The Spot USD/HKD Fixing will be formally launched on Thursday, the Treasury Markets Association announced today.

The Fixing is calculated by averaging the middle quotes after excluding the highest three quotes and lowest three quotes from the rates provided by the Designated Banks.

The Spot USD/HKD Fixing will serve as a benchmark for the market exchange rates of the US dolllar against the HK dollar at 11am Hong Kong time. The Fixing is expected to provide a reference rate for the pricing of Hong Kong dollar-linked currency products.

Twenty financial institutions active in Hong Kong dollar trading in the foreign exchange market have been designated by the association to contribute the price quotes for the calculation of the Fixing. The panel of contributing banks will be reviewed regularly.