CurrencyFair’s Currency Exchange Hong Kong: How it Works
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A History of Currency in Hong Kong
The Hong Kong dollar is the official currency of Hong Kong. It is also used in nearby Macau, as it is a similar value to the Macau pataca, which is the official currency.
In 1863, the Royal Mint in London began to issue a subsidiary coinage system for use in Hong Kong within the dollar system that had always existed.
Fast forward to 1937, and the legal tender of Hong Kong was finally unified, with the Hong Kong dollar placed on a fixed peg in 1939.
However, during Japanese occupation, Japanese military yen became the only legal tender, but the issue of local currency resumed after liberation, with all yen notes declared void in 1945.
Now, a bank can only issue a Hong Kong dollar if it has the equivalent exchange in US dollars on deposit, as the Currency Board System means that Hong Kong’s entire monetary base must be backed with US dollars at the linked exchange rate. As a result, Hong Kong has large reserves of US dollars, with official foreign currency reserves of US$361 billion as of March 2016.