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Hong Kong to issue new banknotes from December 2003
( 2003-09-04 10:39) (China Daily)

Hong Kong is to circulate newly designed banknotes in five denominations starting this December, the Hong Kong Monetary Authority said Wednesday.


He Guaugbei, chief executive of the Bank of China (Hong Kong) Limited, introduces the upcoming issue of a new series of Hong Kong banknotes in a bid to standardise their security features during a news conference in Hong Kong September 3, 2003. Hong Kong's Financial Secretary Henry Tang has warned earlier that speculators are eyeing the territory's fixed currency like tigers, repeating that the government would stand firmly behind its currency link to the U.S. dollar. [Reuters]
The quasi-central bank said new HK$100 and HK$500 notes will enter circulation in December, with the remaining three denominations - HK$20, HK$50, and HK$1,000 notes - issued in the second half of 2004.


The Hongkong and Shanghai Banking Corp. Ltd., wholly owned by HSBC PLC (HBC), will be responsible for 62% of the total number of new notes to be issued. BOC Hong Kong (Holdings) Ltd. (H.BOC) 25%, and Standard Chartered Bank PLC (U.STA) 13%.

The HKMA said the new bank notes have a number of advanced security features to enhance their anti-counterfeiting capability.

"The current banknotes have been in circulation for more than 10 years, and it is necessary to redesign them to incorporate the latest available security features," said HKMA Chief Executive Joseph Yam.

The new HK$100 and HK$500 banknotes retain the color schemes of the current series, and will be principally red and brown in color.

Existing banknotes will be gradually withdrawn as they become physically unfit for circulation, the HKMA said.

 
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