Hong Kong implements a quasi-central banking system, and the government authorizes several commercial banks to exercise some central banking functions, including Standard Chartered Bank, HSBC Bank and Bank of China.

Second, Hong Kong implements a linked exchange rate system, that is, the issuance of Hong Kong dollars is linked to the US dollar. To issue Hong Kong dollars, a considerable amount of US dollars must be deposited to avoid the possibility of excessive issuance of Hong Kong dollars.

Third, it is also a historical reason;

(4) The Hong Kong Monetary Authority shall supervise the note-issuing banks to ensure that there are no serious irregularities in the banks;

This system can also realize the relative independence of monetary policy to the government. According to the official data of the Hong Kong Monetary Authority, "the (Hong Kong) government authorized three commercial banks to issue bank notes in Hong Kong through HKMA, namely The Hongkong and Shanghai Banking Corporation Limited, The Bank of China (Hong Kong) Limited and Standard Chartered Bank (Hong Kong) Limited. This authorization is accompanied by a set of terms and conditions agreed by the government and the three note-issuing banks: note-issuing banks must hand over US dollars to the Exchange Fund at a specified exchange rate, that is, US$ 65,438 +0 to HK$ 7.80, in accordance with the linked exchange rate system; When the issued bank notes are redeemed, the corresponding US dollars must also be retrieved from the Exchange Fund at the same exchange rate. Bank notes issued by note-issuing banks are printed in Hong Kong by Hong Kong Banknote Printing Company Limited. At present, the denominations of Hong Kong dollar banknotes in circulation are 10 yuan, 20 yuan, 50 yuan, 100 yuan, 500 yuan and 1000 yuan. Notes with denominations of 20 yuan, 50 yuan, 100 yuan, 500 yuan and 1000 yuan are issued by three note-issuing banks. In 2002, the government issued 65,438+00 yuan banknotes to respond to the public's continuous demand for this denomination in addition to 65,438+00 yuan coins, and in 2007, it issued 65,438+00 yuan plastic banknotes to assess whether plastic banknotes are suitable for use in Hong Kong and acceptable to the public. 10 yuan banknotes issued by two note-issuing banks in the 1990s are still legal tender, but printing has stopped. "