▁day . ▁It ▁conver ged ▁with ▁the ▁convert ibility ▁rate ▁applicable ▁to ▁the ▁issu ance ▁and ▁re dem ption ▁of ▁Cert ific ates ▁of ▁Ind eb ted ness ▁at ▁ 7 . 8 0 ▁on ▁ 1 2 ▁August ▁ 2 0 0 0 . ▁ ▁The ▁H K MA ▁announced ▁three ▁ref in ements ▁on ▁ 1 8 ▁May ▁ 2 0 0 5 ▁to ▁remove ▁uncertainty ▁about ▁the ▁extent ▁to ▁which ▁the ▁exchange ▁rate ▁may ▁strength en ▁under ▁the ▁Linked ▁Exchange ▁R ate ▁System : ▁ ▁the ▁introduction ▁of ▁a ▁strong - side ▁Convert ibility ▁Und ert aking ▁by ▁the ▁H K MA ▁to ▁buy ▁US ▁dollars ▁from ▁lic ensed ▁banks ▁at ▁ 7 . 7 5 ; ▁ ▁the ▁sh ifting ▁of ▁the ▁existing ▁weak - side ▁Convert ibility ▁Und ert aking ▁by ▁the ▁H K MA ▁to ▁sell ▁US ▁dollars ▁to ▁lic ensed ▁banks ▁from ▁ 7 . 8 0 ▁to ▁ 7 . 8 5 , ▁so ▁as ▁to ▁achieve ▁symmetry ▁around ▁the ▁Linked ▁R ate ▁of ▁ 7 . 8 0 . ▁This ▁shift ▁was ▁achieved ▁in ▁a ▁grad ual ▁manner ▁over ▁five ▁weeks ▁by ▁moving ▁the ▁exchange ▁rate ▁of ▁the ▁weak - side ▁Convert ibility ▁Und ert aking ▁by ▁ 1 0 0 ▁pi ps ▁on ▁every ▁Monday ▁starting ▁with ▁ 7 . 8 1 ▁on ▁ 2 3 ▁May ▁ 2 0 0 5 ▁until ▁it ▁reached ▁ 7 . 8 5 ▁on ▁ 2 0 ▁June ▁ 2 0 0 5 ; ▁ ▁within