Hong Kong has maintained a currency board system, fixing the value of the Hong Kong dollar to the US dollar since 1983. Although Hong Kong maintains a separate currency, that currency link creates a monetary union with the US. Hong Kong’s success in managing that monetary union has been due to following eight rules. The first three are the necessary, but not sufficient, conditions for the success of any monetary union; the remaining five have helped to make the Hong Kong dollar-US dollar peg more robust.
Rules 1-2: necessary requirements for a successful monetary union
Three requirements underpin the success of any monetary union.
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