Place
city economy
Hong Kong has a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. The Hong Kong dollar is legally issued by three major international commercial banks, and since 1983 has pegged to the US dollar. Interest rates are determined by individual banks in Hong Kong to ensure that they are market driven. There is no officially recognised central banking system, although the Hong Kong Monetary Authority functions as a financial regulatory authority.
