (2025)
• Stocks traded, total value (current US$) — US$5.86 trillion (2025)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Hong Kong SAR, China's real effective exchange rate index (2010 = 100)?

125.88 in 2021, according to the World Bank (World Development Indicators).

How has it changed since 1990?

It is up 38.44% from 90.93 in 1990 (1.05% a year on average, compounded). The highest value was 153.4 in 1998 and the lowest 90.93 in 1990.

Is the latest change in real effective exchange rate index (2010 = 100) unusual for Hong Kong SAR, China?

Source

World Bank, World Development Indicators, indicator PX.REX.REER, licensed CC BY 4.0. Original source: International Financial Statistics database, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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