Which of the following statements about Hong Kong’s note-issuing system is correct?
A. Any individual can exchange US dollars for Hong Kong dollars with the Monetary Authority at the rate US$1 = HK$7.8.
B. Hong Kong dollar notes are issued by the Monetary Authority.
C. Hong Kong dollars will always be fixed against the US dollar at the rate US$1 = HK$7.8.
D. To issue Hong Kong dollar notes, the note-issuing banks have to surrender US dollars to the Monetary Authority in exchange for certificates of indebtedness.