Hong Kong is a Chinese territory, but before its return to the motherland, Hong Kong was under British colonial rule and its currency was the pound sterling.
On July 1, 1997, Hong Kong returned to the motherland, and the Chinese government began to exercise sovereignty over Hong Kong, but in terms of currency, Hong Kong still retained its own monetary system and continued to use the Hong Kong dollar.
The Hong Kong dollar is the legal tender of Hong Kong, issued and managed by the Hong Kong Monetary Authority.
The issuance and circulation of Hong Kong dollars are strictly regulated by Hong Kong law, which ensures the stability and credibility of Hong Kong dollars. The Hong Kong dollar, like other international currencies, can be freely circulated and exchanged around the world.
The renminbi is the legal tender of China, issued and managed by the People's Bank of China. The issuance and circulation of the renminbi is strictly regulated by Chinese law, which ensures the stability and credibility of the renminbi.
Renminbi is not legal tender in Hong Kong and cannot be freely circulated and convertible in Hong Kong.
In Hong Kong, people can use Hong Kong dollars or other international currencies for transactions and payments, as well as renminbi for certain transactions and payments, such as in some Chinese-funded institutions or enterprises that do business with Chinese mainland.
In general, people still prefer to use Hong Kong dollars for transactions and payments, because Hong Kong dollars are the legal tender of Hong Kong, and it is more convenient and faster to use Hong Kong dollars.
As a special administrative region of China, Hong Kong enjoys a high degree of autonomy, including the right to issue currency.
This is provided for in the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China. Hong Kong's financial system and monetary system are of international importance, and the use of the Hong Kong dollar helps to maintain Hong Kong's economic stability and prosperity in its financial markets.
Hong Kong and Chinese mainland have close economic and financial ties, and there is also a certain exchange rate relationship between the Hong Kong dollar and the renminbi. Hong Kong's financial market is in line with the international market, and the exchange rate fluctuations of the Hong Kong dollar are affected by the international market. The exchange rate of the renminbi is regulated by the Chinese government.
Hong Kong's use of the Hong Kong dollar is due to historical and practical reasons, and is also a reflection of the high degree of autonomy enjoyed by the Hong Kong Special Administrative Region. The Hong Kong dollar plays an important role in Hong Kong's economic and financial life, helping to maintain Hong Kong's prosperity and stability.
There is also a close connection and interaction between the Hong Kong dollar and the renminbi, which jointly promotes the economic development of Hong Kong and Chinese mainland.
Hong Kong, as the Pearl of the Orient, has always been a dream place for many people. For many people, settling down in Hong Kong is not an easy task.
Hong Kong has a "hukou system" rather than a "hukou system" like the mainland. This means that Hong Kong's hukou is obtained through application, rather than being born as in the mainland. In Hong Kong, the number of household registrations is limited, which makes it difficult to settle down.
To settle in Hong Kong, you must first have a Hong Kong residence permit and identity card. The process of obtaining a residence permit is not simple. In addition to meeting a certain number of years of residence (usually 7 consecutive years of residence), you also need to prove your living and working status in Hong Kong.
The job market in Hong Kong is highly competitive, especially for non-local residents. If there is no suitable job offer, it will be even more difficult to settle in Hong Kong.
The cost of living in Hong Kong is relatively high, especially in terms of housing, education, healthcare, etc. For many people, the high cost of living has become an obstacle for them to settle in Hong Kong.
As an international metropolis, Hong Kong attracts a large number of non-local talents. The relatively strict settlement policy for non-local residents has led to difficulties in obtaining household registration for many people, even if they have lived in Hong Kong for many years.
Hong Kong's economy is dominated by the service sector, and the demand for the labour market is seasonal and volatile. This has led to oversupply in some sectors at certain times and oversupply at other times, which in turn affects the settlement of non-local residents.
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