years my Hong Kong sales colleagues take a long weekend at an offsite to build their strategy for the coming 12 months. On the past few occasions they have made the hour-long flight to China's tropical paradise, otherwise known as Hainan Island. In years gone by it was infamous for smuggling contraband, but has since been transformed into China's spa capital made famous through hosting the Miss World beauty pageant.

Loaded with wads of Hong Kong dollars, my colleagues landed to discover that, in contrast to previous visits, their once prized dollar was no longer the currency of choice. In fact restaurateurs and shopkeepers alike refused to take the pegged and internationally traded currency in preference to their own strengthening renminbi. How times have changed.

The Hong Kong dollar has followed the decline of the US dollar as a result of the currency peg that has been in place since 1983. In recent months international funds have flowed into Hong Kong's financial system both to participate in IPOs and also to buy up mainland companies already listed in Hong Kong.