The official currency of Macau is the Macanese pataca (MOP), which is subdivided into 100 avos. The pataca is pegged to the Hong Kong dollar at a fixed exchange rate of HK$1 = MOP 1.03, and is 100% backed by foreign exchange reserves, currently the Hong Kong dollar. Banknotes are issued for 10, 20, 50, 100, 500, and 1,000 patacas, while coins come in 10, 20, and 50 avos and 1, 2, and 5 patacas. Although the pataca is the legal tender of Macau, the Hong Kong dollar is almost universally acceptable in the region, and in some cases, is preferred to the pataca. The exchange rate between the US dollar and the Macanese pataca is variable, but as of November 2, 2023, 1 US dollar is equivalent to 8.0559179 Macau patacas.