this post was submitted on 23 Oct 2023
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Mildly Interesting

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Banks in Hong Kong can print their own money. There are 8 different designs in circulation. (lemmy.world)
submitted 1 year ago by NateNate60 to c/mildlyinteresting
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Before someone asks why there isn't insane inflation from banks printing an infinite amount of money for themselves, the Hong Kong dollar is pegged to the US dollar. In order to be allowed to print HKD, banks must have an equivalent amount of USD on deposit.

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[–] meant2live218 4 points 1 year ago

From my handful of visits to HK, I'm pretty sure it's just the 3 major banks that print the money?