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The pataca (traditional Chinese: 澳門圓; ISO 4217 code: MOP) is the currency of Macau. It is...

The pataca (traditional Chinese: 澳門圓; ISO 4217 code: MOP) is the currency of Macau. It is subdivided into 100 avos (Cantonese: 仙; sin), with 10 avos called ho (毫) in Cantonese. The abbreviation MOP$ is commonly used. Macau adopts the so-called currency board system under which the legal tender, Macanese pataca, is 100 percent backed by foreign exchange reserves, in this case currently the Hong Kong dollar. Moreover, the currency board, Monetary Authority of Macao (AMCM), has a statutory obligation to issue and redeem pataca on demand against the Hong Kong dollar at a fixed exchange rate and without limit. The name "pataca" was derived from the then popular silver coin in Asia, the Mexican peso (eight reales), known in Portuguese as the pataca mexicana. The Chinese name for the currency is yuan (圓), which is the same word for Chinese yuan, New Taiwan dollar and Hong Kong dollar, and is a part of translated names of some foreign currencies, notably dollars. People in Hong Kong or Macau, however, usually refer the Macanese pataca as "Portuguese money" (葡幣), a term already in use during Portuguese administration. The pataca was introduced in 1894 as a unit of account. It was initially