Opinion | Can Hong Kong reclaim its role as Asia’s gateway to America?

Trade was boosted by silver from what was then the Spanish viceroyalties of Peru and New Spain, which included Mexico, Central America and even parts of the United States. This silver formed the basis of China’s money supply and became China’s first standardized currency in the early 18th century.

The Hong Kong dollar, the Chinese yuan (yuan means “round,” coins as opposed to taels), the Japanese yen—and of course the U.S. dollar itself—are all direct descendants of this currency ancestor. Hong Kong has now replaced Manila as the most important transshipment point in East Asia.