Two countries share the same monetary policies but have absolutely different problems and solutions to them. I refer to USA and Hong Kong and their currencies, the USD and HKD.
Hong Kong shares U.S. monetary policy because of it’s currency. The HKD is pegged to the USD. Hong Kong import the U.S.’s ultra accommodative monetary policy. All factors for which HK decided to peg to the USD are no longer active. Now we are left only with the negative impact of the peg on Hong Kong. Consumer price inflation in Hong Kong is accelerating. The weak currency is intensifying the inflation problem.