economic laws apply to promote trade and investments. The Wolong Special Administrative Region in Sichuan province is a nature reserve, and not a political division. List of special administrative regions of China There are currently two special administrative regions established according to Article 31 of the Chinese Constitution. For the Wolong Special Administrative Region in Sichuan Province, please see the section Wolong below. Characteristics The two special administrative regions of Hong Kong and Macau (created in 1997 and 1999 respectively) each have a codified constitution called Basic Law. The law provides the regions with a high degree of autonomy, a separate political system, and a capitalist economy under the principle of "one country, two systems" proposed by Deng Xiaoping. High degree of autonomy Currently, the two SARs of Hong Kong and Macau are responsible for all affairs except those regarding diplomatic relations and national defence. Consequently, the National People's Congress authorises the SAR to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial powers, and each with their own Courts of Final Appeal. Currency Renminbi: The currency is commonly abbreviated as CNY¥. Adopt a stable exchange rate. Hong Kong dollar：The currency is commonly abbreviated as HK$. The exchange rate is pegged to the US dollar. Macanese pataca: The currency is commonly abbreviated as MOP$. The exchange rate is pegged to the Hong Kong dollar. External affairs Special administrative regions are empowered to contract a wide range of agreements with other countries and territories such as mutual abolition of visa requirement, mutual legal aid, air services, extradition, handling of double taxation and others, with no Chinese government involvement. However, in some diplomatic talks involving a SAR, the SAR concerned may choose to send officials to be part of the Chinese delegation. For example, when former Director of Health of Hong Kong Margaret Chan became the World Health Organization (WHO) Director-General, she served as a delegate from the People's Republic of China to the WHO. At the same time they are members of various international organizations such as WTO, APEC, etc. Hong Kong participates in 41 intergovernmental international organizations with countries as participating units. Hong Kong participates in 54 intergovernmental international organizations that do not use countries as their participating units. Macau participates in 19 intergovernmental international organizations with countries as participating units. Macau participates in 30 intergovernmental international organizations that do not use countries as their participating