New Series of HK Banknotes to be Issued

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Last updated at: (Beijing Time) Thursday, September 04, 2003

New Series of HK Banknotes to be Issued

The Hong Kong Monetary Authority (HKMA) and three note-issuing banks Wednesday announced the forthcoming issue of a new series of banknotes.

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New Series of HK Banknotes to be Issued

The Hong Kong Monetary Authority (HKMA) and three note-issuing banks Wednesday announced the forthcoming issue of a new series of banknotes.

The new series consists of five denominations. The designs for 100 Hong Kong dollars and 500 Hong Kong dollars were unveiled Wednesday and would be put into circulation in December 2003.

The remaining three denominations, 20, 50 and 1,000 Hong Kong dollars, will go into circulation in the second half of 2004.

"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 Chief Executive of the HKMA Joseph Yam.

New Banknote of 500 Hong Kong Dollars

A number of advanced security features have been added to the new banknotes to enhance their anti-counterfeiting capabilities. The security features include denomination numeral in optical variable ink, fluorescent machine readable bar code holographic windowed thread, and iridescent images.

All new banknotes are printed by Hong Kong Note Printing Limited. The design of the notes is the responsibility of the individual note-issuing banks, subject to the approval of the HongKong Financial Secretary.

The three note-issuing banks are Bank of China (Hong Kong) Limited, Standard Chartered Bank and The Hong Kong and Shanghai Banking Corporation Limited (HSBC).

Chief Executive of Bank of China (Hong Kong) Limited He Guangbei said this is the first series of its banknotes issued in the name of "Bank of China (Hong Kong) Limited," which has been adopted since the restructuring and merger of the former Bank of China Group in Hong Kong on October 1, 2001.

100 Hong Kong Dollars

Its banknote series vividly depicts the development of Hong Kong as a modern city, and is a kaleidoscope of images reflecting Hong Kong's stability and prosperity, he added.

The design of the new notes of Standard Chartered Bank pays homage to its long history in Hong Kong by depicting the changing faces of the Peak and Victoria Harbor over the years, said the bank's Director and CEO of Greater China Peter Wong.

HSBC's Assistant General Manager and Head of Personal FinancialServices Paul Thurston said their new series reflect the unique culture and character of Hong Kong, as well as Chinese patterns symbolizing luck and prosperity.

All existing banknotes will continue to circulate and will only be gradually withdrawn from circulation when they become physically unfit for circulation.

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