Black Saturday (1983)

Black Saturday, 24 September 1983, is the name given to the crisis when the Hong Kong dollar exchange rate versus the United States dollar was at an all-time low. On that day, US$1 exchanged for HK$9.6.^[1] For a period, Hong Kong stores began quoting products in US dollar prices, because of the uncertain fluctuation in domestic currency.

History

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From November 1974 to October 1983, Hong Kong was under a floating rate regime. The political talks of Hong Kong's handover of sovereignty to China involving UK's Prime Minister Margaret Thatcher's visit to Beijing began to send consumer confidence down in 1982. The stalling of the Sino-British Joint Declaration also contributed to a pessimistic attitude. The collection of events eventually resulted in "Black Saturday”, which came in the form of a currency, banking and fiscal crisis.^[2]

Response

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The government responded with a linked exchange rate on 17 October 1983.

References

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^ Jao YC. [1998] (1998). Money and Finance in Hong Kong Retrospect and Prospect. World Scientific Publishing. ISBN 978-981-02-3481-2
^ Jao YC. [2001] (2001). The Asian Financial Crisis and the Ordeal of Hong Kong. Quorum, Greenwood. ISBN 1-56720-447-3

v t e Financial crises
Bank run Commodity price shocks Credit crunch Credit cycle Currency crisis Debt crisis Energy crisis Financial contagion Social contagion Flash crash Hyperinflation Liquidity crisis Accounting Capital Funding Market Minsky moment Social crisis Stock market crash
Pre-1000	Financial crisis of 33 CE Crisis of the Third Century (235–284 CE)
Commercial revolution (1000–1760)	Great Bullion Famine (c. 1400–c. 1500) The Great Debasement (1544–1551) Spanish Price Revolution (c. 1550–c. 1650) Dutch Republic stock market crashes (c. 1600–1760) Kipper und Wipper (1621–1623) Tulip mania (1637) South Sea bubble (1720) Mississippi bubble (1720)
1st Industrial Revolution (1760–1840)	Amsterdam banking crisis of 1763 Bengal Bubble of 1769 (1769–1784) British credit crisis of 1772–1773 Dutch Republic financial collapse (c. 1780–1795) Copper Panic of 1789 Panic of 1792 Panic of 1796–1797 Danish state bankruptcy of 1813 Post-Napoleonic Irish grain price and land use shocks (1815–1816) Panic of 1819 Panic of 1825 Panic of 1837
1840–1870	European potato failure (1845–1856) Great Irish Famine Highland Potato Famine Panic of 1847 Panic of 1857 Panic of 1866 Black Friday (1869)
2nd Industrial Revolution (1870–1914)	Panic of 1873 Paris Bourse crash of 1882 Panic of 1884 Arendal crash (1886) Baring crisis (1890) Encilhamento (1890–1893) Panic of 1893 Australian banking crisis of 1893 Black Monday (1894) Panic of 1896 Panic of 1901 Panic of 1907 Shanghai rubber stock market crisis (1910) Panic of 1910–11 Financial crisis of 1914
Interwar period (1918–1939)	Early Soviet hyperinflation (1917–1924) Weimar Republic hyperinflation (1921–1923) Shōwa financial crisis (1927) Wall Street crash of 1929 Panic of 1930 Chinese hyperinflation (1937–1950)
Wartime period (1939–1945)	Greek hyperinflation (1941–1946) Chinese hyperinflation (1937–1950)
Post–WWII expansion (1945–1973)	Hungarian pengő hyperinflation (1945–1946) Kennedy Slide of 1962 1963–1965 Indonesian hyperinflation Chinese hyperinflation (1937–1950)
Great Inflation (1973–1982)	1970s energy crisis (1973–1980) 1973 oil crisis 1973–1974 stock market crash Secondary banking crisis of 1973–1975 Steel crisis (1973–1982) Latin American debt crisis (1975–1982) 1976 sterling crisis 1979 oil crisis Brazilian hyperinflation (1980–1982)
Great Moderation/ Great Regression (1982–2007)	Brazilian hyperinflation (1982–1994) Souk Al-Manakh stock market crash (1982) Chilean crisis of 1982 1983 Israel bank stock crisis Black Saturday (1983) Savings and loan crisis (1986–1995) Cameroonian economic crisis (1987–2000s) Black Monday (1987) 1988–1992 Norwegian banking crisis Japanese asset price bubble crash (1990–1992) Rhode Island banking crisis (1990–1992) 1991 Indian economic crisis 1990–1994 Swedish financial crisis 1990s Finnish banking crisis 1990s Armenian energy crisis Cuban Special Period (1991–2000) Black Wednesday (1992 Sterling crisis) Hyperinflation in Serbia and Montenegro (1992–1994) 1994 bond market crisis Venezuelan banking crisis of 1994 1994 Papua New Guinea financial crisis Mexican peso crisis (1994–1996) 1997 Asian financial crisis October 27, 1997, mini-crash 1998 Russian financial crisis 1998–1999 Ecuador economic crisis 1998–2002 Argentine great depression Samba effect (1999) Dot-com bubble (2000–2004) 9/11 stock market crash (2001) 2001 Turkish economic crisis South American economic crisis of 2002 Stock market downturn of 2002 2002 Uruguay banking crisis 2003 Myanmar banking crisis 2000s energy crisis (2003–2008) 2004 Argentine energy crisis Chinese stock bubble of 2007 Hyperinflation in Zimbabwe (2007–present)
Great Recession (2007–2009)	2008 financial crisis September 2008 October 2008 November 2008 December 2008 2009 Subprime mortgage crisis 2000s U.S. housing market correction U.S. bear market of 2007–2009 2008 Latvian financial crisis 2008–2009 Belgian financial crisis Great Recession in Russia 2008–2009 Ukrainian financial crisis 2008–2011 Icelandic financial crisis Post-2008 Irish banking crisis 2008–2014 Spanish financial crisis Blue Monday Crash 2009 Euro area crisis Greek government-debt crisis
Information Age (2009–present)	2009 Dubai debt standstill Venezuelan banking crisis of 2009–2010 2010–2014 Portuguese financial crisis Energy crisis in Venezuela (2010–present) Syrian economic crisis (2011–present) August 2011 stock markets fall 2011 Bangladesh share market scam 2012–2013 Cypriot financial crisis Chinese Banking Liquidity Crisis of 2013 Venezuela economic crisis (2013–present) 2014 Brazilian economic crisis Puerto Rican government-debt crisis (2014–2022) Russian financial crisis (2014–2016) 2015–16 Nepal blockade 2015–2016 Chinese stock market turbulence 2015–2016 stock market selloff Brexit stock market crash (2016) Hyperinflation in Venezuela (2016–2022) 2017 Sri Lankan fuel crisis Ghana banking crisis (2017–2018) Turkish economic crisis (2018–current) Lebanese liquidity crisis (2019–present) Sri Lankan economic crisis (2019–2024) COVID-19 pandemic Financial market impact 2020 stock market crash Recession Chinese property sector crisis (2020–present) 2021–2023 inflation surge 2022 Russian financial crisis Pakistani economic crisis (2021–2024) 2022 stock market decline German economic crisis (2022–present) 2023 United States banking crisis 2023–2024 Egyptian financial crisis 2025 stock market crash
List of banking crises List of economic crises List of sovereign debt crises List of stock market crashes and bear markets

v t e Economic history of the United States and Commonwealth of Nations countries
Commercial revolution (1000–1760)	Great Bullion Famine (c. 1400–c. 1500) Great Slump (1430–1490) The Great Debasement (1544–1551) Financial Revolution (1690–1800) Slump of 1706 Great Frost of 1709 South Sea bubble (1713–1720) Mississippi bubble (1717–1720) Economic impact of the Seven Years' War (1754–1763)
1st Industrial Revolution/ Market Revolution (1760–1870)	Industrial Revolution Scotland United States Wales Bengal Bubble of 1769 (1769–1784) British credit crisis of 1772–1773 American Revolutionary War inflation (1775–1783) Panic of 1785 (1785–1788) Copper Panic of 1789/Panic of 1792 (1789–1793) Canal Mania (c. 1790–c. 1810) Panic of 1796–1797 (1796–1799) 1802–1804 recession Carolina gold rush (1802–1825) Depression of 1807 (1807–1810) 1810s Alabama real estate bubble Alabama Fever 1812 recession Post-Napoleonic Depression (1815–1821) 1822–23 recession Panic of 1825 Panic of 1826 1828–29 recession Georgia Gold Rush (1828–c. 1840) 1830s Chicago real estate bubble 1833–34 recession Panic of 1837 (1836–1838 and 1839–1843) U.S. state defaults in the 1840s Railway Mania (c. 1840–c. 1850) Plank Road Boom (1844–c. 1855) 1845–46 recession Panic of 1847 (1847–1848) California gold rush (1848–1855) British Columbia gold rushes Queen Charlottes Gold Rush, 1851 Fraser Canyon Gold Rush, 1858 Rock Creek Gold Rush, 1859 Similkameen Gold Rush, 1860 Stikine Gold Rush, 1861 Cariboo Gold Rush, 1861–1867 Wild Horse Creek Gold Rush, 1863–1870 Leechtown Gold Rush, 1864–1865 Big Bend Gold Rush, c. 1865 Omineca Gold Rush, 1869 Victorian gold rush (1851–c. 1870) New South Wales gold rush (1851–1880) Australian gold rushes (1851–1914) 1853–54 recession Panic of 1857 (1857–1858) Pike's Peak gold rush (1858–1861) Pennsylvania oil rush (1859–1891) 1860–61 recession Colorado River mining boom (1861–1864) Otago gold rush (1861–1864) U.S. Civil War economy (1861–1865) First Nova Scotia Gold Rush (1861–1874) West Coast gold rush (1864–1867) Panic of 1866 (1865–1867) Vermilion Lake gold rush (1865–1867) Kildonan Gold Rush (1869) Black Friday (1869–1870)
Gilded Age/ 2nd Industrial Revolution (1870–1914)	Coromandel Gold Rushes (c. 1870–c. 1890) Cassiar Gold Rush (c. 1870–c. 1890) Long Depression 1873–1879; Panic of 1873 Black Hills gold rush (1874–1880) Colorado Silver Boom (1879–1893) Western Australian gold rushes (c. 1880–c. 1900) Indiana gas boom (c. 1880–1903) Ohio oil rush (c. 1880–c. 1930) Depression of 1882–1885 Panic of 1884 Cayoosh Gold Rush (1884) Witwatersrand Gold Rush (1886) 1887–88 recession Baring crisis (1890–1891) Cripple Creek Gold Rush (c. 1890–c. 1910) Panic of 1893 (1893–1897) Australian banking crisis of 1893 Black Monday (1894) Panic of 1896 Klondike Gold Rush (1896–1899) Second Nova Scotia Gold Rush (1896–1903) Kobuk River Stampede (1897–1899) Mount Baker gold rush (1897–c. 1925) 1899–1900 recession Nome Gold Rush (1899–1909) Fairbanks Gold Rush (c. 1900–c. 1930) Texas oil boom (1901–c. 1950) Panic of 1901 (1902–1904) Cobalt silver rush (1903–c. 1930) Panic of 1907 (1907–1908) Porcupine Gold Rush (1909–c. 1960) Panic of 1910–11 (1910–1912) Financial crisis of 1914 (1913–14)
World War home fronts/ Interwar period (1914–1945)	World War I economy and home fronts Australia Canada United Kingdom United States Post–World War I recession (1918–1919) Recession of 1920–1921 1920s Florida land boom (c. 1920–1925) Roaring Twenties 1923–1924 recession 1926–1927 recession Great Depression 1929–1939; Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938 Australia Canada India South Africa United Kingdom United States 1930s Kakamega gold rush Third Nova Scotia Gold Rush (1932–1942) World War II home front Australia Canada United Kingdom United States
Post–WWII expansion/ 1970s stagflation (1945–1982)	Great Compression 1945 recession Recession of 1949 (1948–1949) Hong Kong and Singapore Asian Tiger expansions (1950–1990) 1951 Canada recession Recession of 1953 (1953–1954) Recession of 1958 (1957–1958) Recession of 1960–1961 Kennedy Slide of 1962 Poseidon bubble (1969–1970) Recession of 1969–1970 1970s commodities boom 1973–1975 recession 1973–1974 stock market crash Secondary banking crisis of 1973–1975 1970s energy crisis 1973–1980; 1973 oil crisis 1979 oil crisis Steel crisis (1973–1982) 1976 sterling crisis Silver Thursday (1980) Early 1980s recession 1980–1982; United States
Computer Age/ Second Gilded Age (1982–present)	Great Moderation (1982–2007) 1980s oil glut Black Saturday (1983) New Zealand property bubble (c. 1985–) Savings and loan crisis (1986–1995) Black Monday (1987) Friday the 13th mini-crash (1989) Early 1990s recession 1990–1991; Australia United States 1990 oil price shock Rhode Island banking crisis (1990–1992) 1991 Indian economic crisis 1990s United States boom (1991–2001) 1990s India economic boom Hyperinflation in Zimbabwe (1991–present) Black Wednesday (1992) 1994 bond market crisis 1994 Papua New Guinea financial crisis Dot-com bubble 1995–2004; Stock market downturn of 2002 1997 Asian financial crisis October 27, 1997, mini-crash Early 2000s recession 2001; 9/11 stock market crash 2000s commodities boom (2000–2014) United States housing bubble (2002–2006) Canadian property bubble (2002–) 2003 Myanmar banking crisis 2000s energy crisis (2003–2008) North Dakota oil boom (2006–2015) Uranium bubble of 2007 Great Recession 2007–2009; Australia and New Zealand Bangladesh, India, Malaysia, Pakistan, and Sri Lanka British West Indies Canada South Africa United Kingdom United States 2008 financial crisis September October November December 2009 Subprime mortgage crisis 2000s U.S. housing market correction U.S. bear market of 2007–2009 2007–2010 U.S. bank failures Corporate debt bubble (2008–) Blue Monday Crash 2009 2010 flash crash Malaysia Tiger Cub expansion (2010s) Australian property bubble (2010–) August 2011 stock markets fall Black Monday 2011 Bangladesh share market scam Cryptocurrency bubble (2011–) Puerto Rican government-debt crisis (2014–2022) 2015–2016 stock market selloff Brexit stock market crash (2016) 2017 Sri Lankan fuel crisis Ghana banking crisis (2017–2018) Sri Lankan economic crisis (2019–2024) COVID-19 recession 2020–2022; 2020 stock market crash financial market impact sectoral impacts shortages Canada India Malaysia New Zealand United Kingdom United States 2020s commodities boom Global energy crisis 2021–2023; 2021 United Kingdom natural gas supplier crisis regional effects 2021–2023 global supply chain crisis 2021–2023 inflation surge Pakistani economic crisis (2021–2024) 2022 stock market decline 2022–2023 global food crises 2023 United Kingdom recession 2023 United States banking crisis 2025 stock market crash
Countries and sectors	Australia rail transport slavery whaling/Western Australia Canada agriculture currencies early banking system list of recessions petroleum industry rail transport slavery technological and industrial whaling/Pacific Northwest Ghana India agriculture Company rule maritime British Raj Deindustrialisation salt tax slavery Malaysia New Zealand whaling Nigeria slavery Pakistan maritime rail transport South Africa slavery whaling Uganda United Kingdom Agricultural Revolution Atlantic slave trade banking British Empire English fiscal system Interwar unemployment and poverty list of recessions maritime/England/Scotland Middle Ages England/agriculture national debt Scotland/agriculture/Middle Ages rail transport/pre–1830/1830–1922/1923–1947/1948–1994/1995–present slavery trade unions Victorian era Wales whaling/Scotland United States agriculture banking/colonial-era credit/cooperatives/investment banking/wildcat banking business central banking coal mining indentured servitude iron and steel industry labor list of economic expansions list of recessions lumber industry maritime/colonial-era/1776–1799/1800–1899/1900–1999/2000–present monetary policy poverty petroleum industry/oil shale public debt rail transportation slavery/colonial-era slavery/forced labor/slave trade/slave markets tariffs taxation technological and industrial United States dollar whaling Zimbabwe
Business cycle topics	Aggregate demand/Supply Effective demand General glut Model Overproduction Paradox of thrift Price-and-wage stickiness Underconsumption Inflation and unemployment Chronic Classical dichotomy Debasement Debt monetization Demand-pull/cost-push/built-in inflation Deflation Disinflation Full employment Hyperinflation Money supply/demand NAIRU Natural rate of unemployment Neutrality of money Phillips curve Price level Real and nominal value Sahm rule Velocity of money Expansion Miracle Recovery Stagnation Interest rate Nominal interest rate Real interest rate Yield curve/Inverted Recession Balance sheet Depression Global Rolling Shapes Stagflation Shock Demand Supply
Credit cycle topics	Financial bubble Commodity booms/diamond rush/gold rush/oil boom Real-estate bubble/housing bubble/boomtown/ghost town Speculation Stock market bubble Financial crisis Bank run/bank failure Commodity price shocks Credit crunch Currency crisis Debt crisis Energy crisis Liquidity crisis/accounting/capital/funding/market Minsky moment/leverage cycle Stock market crash/Flash crash Social contagion Financial contagion Irrational exuberance Market trend Proposed bubbles AI bubble/AI boom/Fourth Industrial Revolution/Imagination Age Carbon bubble/Age of Oil/Peak oil Everything bubble Green bubble Social media stock bubble Unicorn bubble U.S. higher education bubble

History

Response

See also

References