Banks in Hong Kong can print their own money. There are 8 different designs in circulation.
Before someone asks why there isn't insane inflation from banks printing an infinite amount of money for themselves, the Hong Kong dollar is pegged to the US dollar. In order to be allowed to print HKD, banks must have an equivalent amount of USD on deposit.
Seems like that would make it easier to counterfeit. How do they keep up to date with which designes are valid?
From living in HK, they all look very similar / have similar security features so most people are used to the different designs. Might be easier to scam tourists tho.
There was an infamous scam a while ago where Zimbabwean $1,000 notes were the same shade of orange as Hong Kong $1,000 notes.
My favourite is the Royal Bank fiver with mackerel on one side and Nan Shepherd on the other. Apparently there are clouds of midges that only show under UV light, but I've never had a UV light and and an RBS fiver at the same time to check.
And four in Northern Ireland. Always fun trying to pay with a Danske Bank note outside NI.
I think one of them stopped printing notes recently though.
So can banks in the UK. There is one design for England, but a few for Scotland, for example.
and the US dollar has no peg with fractional reserve lending at 0%. sounds stable
From my handful of visits to HK, I'm pretty sure it's just the 3 major banks that print the money?