HK doesn't have currency board whereby notes are issued either by said board or by a unit of a central bank...in HK, bank notes are issued by authorized note-issuing banks (NIBs) outside government and this indirect note-issuance and withdrawal mechanism (NIWM) differs from a currency board operating under a central bank clearing and reserves system...
Hong Kong Monetary Authority (HKMA) engaged in stock and futures market operations for purpose of trying to push out currency speculators engaged in both dumping HK$ and shorting local stocks and Hang Seng Index futures... Michael Hoover