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Good old greenback rates highly

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Why you can trust SCMP
Alex Loin Toronto

FROM tobacco shops to newspaper vendors, from small neighbourhood stores to large clothing chains, customers paying in US dollars can truly say, 'Don't leave home without it'.

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In a straw poll of about 15 shops in Causeway Bay and Tsim Sha Tsui yesterday, most merchants welcomed the greenback as readily as the Hong Kong dollar - if the exchange rate was right.

Many acted as if the peg of HK$7.8 to US$1 had already collapsed, leaving them free to choose a favourable rate.

'Yes, we take US dollars - but it's $7 to one US,' said a corner store keeper selling fruit juice on Peking Road in Tsim Sha Tsui.

This means two orange juices, normally $28, cost US$4.

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A newspaper vendor beside the store sold a copy of the South China Morning Post for US$1, also pocketing an 80-cent profit.

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