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.