For those who think that nothing can displace the greenback as the world’s reserve currency, Hong Kong comes as a shock. The former British colony, now a “special administrative region” of China, is already a special financial region as well – at least informally.
Officially, the Hong Kong dollar is pegged to the US dollar. Unofficially, though, Hong Kong is already a dual currency city. If most of its residents had their way, their currency would be linked to the renminbi instead.
Landlords ask prospective tenants to consider paying their rent in the Chinese currency. Property buyers come increasingly from across the border. Not only are they paying cash for their luxury flats, they are paying that cash in renminbi.
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