http://www.scmp.com/news/hong-kong/community/article/2138596/money-money-money-why-does-hong-kong-government-have-so
Although the HK dollar is at it’s lowest value in three decades, the government reports its 14th straight year of budget surplus. The Hong Kong government currently has trillions in it’s fiscal reserves that are being bought or sold to influence its current dollar value. Under the Hong Kong constitution of Basic Law, officials are required to keep spending within revenue, resulting in the city’s conservative spendings. There are three money printing agencies that operate under the Hong Kong Monetary Authority. Despite the nation’s small size the HK dollar is the 13th most traded currency in the world. While the city’s financial reserves stand at an incredible HK$1.3 billion, some are worried about the city’s lack of social welfare spending (see previous blog posts for information).
Debates have flared over whether the HK dollar should be repegged from the US dollar to the Chinese yuan due to its deep connections with China. People worry that a repegging could result on a run on banks.
The SCMP is currently owned by the Alibaba group, a Beijing based conglomerate, their influence most likely being shown by the subtle support of pegging the HK$ dollar to the Chinese yuan. Most of the information in the article are statistics either provided from the HK government or the International Monetary Fund and can be regarded as reliable.
Xu, Leiying. “HK Dollar Plunges to Lowest Level since 2007.” CRI English, english.cri.cn/12394/2016/01/20/1821s913760.htm.