As one of the world's leading international financial centres , Hong Kong 's service-oriented economy is characterized by its low taxation , almost free port trade and well established international financial market. [13] Its currency, called the Hong Kong dollar , is legally issued by three major international commercial banks, [14] and pegged to the US Dollar. [15] [16] Interest rates are determined by the individual banks in Hong Kong to ensure it is fully market-driven. [17] There is no officially recognised central banking system, although Hong Kong Monetary Authority functions as a financial regulatory authority.
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From the CIA Factbook
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of reexports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.