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Existing banknotes will be gradually withdrawn as they become physically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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