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Currency Substitution: The Use of Hong Kong Dollars in Southern China

Author

Listed:
  • Cheung, Kui Yin

    (Lingnan University)

  • Fan, Chengze Simon

    (Lingnan University)

Abstract

This paper studies the circulation of Hong Kong dollars in the Chinese Mainland. It first estimates the amount of Hong Kong dollars circulating in southern China in the last fifteen years. The regression analysis indicates that the growth rate of Hong Kongs foreign direct investment in China and the growth rate of trade volume between Hong Kong and China are some of the main determinants that contribute to the widespread use of Hong Kong dollars in southern China. The difference of real returns between Hong Kong dollar denominated assets and Chinese Renminbi denominated assets, however, has no effect on the amount of Hong Kong dollars circulating in China.

Suggested Citation

  • Cheung, Kui Yin & Fan, Chengze Simon, 2002. "Currency Substitution: The Use of Hong Kong Dollars in Southern China," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 17, pages 596-607.
    • Handle: RePEc:ris:integr:0210
    as

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    More about this item

    Keywords

    Currency Substitution; Hong Kong Dollars; Hong Kong;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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