Since 1983, the linked exchange rate system is a unique type of exchange rate regime used for the Hong Kong dollar to be pegged with the United States dollar at a fixed rate of HK$7.80 = US$1. In this unique linked exchange rate system, the Hong Kong Monetary Authority (HKMA) authorises the three note-issuing banks (HSBC, Bank of China and Standard Chartered) to issue new banknotes provided that they deposit an equivalent value of United States dollars with the HKMA.