Today, an elderly beggar approached me. I reached into my purse and pulled out a two-HK dollar coin. He took the coin in a soft, fingerless hand, and I wondered what had happened. Had he had an accident or had he mutilated himself? He squinted rheumy eyes at the coin in his palm and said, “I can’t spend HK dollars.” I fished a one rmb bill out of my bag and gave it to him. He wished me well, pocketed both the 2 HK dollar piece and the rmb, pivoted on his cane and walked away.
Tag Archives: hong kong dollars
serve (only) the people’s currency?
My one brand, two systems cup of java has me thinking about the manipulation of national currencies in an international economic system. In particular, I reviewed what I knew and didn’t know about the rise and fall of 外汇卷 (foreign exchange certificate) as opposed to 人民币 (the People’s currency). FEC circulated from the early 60s through January 1, 1995, when the government began phasing it out, completing the process on Dec 31, 1996, just in time for Hong Kong’s Return.
Now, China’s FEC is interesting because before 1980, Chinese citizens were not allowed to hold either FEC or foreign currency, while after 1980, they were. Continue reading
Shenzhen Noted 