HK dollar has been pegged to the US dollar for decades at around 7.85, but Hong Kong's inflation rate was much higher than the US, which means that the Hong Kong dollar should be much weaker than the US dollar, although the value of US dollar itself has been in steady decline since 2002.
The next shoe to drop maybe a financial crisis in Asia, the Asian currencies has been doing well since the March of this year. The Hong Kong stock market is currently back at the mid 2007 level.