The dollar is the currency used in Hong Kong, even though it now comes under Chinese rule. In English, the Hong Kong dollar is denoted by the $ symbol, or by the use of HK $ to denote it as the currency for Hong Kong as opposed to any other dollar system.
The dollar is divided into 100 cents and can then be subdivided into a total of 1000 mils.
The Hong Kong dollar came into being in the 1860's. Prior to this, Hong Kong had been a trading port that used a variety of foreign currencies such as British money, Indian rupees or Chinese money.
It was issued by the Hong Kong mint, but this was not a resounding success and unfortunately in 1868 the Hong Kong mint actually had to close down because of the substantial financial losses it had incurred.
In order to make sure that at least some money was in circulation, trade dollars were imported from the United States as well as Japan and Britain.
In 1895 the government tried to ensure that there was only one set of coins in circulation. However, it was not until 1935 that the official $1 notes were introduced and it was at this point that the Hong Kong dollar became the official unit and was used as the currency within Hong Kong.
This carried on until 1941 when the Japanese occupied Hong Kong and introduced the yen as the only form of legal tender in Hong Kong. This carried on until September 1945 when Hong Kong went back to British control and as a result the Hong Kong dollar was reinstated.
Although Hong Kong is now part of the Chinese republic, it is still allowed to keep its own currency as part of the agreement that exists between China and the United Kingdom.
The Hong Kong dollar is a very well traded currency and it is also routinely accepted in parts of China and it can even be used in Singapore.
One interesting aspect of the Hong Kong dollar is that a bank can only issue one, if it is sure that it actually has the equivalent amount in the US dollars, deposited in its bank. This is actually a very clever move because it ensures that the monetary stock in Hong Kong is actually backed up by the equivalent in US dollars.
Hong Kong dollars are issued in cents and dollars. Dollars are issued in denominations of 20, 50, 100, 500 and 1,000.
Coins are issued in denominations of 10, 20, 50 cents and $1,1,5 and 10.
Acquiring your Hong Kong dollars should be a relatively straightforward process. ATM machines are common throughout Hong Kong and you will find that most of them will accept foreign cards, however American Express or Union Pay may not be so readily accepted. If you have a Mastercard or Visa card, then you should not experience any problems.
Credit cards are widely accepted as well, particularly for payment for larger items and you should find that your credit card is readily accepted.
One thing to be aware of is that ATM machines usually pay out notes in the form of $100 or $500. They do not tend to give out the lower denominations of note, which may be an inconvenience.
If you are going to be in Hong Kong for more than three months, it may be worth getting an Octopus card, which can be used for all sorts of transactions in Hong Kong, not just for public transport. It is basically much the same as the Oyster card in London, but it is a much more comprehensive system. It means that you do not have to carry cash around with you and so it generally makes life quite a bit easier.
You can buy an Octopus card even if you are only going to stay in Hong Kong for a couple of weeks, but you will then have to pay a service charge if you return it within 3 months. However, this service charge is quite minimal and so it really is worth considering this card, as an alternative to carrying cash around.
In addition you can take travellers cheques to Hong Kong, US dollars or British sterling is the preferred option for these.
Since Hong Kong is well renowned as one of the world's best destinations for shopping, you will have no difficulty getting rid of your Hong Kong dollars. However, you need to bear in mind that prices will be considerably cheaper than within Europe and even North America. One of the main reasons for this, is because Hong Kong raises no sales tax on goods, in other words it is a duty-free zone.
Within Hong Kong you will find that you can buy anything from designer items, to cameras, electronics, antiques, art, watches, tea and computers.
You can buy high end products or you can go bargain basement, the choice is completely yours because the range is simply so extensive.
Many of the shops open at around 10 in the morning and don't close again until midnight. What a shopper's paradise! The shops don't even close early at the weekend, preferring to allow everyone to shop until they drop.
It is always worth having a look at some of the various items on offer because it is possible to get some really good bargains in Hong Kong and it is a shame not to take advantage of such competitive prices. One thing that you have to be mindful of is, the fact that you have to get everything back home again, and if you buy far too much, then you may even have to pay surpluses for your luggage on the way home. You may however, be able to have some items sent over separately, so that you can avoid the surplus charge.
The street markets in Hong Kong are simply amazing and there is even a gold fish market. This is basically a market where you have a whole street with a row of shops which all sell goldfish and goldfish accessories. However, it's probably just worth looking at these, since it would be very difficult to get a goldfish home.
One interesting aspect to shopping in Hong Kong is that a lot of the stalls will actually give you a discount, particularly if you are buying something like electronics. Unlike in some other countries, where you may find that only individual traders will give you a discount, in Hong Kong many of the large stores will also give you a discount.
This is not haggling, so when somebody tells you the price of something do not immediately offer them half of that price, but you can ask for a discount or alternatively you could ask them whether or not they will give you a free gift, for having shopped with them. If they smile sweetly and say no, then do not be offended, some places offer discounts, but others do not.
Some shops that sell items such as electronics, mobile phones and digital cameras may offer you something that seems too good to be true, even by Hong Kong standards. If this is the case, then you should explore it thoroughly before parting with your cash, or else you could find that you have simply been subjected to a scam that is routinely carried out on tourists.
Hong Kong really is a fascinating place. It is a very curious mix of British and Chinese influences, which seem to come together and blend together and then at other times they seem to pull away from each other.
Hong Kong cannot offer a quiet and very peaceful holiday, but it can offer a chance to experience its own very unique culture and people. The pace of life here can often seem quite frantic and people are often (and usually) rushing around. But there is plenty to see and do, besides shopping, with lots of attractions and the infamous light shows, which take place in the harbour every evening.
The food is simply awesome. It is also extremely cheap to eat out in Hong Kong and the choice of food available ranges from the very cheap street stalls, right up to the most expensive fine dining experiences that you will probably find it in the world. This really is heaven in terms of international cuisine, so be prepared for gastronomic delights.
One aspect of eating out in Hong Kong is that it is not usual to leave a tip for waiters or waitresses. Some locals may actually be slightly offended if you leave your change on the table, so even if no service charge has been added to your bill, it still isn't worth leaving a tip.
There are lots of great bars and nightclubs in Hong Kong and the nightlife is very vibrant.
Hong Kong is also quite is safe place to visit, with a very low crime rate which makes it a great destination for everyone.
But to anyone who likes either good food, or who has a passion for retail therapy, Hong Kong may well seem like paradise on earth.
It is a very busy island and it is a very overcrowded island, but the people really are quite amazing and it is a beautiful area to visit. If you get the chance, try to get out from Hong Kong city into the less busy areas. They really help you to see another side of Hong Kong and make a welcome antidote to all the noise, hustle and bustle and people trying to sell you something.
For the past few years, Hong Kong has become a real hotspot for young, affluent Chinese people. They flock to Hong Kong, to experience a more Westernised lifestyle, but ironically they have influenced Hong Kong to some extent: it now seems slightly more Chinese than it used to be. For that reason it is worth not leaving it too long, before you sample all the delights that Hong Kong really has to offer.
http://en.wikipedia.org/wiki/Hong_Kong_dollar
http://www.chinese-embassy.org.uk/eng/