, Columnist
Crypto Yuan Will Meet the Dollar — in Hong Kong
Major battle in the U.S.-China financial cold war could be fought over a decades-old currency peg.
Showdown looming against the U.S. dollar in Hong Kong.
Photographer: Chesnot/Getty
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Money is whatever people will use to swap, store and measure value. Since 1846, Hong Kong residents have relied on notes issued by commercial banks. And for almost four decades, they have been safe in the knowledge that 78 units of local currency would always fetch 10 U.S. dollars. That certainty has spawned a globally competitive financial center.
But change is on its way. The people of Hong Kong may be asked to try out a new kind of money. Whether they bite could decide the outcome of a great superpower rivalry.