Ruth Haines
Although Hong Kong is officially part of China, it has its own currency, the Hong Kong dollar, which has been pegged to the US dollar since 1983. The Chinese yuan, or renminbi (RMB), is not the official currency of Hong Kong, but it is quite widely accepted due to the large number of Chinese tourists visiting Hong Kong every year. Many shops and restaurants will accept the yuan for payment, but they generally use very poor exchange rates, so it is recommended to exchange your yuan for Hong Kong dollars before making purchases. While yuan may be accepted at Hong Kong International Airport, it is unclear whether this is the case throughout the airport, and it may be safer to exchange your yuan for Hong Kong dollars beforehand.
| Characteristics | Values |
|---|---|
| Hong Kong's currency | Hong Kong dollar |
| Chinese currency | Chinese yuan, also called renminbi (RMB) |
| Yuan's base unit | 1 yuan = 10 jiao = 100 fen |
| Renminbi issuer | The People's Bank of China |
| Hong Kong dollar's history | Pegged to British pound in 1935, free-floating in 1972, pegged to U.S. dollar in 1983 |
| Chinese yuan's history | Created in 1949 with the People's Republic of China |
| Yuan usage in Hong Kong | Some shops, restaurants, and large supermarket chains accept yuan, but the exchange rate is often poor |
| Recommended currency for Hong Kong | It is recommended to use Hong Kong dollars for most transactions |
| Yuan exchange in Hong Kong | Money shops are available throughout Hong Kong for exchanging yuan to Hong Kong dollars with minimal loss |
| Yuan usage at Hong Kong Airport | Yuan may be accepted at the airport, but the exchange rate may be unfavourable |
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What You'll Learn
- Hong Kong's currency is the Hong Kong dollar, not the Chinese yuan
- Chinese yuan can be used in some shops and restaurants in Hong Kong, but the exchange rate is poor
- Renminbi may be accepted at Hong Kong International Airport
- The Hong Kong dollar was first pegged to the British pound in 1935 and then the U.S. dollar in 1983
- It is recommended to exchange money for Hong Kong dollars at banks or money changers
Hong Kong's currency is the Hong Kong dollar, not the Chinese yuan
Hong Kong's official currency is the Hong Kong dollar (HKD), not the Chinese yuan (CNY) or renminbi (RMB). Although Hong Kong is officially part of China, it is economically and politically separate, with its own currency and economy. The Hong Kong dollar has been the official currency since 1842 when Hong Kong became a British colony. In 1997, Hong Kong was handed back to China, but it continues to use the Hong Kong dollar.
The Hong Kong dollar is the only currency accepted by most shops, restaurants, and businesses in Hong Kong. Some large supermarket chains and shops that use online payment systems such as AliPay and WeChat Pay may accept renminbi, but these transactions will be converted into HKD. Small stallholders and shops in tourist areas may also accept RMB, but the exchange rate is typically poor, resulting in a 20% loss compared to using HKD.
If you are travelling to Hong Kong and need to exchange currency, it is recommended to use local services and ATMs, as exchange counters at Hong Kong International Airport and tourist areas tend to have less favourable rates. You can easily find ATMs in urban areas, including airports, train stations, banks, supermarkets, and convenience stores. Most ATMs accept Visa and Mastercard, while American Express users can look for Aeon ATMs at MTR stations and Circle K convenience stores.
Another option for getting around Hong Kong is to purchase an Octopus card, which is widely accepted for public transportation and small purchases at convenience stores. These cards are easy to obtain at metro station ticket offices, kiosks, and ferry ticket offices, and you can get a full refund of any remaining balance when you leave Hong Kong.
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Chinese yuan can be used in some shops and restaurants in Hong Kong, but the exchange rate is poor
Although Hong Kong is part of China, its currency is distinct. The Hong Kong dollar (HKD) is the official currency of Hong Kong, and most shops, restaurants, and businesses will only accept this as a form of payment. However, Chinese yuan (CNY) or renminbi (RMB) may be accepted as payment in some larger supermarket chains and shops using online payment systems such as AliPay and WeChat Pay.
While it is possible to use yuan in some places in Hong Kong, the exchange rate is often poor, with transactions converted into HKD at a 20% loss. It is generally recommended to convert your currency to HKD before travelling to Hong Kong, as this will provide more purchasing power. Money shops throughout Hong Kong allow you to exchange yuan for HKD with minimal loss. Alternatively, you can use your ATM card to withdraw HKD from bank machines.
Some travellers have reported being able to pay with yuan at street stalls, clothing stores, and tea/dessert shops in Causeway Bay, as well as at Jardine's Bazaar. However, these instances are not the norm, and it is generally safer to assume that yuan will not be accepted as payment.
Regarding Hong Kong International Airport specifically, one source states that RMB should be accepted there. However, this information is from a 2012 Reddit post, so it may not be accurate anymore. If you are planning to use yuan at the airport, it is advisable to check the most up-to-date information available.
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Renminbi may be accepted at Hong Kong International Airport
Although Hong Kong is officially part of China, it has its own currency, the Hong Kong dollar (HKD), which is separate from the Chinese currency, the renminbi (RMB) or yuan. The Hong Kong dollar has been the official currency of Hong Kong since 1842, when it became a British colony.
While the renminbi may be accepted at Hong Kong International Airport, it is not the standard currency. Most shops, restaurants, and businesses in Hong Kong will only accept Hong Kong dollars as payment. Some shops that use online payment systems, such as AliPay and WeChat Pay, may allow users to pay with renminbi, but the transaction will be converted into HKD.
It is recommended to exchange your renminbi for HKD upon arrival at Hong Kong International Airport. The airport has exchange counters where you can convert your currency. However, these places tend to have unfavourable exchange rates, and you may get a better rate at local services and ATMs outside the airport.
Additionally, some sources suggest that using RMB for purchases in Hong Kong is becoming more common, especially in tourist areas. Small stallholders may be more likely to accept RMB and offer a poor exchange rate to take advantage of immediate gains. However, it is important to note that you cannot use RMB for public transportation in Hong Kong.
Therefore, while you may be able to use renminbi at Hong Kong International Airport, it is generally advisable to convert your currency into Hong Kong dollars to get the most value and ensure widespread acceptability.
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The Hong Kong dollar was first pegged to the British pound in 1935 and then the U.S. dollar in 1983
The Hong Kong dollar has a long and complex history, with its value and recognition as a distinct currency unit evolving over time.
In 1935, Hong Kong abandoned the silver standard and introduced a crawling peg to the British pound, with an exchange rate of £1 = HK$15.36 to HK$16.45. This marked the beginning of the Hong Kong dollar as a unique currency, distinct from other currencies like the Mexican and Spanish dollars. The Hong Kong government introduced one-dollar notes, officially acknowledging the Hong Kong dollar as the local monetary unit.
In 1939, the Hong Kong dollar was fixed at a rate of HK$16 to £1. However, during World War II, the Japanese occupation of Hong Kong led to the use of the Japanese yen as the national currency. The Hong Kong dollar was reintroduced in 1972, this time tied to the US dollar.
Post-World War II, as a British colony, Hong Kong was required to follow sterling exchange controls. However, its unique geo-economic position allowed it to operate a dual system, with a free exchange market primarily with the US dollar. This situation led to a complex dynamic in the value of the Hong Kong dollar relative to other currencies.
In 1967, when the UK devalued sterling, the Hong Kong dollar's peg to the pound resulted in a revaluation of the Hong Kong dollar from $16 to $14.5, a significant shift in its value.
Finally, on October 17, 1983, the Hong Kong dollar was officially pegged to the US dollar at an exchange rate of HK$7.8 to US$1. This decision was made amidst Sino-British negotiations regarding Hong Kong's future and a monetary crisis that caused panic and a loss of public confidence. The peg to the US dollar marked a return to a currency board system, providing stability and a clear framework for Hong Kong's currency.
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It is recommended to exchange money for Hong Kong dollars at banks or money changers
Hong Kong has its own currency, the Hong Kong dollar, which has been pegged to the US dollar since 1983. The Chinese yuan, or renminbi (RMB), is not the official currency of Hong Kong. However, due to the large number of Chinese tourists visiting Hong Kong, some businesses may accept RMB as payment. While you may be able to use RMB at Hong Kong International Airport, it is recommended to exchange your money for Hong Kong dollars to get the best rates.
You can exchange your money for Hong Kong dollars at banks or money changers, which can be found all over Hong Kong, including at the airport. Shops at the airport include Global Exchange Travelex, where you can exchange your money. By exchanging your money at a bank or money changer, you can avoid the poor exchange rates that some shops and restaurants offering, which can result in a 20% loss compared to Hong Kong dollars.
If you have an ATM card, you can also withdraw Hong Kong dollars from bank machines, avoiding the need to exchange your money at all. This is often the most convenient and cost-effective option, as you can skip the potentially long lines at money changers and banks, and you'll receive the market exchange rate.
Exchanging your money for Hong Kong dollars will make it easier to pay for goods and services, as a majority of shops, restaurants, and other businesses in Hong Kong will only accept the Hong Kong dollar as payment. While some larger supermarket chains and online payment systems may accept RMB, it is always better to have the local currency to avoid any issues or unexpected fees.
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Frequently asked questions
Hong Kong's official currency is the Hong Kong dollar, which has been pegged to the US dollar since 1983. Although Hong Kong is part of China, yuan or renminbi (RMB) is not its official currency. However, due to the large number of Chinese tourists in Hong Kong, many shops, restaurants, and large supermarket chains will accept RMB, but the exchange rate is often poor.
Yes, yuan should be accepted at Hong Kong International Airport, but it is unclear whether this applies to all shops and restaurants.
You can exchange your yuan for Hong Kong dollars at banks or money changers, including Global Exchange Travelex, which has a branch at the airport. There are also money shops all over Hong Kong where you can exchange your yuan with minimal loss.
The exchange rate for yuan to Hong Kong dollars is not fixed and can vary depending on the money changer. However, it is generally agreed that the exchange rate is poor and can result in a 20% loss compared to using Hong Kong dollars directly.
If you don't have Hong Kong dollars, it is recommended to use your ATM card to withdraw Hong Kong dollars directly from bank machines. This will likely provide a better exchange rate than using other currencies directly.
