1 RMB (Chinese Yuan Renminbi - CNY) is approximately equal to 1.2265 HKD (Hong Kong Dollar). It is the official currency of Hong Kong. The Hong Kong Dollar is one of the most traded currencies in the world and is considered the world̢۪s freest economy according to the Index of Economic Freedom. It is denoted as HK$. The Hong Kong Dollar is subdivided into 100 cents. A Dollar consists of 100 cents. In 1972, the HKD (Hong Kong Dollar) was pegged to the US Dollar at a rate of 1 USD = 5.65 HK$. The issue of the HKD is controlled by the Hong Kong Monetary Authority. The currency that is pegged to HKD is Macau Pataca.