Sticking with the US dollar has served Hong Kong well. Since it introduced a linked exchange-rate system 27 years ago, the city has endured at least half a dozen external shocks that would have knocked less-protected economies well and truly off course. Yet as the greenback edges to within 3 per cent of its post-73 trade-weighted low, while Beijing starts to swamp its special administrative region with renminbi liquidity, it is worth examining the alternatives.
盯住美元讓香港獲得了不少好處。自27年前實施盯住美元匯率制度以來，香港已經經受住了至少六次外部衝擊。對於受到保護不多的經濟體而言，這些衝擊本可以導致它們徹底偏離軌道。不過，隨著美元下跌至距1973年後貿易加權匯率最低點僅3個百分點之遙，加之北京開始向這個特別行政區注入大量的人民幣流動性，香港應該開始考慮其它選擇了。
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