This paper examines the links between linguistic capital, cultural capital, linguistic imperialism and the use of English as the medium of instruction (MOI) in Hong Kong. It suggests that the notion of linguistic imperialism in Hong Kong, whilst useful for analysing practices in the early days of the colonial period, is superseded by the notion of linguistic capital, though neither presents a complete analysis of the MOI issue in Hong Kong. The paper suggests that a new version of linguistic imperialism in Hong Kong may be evidenced in examining the rise of Chinese-medium education and the spread of Putonghua in Hong Kong schools.[Copyright of Journal of Multilingual and Multicultural Development is the property of Routledge. Full article may be available at the publisher's website: http://dx.doi.org/10.1080/01434630008666418]