Money Mayhem

In what can only be described as a milestone, for the first time in 13 years the Chinese Yuan has risen above parity with the Hong Kong Dollar (HKD). Although in monetary terms this means little, the psychological blow to Hong Kong can't be underestimated.

In practical terms this means mainland businesses in the nearby cities of Guangzhou and Shenzhen will no longer accept HKD over the counter, and travellers will need to have their dollars exchanged into Yuan.

Talk is now rife of Hong Kong dropping its decades old peg to the US dollar, although the Hong Kong Monetary Authority is currently refuting such claims, stating that the peg ' serves Hong Kong well'. Currently the HKD is still being accepted in Macau, as it remains at parity with the Pataca.

You can read more about this story at China Daily.