Table of Contents
What is the Hong Kong currency?
Hong Kong dollar
Hong Kong/Currencies
What is meant by currency board?
A currency board is an extreme form of a pegged exchange rate. Often, this monetary authority has direct instructions to back all units of domestic currency in circulation with foreign currency. Currency boards offer stable exchange rates, which promote trade and investment.
Who created Hong Kong dollar?
the British Empire
The Hong Kong dollar is the currency of Hong Kong —China’s special administrative region— since 1863, when it was first minted by the British Empire. Although five years later it was removed from circulation, the old British colony would have its own currency reintroduced and it is its legal tender today.
Why is China imposing its will on Hong Kong?
The city’s freewheeling capitalism and personal freedoms, both absent from the mainland, made it one of the world’s premier financial hubs. Together, they flourished for decades. Now China is doing what was once unthinkable: imposing its will on Hong Kong in a way that could permanently damage the former British colony economically and politically.
Is Hong Kong too valuable for China to jeopardize?
Nevertheless, Washington believes Hong Kong is still too valuable for China to jeopardize. President Trump said last week that he would strip Hong Kong of the special status granted to it by Washington. Depending on what he does, it could subject Hong Kong to the same tariffs and trade restrictions imposed on mainland China.
Why do Hong Kongers refuse to identify with mainland China?
Hong Kongers have described legal, social and cultural differences – and the fact Hong Kong was a separate colony for 150 years – as reasons why they don’t identify with their compatriots in mainland China.
What’s happening in Hong Kong?
Over the last month in Hong Kong, a proposed legislative amendment to allow the surrender of fugitive offenders to mainland China has sparked peaceful protests, violent clashes between protesters and the police, a second peaceful million-person march, and an unprecedented day-long siege of police headquarters.