16 February 2014 Going To A Hostel and Learning About The Hong Kong Monetary Authority

One of the biggest things of the day was leaving my Couchsurfing host’s apartment for a hostel. I greatly enjoyed staying at his apartment, but had to be moving on. I moved to a hostel called Dragon hostel in Mongkok which I had stayed at before. Today, I took a few pictures of some HK money because I think Hong Kong dollars are very cool. I learned a bit about the HKD from my friend today. I noticed that private banks were printing some of the bills, and that greatly intrigued me. Normally, in countries, a central bank owned by that county’s government prints the currency. I don’t know exactly how Hong Kong regulates its currency, but I do find it very interesting that private banks in Hong Kong such as Standard Chartered, HSBC, Bank of China can print large bills for the currency of Hong Kong. I talked to my local friend who said that the Hong Kong Monetary Authority mints all the coins, but private banks print much of the bills. Here is a good link about the Hong Kong Monetary Authority from Wikipedia. And according to that link on Wikipedia “The HKMA issues banknotes only in the denomination of ten Hong Kong dollars. The role of issuing other banknotes is delegated to the note-issuing banks in the territory, namely the Hong Kong and Shanghai Banking Corporation, Standard Chartered Bank and the Bank of China.”

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