Hong Kong Dollar notes are printed by 3 banks. The colour schemes are the same by denomination but the designs are slightly different. For more information, consult :
http://www.info.gov.hk/hkma/eng/moneyhk/eng/security/currency.htm

Bank of China
http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/boc20.jpg

http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/boc50.jpg

http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/boc100.jpg

http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/boc500.jpg

http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/boc1000.jpg

HSBC
http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/hsbc20.jpg

http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/hsbc50.jpg

http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/hsbc100.jpg

http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/hsbc500.jpg

http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/hsbc1000.jpg

Standard Chartered Bank
http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/scb20.jpg

http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/scb50.jpg

http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/scb100.jpg

http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/scb500.jpg

http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/scb1000.jpg

Coins
http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/10c.jpg http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/20c.jpg http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/50c.jpg http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/1.jpg http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/2.jpg http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/5.jpg http://www.info.gov.hk/hkma/eng/moneyhk/eng/images/security/modern/banknotes/10.jpg

Much better looking than American dollars. US dollars are so dull all the same color and size. Aussie money are cool too they're plastic.

OK, but did you see the new $10 note? It's so horrible, it's the worst thing I've ever seen, purple with some abstract lines. I think it's some kind of "unified" government note, something different from the three banks??? It's got a very plastic feel to it too.

The new design will be rolled out for the other bills throughout this year.

The size of the new $10 note is small ...

So different banks have different designs...

I think most countries have only one design or only one government bank issuing the notes... right?

Hong Kong's system is quite different. The bill designs are delegated to 3 banks by the HK Monetary Authority, the quasi-central bank. The banks are the Bank of China, HSBC, and Standard Chartered. The 3 are the primary banks that operate in Hong Kong (Hang Seng Bank is a HSBC subsidiary).

Cool money!

BOC is everywhere, even on the dough.

These designs are the old ones.
The new designs can be found here (http://www.info.gov.hk/hkma/new_hk_banknotes/eng/index.htm) with new security features added.

Actually I still got one 20HK$ note of the BoC from my trip to HK since I like the building and the color of that note! :)

Cool money!

BOC is everywhere, even on the dough.

because the 3 banks put their hq buildings on their notes. you can see hsbc bldg there and also the standard chartered one. :)

wow, its weird to see so many institutions printing money nowadays, the last time I can remember we had something like that in Brazil was in the 1880´s

The new design will be rolled out for the other bills throughout this year.

And the stupid governemnt is making $50-bill into green after published that purple ugly $10-note...

for those who doen't know, green is for $10-note traditional in Hong Kong and purple is for $50. People are going to mess them up.

And the stupid governemnt is making $50-bill into green after published that purple ugly $10-note...

for those who doen't know, green is for $10-note traditional in Hong Kong and purple is for $50. People are going to mess them up.

yeah, i dont like the new 10$ note, it looks terrible
http://www.inf.tu-dresden.de/~s9625576/bnoten/hk10.jpg

the old one was much much much better
http://www.giervalk.bravepages.com/HongKong/P077-1981-10_Dollars.jpg

there is one thing that must be note, the bochk don't equals to the boc china.

Forgive me...

the new $1 note looks like.... note from hell

Yuck -- The new $10 looks awful and disorientated as though it's been designed by a psychopath.

New Hong Kong Banknotes
October 10, 2004

The Hong Kong Monetary Authority (HKMA) and the three note-issuing banks (Bank of China (Hong Kong) Limited, Standard Chartered Bank (Hong Kong) Limited and The Hongkong and Shanghai Banking Corporation Limited) today announced that the remaining three denominations, $20, $50 and $1,000, of the new series of Hong Kong banknotes will be put into circulation from October 11 2004.

The new $20, $50 and $1,000 banknotes will be available for exchange in all branches of the three note-issuing banks starting from October 11, 2004. The first two denominations of the new series, $100 and $500, have been in circulation since December 2003. All existing banknotes will continue to be legal tender and will circulate alongside the new banknotes.

Source : http://www.info.gov.hk/hkma/new_hk_banknotes/eng/index.htm

http://www.info.gov.hk/hkma/new_hk_banknotes/images/20_hsbc_b.jpg

http://www.info.gov.hk/hkma/new_hk_banknotes/images/20_hsbc_f.jpg

http://www.info.gov.hk/hkma/new_hk_banknotes/images/50_hsbc_b.jpg

http://www.info.gov.hk/hkma/new_hk_banknotes/images/50_hsbc_f.jpg

http://www.info.gov.hk/hkma/new_hk_banknotes/images/100_hsbc_b.jpg

http://www.info.gov.hk/hkma/new_hk_banknotes/images/100_hsbc_f.jpg

http://www.info.gov.hk/hkma/new_hk_banknotes/images/500_hsbc_b.jpg

http://www.info.gov.hk/hkma/new_hk_banknotes/images/500_hsbc_f.jpg

http://www.info.gov.hk/hkma/new_hk_banknotes/images/1000_hsbc_b.jpg

http://www.info.gov.hk/hkma/new_hk_banknotes/images/1000_hsbc_f.jpg

I don't like the overuse of the new HK landmarks (Tsing Ma, CLK Airport, HKCEC, Peak Tower, etc.). This is only half of Hong Kong.

How about this...a standard housing project on one of the bills? :jk:

And what about Standard Chartered and BoC notes? Are they new too?

http://www.info.gov.hk/hkma/eng/new_bank_note/2001/hsbc/image/hsbc_r4_c2.gif

http://www.info.gov.hk/hkma/eng/new_bank_note/2001/boc/images_boc/r5_c2.gif

http://www.info.gov.hk/hkma/eng/new_bank_note/2001/scb/images_scb/r4_c2.gif

Fake $1,000 notes warning
Hong Kong Standard
Friday, March 16, 2007


Police have warned the public to be on the lookout for fake HK$1,000 banknotes that have the look and feel of genuine notes, with only minute differences in three areas.

Commercial Crime Bureau chief inspector Yu Shi-cheung said at least 300 of the high-quality fakes have been discovered and there may be more in circulation.

He said in addition to being cleverly made, it is believed the fake notes are being printed individually, instead of en masse, and they are probably the work of a syndicate based outside Hong Kong.

Yu said it would be difficult to uncover the notes through the usual methods of feeling them, checking watermarks or by putting them under an ultra- violet light machine.

In addition, the imitation window threads in the fake notes are more advanced than those in past counterfeits.

Yu said the new notes, purportedly issued by the Hongkong and Shanghai Banking Corporation, are of the 2000 and 2002 series.

The new counterfeits differ from the genuine notes in three ways.

First, silver metallic ink on the front circular pattern in the bottom left corner is dim on the counterfeit notes, but bright and shiny on the genuine ones.

Second, the concealed denomination "1000" in the lower right rectangular block, when viewed horizontally, appears weak or missing on the counterfeits.

Third, the holographic image showing "HK1000" and the bauhinia pattern in the window thread are not clear and shimmer less on the counterfeits.

Yu said the notes are be
lieved to have been printed individually, because most of those that have turned up have unique codes.

He said members of the public should report any suspected cases to the nearest police station or contact the Commercial Crime Bureau through the 24-hour hotline 2860-5012.

So far, the bureau has prosecuted four cases, involving four men and three women from Vietnam, the mainland and Hong Kong.

The 300 notes, which will not be accepted by deposit machines, were uncovered in banks around Hong Kong, Yu said.

The fake notes constitute less than 0.0004 percent of the more than 87 million genuine HK$1,000 banknotes in circulation, as of February 28, 2007.

He said the case is still under investigation but it is believed more fake notes could surface.

Yu said it is likely the notes came from a syndicate based outside Hong Kong and the Commercial Crime Bureau is maintaining close liaison with the mainland and overseas law enforcement agencies.

Other organizations such as the Hong Kong Monetary Authority, which has alerted the banking industry, are also being kept fully informed.

Legco security panel chairman Lau Kong-wah said in the past the public depended on the feel of the notes to detect fakes.

He said the discovery of the sophisticated fakes may result in some of the smaller shops being reluctant to accept HK$1,000 banknotes in payment for purchases.

Lau added Hong Kong law- enforcement agencies would need to work closely with the mainland to beef up the notification system in the fight against such notes.

Hong Kong Federation of Restaurant and Related Trades president David Ng Tak-leung said restaurants would need to pay more attention but should not refuse to accept HK$1,000 notes from customers.

He said shopkeepers should also pay closer attention to the smaller-value notes such as HK$500 notes as there were more of these in circulation.

Ka Wah Restaurant manager Peter Pang Siu-ming said restaurant cashiers relied on their experience, the feel of the notes, the watermark and intuition. He did not expect this to change.

Police said 1,416 fake HK$1,000 notes have been confiscated since 2005, 141 in January and February this year.

It is really a huge problem for those "super-real" fake pre-2003 $1000 notes and make HK people lack of confindence of those banknotes. The Gov't is really need considering to withdraw those banknotes (Having the polymer $1000 notes could be even better).

Related Thread:
Polymer $10 notes will be issued soon (http://skyscrapercity.com/showthread.php?t=450875)

They should'd started with the $1000 polymer first since it's of greater value...

^^^ The government doesn't print money bill except $10. So unless the banks are willing to change their technology now, it is not possible to make any polymer bills.

As the regulator, the government can force the local banks to issue notes in compliance with their new regulations. However, this is a pilot scheme, hence localizing the damage to the $10 bill isn't a bad contingency. The $1000 bill is no longer widely used due to the counterfeit problems, so it'll take a lot more convincing to the public for widespread adoption even if the polymer note debuted on that denomination. Besides, who would carry a $1000 bill around at the wet market for grocery shopping?

HSBC to pull banknotes in battle against fakes
Hong Kong Standard
Monday, March 19, 2007

All HK$1,000 banknotes issued by Hongkong and Shanghai Banking Corp in its 2000 and 2002 series are being withdrawn from circulation in a low- profile exercise following last week's discovery of their counterfeit cousins.

By the weekend, the number of fake HK$1,000 banknotes detected in the banking system had increased from about 300 to more than 700 over the space of two days. Police said Thursday about 300 fakes had been found.

The sharp rise in high-quality counterfeit banknotes has caused serious concern within government circles as well as in the banking sector.

HSBC said Sunday all HK$1,000 banknotes issued by the bank in 2000 and 2002 will not be released for circulation again once they are returned to the banking system.

The bank, after liaising with the Hong Kong Monetary Authority, also requested the Hong Kong Association of Banks to urge members to do the same. All the banknotes in question will be channelled back to HSBC for disposal.

The bank emphasized the withdrawal is not a formal recall that would require the public to hand the banknotes back.

All frontline staff will be informed of the latest decision today. More training will be provided to enable frontline employees to differentiate the counterfeit notes from genuine ones.

Financial Secretary Henry Tang Ying-yen, meanwhile, said the surge in the number of fake banknotes will not undermine public confidence in the territory's financial system.

He believes the fake banknotes have their origins outside Hong Kong.

Tang, however, reminded the public not to reject HK$1,000 banknotes unless they have good reasons to suspect the money they are receiving is counterfeit.

The Hong Kong Monetary Authority said that there should not be very many HSBC HK$1,000 banknotes of the 2000 and 2002 series still in circulation because many are old and continuously being replaced by newer and more secure banknotes issued in 2003.

The authority said moves are afoot to accelerate their replacement in wake of the high quality of the latest fakes.

The withdrawal can minimize market disorder and help the police deal with the situation, the authority said.

The counterfeit banknotes found last week has the look and feel of genuine notes, with only minute differences in three areas, making it difficult to uncover them through the usual methods of feeling them, checking the watermarks or putting them under ultraviolet.

In addition, the imitation window threads in the fake notes are more advanced than those in previous counterfeit cases.

The latest counterfeits differ from the genuine notes in three ways.

First, the silver metallic ink on the front circular pattern in the bottom left corner is dim on the fake notes but bright and shiny on the genuine ones.

Second, the concealed denomination 1000 in the lower right rectangular block, when viewed horizontally, appears weak or missing on the fakes.

Third, the holographic image showing HK$1,000 and the bauhinia pattern in the window thread are not clear and shimmer less on the counterfeits.

Commissioner of Police Tang King-shing said Saturday that the force is working with their Macau and mainland counterparts in the investigation.

The police have set up a hotline, 2860-5012, for the public to report on suspicious notes.

So far, 12 people have been arrested in connection with the case.

RTHK news:
Police stepping up fight against counterfeiters (http://www.rthk.org.hk/rthk/news/englishnews/20070319/news_20070319_56_386676.htm)

HKMA won't order notes recall in fakes clampdown
Hong Kong Standard
Tuesday, March 20, 2007

The Hong Kong Monetary Authority will give top priority to replacing the banknotes issued by HSBC in 2000 and 2002 that seem to be a favorite target of counterfeiters but has stopped short of ordering a recall.

Chief executive Joseph Yam Chi- kwong said the number of such notes in circulation, issued between 2000 and 2002, is "quite small."

He said joint seminars have been organized by the authority and the Commercial Crimes Bureau to educate frontline staff at banks, retailers and foreign-currency dealers on how to detect counterfeit notes, with the first of these to be held Friday.

Seven seminars are scheduled to be held before the end of this month.

Financial Secretary Henry Tang Ying-yen said it was not the first time the city had been hit by a wave of counterfeit banknotes and that common characteristics among the fraudulent notes made their detection easier.

Reiterating there will be no recall of HK$1,000 banknotes issued by HSBC between 2000 and 2002, the financial secretary also said that such notes would not allowed to go back into general circulation.

He said people who have such banknotes will not have to surrender them as there are still many legitimate bills in circulation.

Commissioner of Police Tang King- shing confirmed investigations so far indicated the forged notes came from outside the city.

He said the investigation, led by the Commercial Crimes Bureau, has been joined by authorities from Macau, the mainland and overseas. As of Monday, t
he number of counterfeit banknotes that have been intercepted remains at 710. The number of arrests also remains at 12.

Secretary for Security Ambrose Lee Siu-kwong told lawmakers that various departments have stepped up their investigations and efforts after the discovery of the fake notes.

Civic Party legislator and barrister Audrey Eu Yuet-mee, a member of the Legislative Council security panel, said she is satisfied with government efforts to detect the counterfeit notes and combat the counterfeiters.

Confronted with a lack of statistics to gauge efforts and to identify trends, Eu said she hoped a quick compilation of facts would make sure all areas were covered.

Meanwhile, the Hong Kong Retail Management Association confirmed some of its members have been paid in counterfeit banknotes.

But the association said that while it will hold regular workshops to help members detect counterfeits of multiple currencies, retailers should not refuse to accept HK$1,000 bills, which are still legal tender.

With most businesses relying on frontline workers as gatekeepers, the association is also advocating internal training to help them identify and combat counterfeits at payment points.

Steve Vickers, president and chief executive of International Risk, a risk mitigation and investigative company, said high-level denominations are always favored by counterfeiters.

He said the run-up to the Lunar New Year was the prime time for the introduction of counterfeit notes into the money system as many people were changing notes or looking for new ones.

Withdrawal of the notes from circulation is the most robust reaction to counterfeits that banks can muster, he said, adding the subsequent increase of scrutiny over circulating currency will make the counterfeiter's life more difficult.

"It may damage their return on investment as the wholesale price of volume purchases of fake notes may drop because of the added risk of detection, a sort of counterfeiters' reverse risk premium," he said.

A police hotline, 2860-5012, has been set up for the public to report suspicious notes.

Oh, man! MORE AND MORE "Super Real" Fake 2000 and 2002 HSBC $1000 Banknotes!!! :ohno: :ohno: :ohno:

RTHK news:
More fake $1000 banknotes found in Hong Kong & Macau (http://www.rthk.org.hk/rthk/news/englishnews/20070321/news_20070321_56_387085.htm)

From news.gov.hk:
$1,000-note supply sufficient (http://news.gov.hk/en/category/businessandfinance/070320/html/070320en03006.htm)

In some occasions shop-owners usually have no choice except accepting the note from their patrons. Trustworthiness is a big thing in businesses, and being too skeptical toward your customer would have negative effects.

The $1000 bill has been known to be prone to counterfeiters for quite some time, and many businesses are already refusing to accept them even before this recent scare. A lot of times it's very practical. Why use a $1000 bill for a $20 cab fare, or a $10 segment of beef at the market? That just doesn't make sense, and a lot of the mom-and-pop shops don't want to risk accepting one of these and lose a lot of $ if it is indeed a fake. They just don't have the capacity or volume to buy an expensive scanner to check each bill.

From news.gov.hk:
Polymer note publicity drive launches (http://news.gov.hk/en/category/businessandfinance/070604/html/070604en03003.htm)

Someone's making a lot of money from this.

yeah, i dont like the new 10$ note, it looks terrible
http://www.inf.tu-dresden.de/~s9625576/bnoten/hk10.jpg

the old one was much much much better
http://www.giervalk.bravepages.com/HongKong/P077-1981-10_Dollars.jpg

it's true that people tend to use the purple first before think use the green one, or the coin one.:lol:

Doubts surface over Hong Kong peg
Report that link was questioned in '02 may embolden market
Bloomberg News
11 June 2007

Hong Kong's admission that it "seriously" considered scrapping the city's currency link five years ago will make the peg's defense from future challenges harder, said currency strategists from Merrill Lynch and ABN Amro Bank. Former Finance Secretary Antony Leung said Friday that in 2002, the Hong Kong Monetary Authority and then-Chief Executive Tung Chee-hwa evaluated abolishing the link, which started in 1983. Hong Kong is committed to the peg of about 7.8 to the U.S. dollar, the monetary authority said the same day.

Hong Kong's peg has weathered the Asian financial crisis, the city's handover to Chinese sovereignty almost 10 years ago and the appreciation in the yuan past parity in January. Rising inflation as home prices surge or a faster yuan appreciation may be the next trigger for speculators, including hedge funds, to challenge it, said Shahab Jalinoos, a foreign-exchange strategist in Singapore at ABN Amro.

"Knowing the HKMA can be pushed and it's come close before, the market will have more confidence testing the Hong Kong dollar next time it's challenged," said Jalinoos. "The market perception had always been the HKMA is a fairly hard-nosed player and sticks to its principles."

The Hong Kong dollar, which is allowed to trade 5 Hong Kong cents on either side of 7.8 to the U.S. dollar, was little changed at 7.8149 late Friday. By contrast, the yuan has risen 8.1 percent since a dollar peg was scrapped in July 2005 and traded at 7.6593 per dollar.

"The chief executive, Joseph Yam, and I did seriously evaluate the various options including unpegging," Leung, who now heads the Hong Kong office of the buyout firm Blackstone Group, told Bloomberg News. "Speculators were attempting to attack the peg in view of the very large fiscal deficit at that point of time."

Joseph Yam, chief of the monetary authority, would neither confirm nor deny Leung's remarks when asked by reporters Friday in Hong Kong.

"Any responsible government should prepare for and get a contingency plan ready at any time, and to make proper decisions at specific times," Yam said in comments broadcast on Hong Kong's iCable television news channel.

Standard & Poor's lowered the outlooks on some of Hong Kong's debt ratings in 2002 as the budget deficit widened to a record shortfall of 63.3 billion Hong Kong dollars, or $8.1 billion, in the financial year to April 2002, and to 61.7 billion dollars in 2003. Tung said Thursday that "financial sharks" were attacking the link in 2002, according to the Standard newspaper, citing a Cable TV interview.

Tung chose to defend the peg and instead increased taxes and cut government spending to improve the budget. The present Financial Secretary, Henry Tang, expects a 55 billion dollar budget surplus for the fiscal year that ended March 31.

Tung's office declined Friday to provide a transcript of the interview or to comment further.

"These comments are going to come back to haunt the HKMA the next time the peg comes under pressure," said Simon Flint, a Singapore- based currency strategist at Merrill Lynch. "It's going to make it hard for them to persuasively say they're not discussing changing it."

Neither Flint at Merrill Lynch nor Jalinoos at ABN Amro forecast a change in the Hong Kong dollar peg in the foreseeable future.

From news.gov.hk:
$10 polymer note to be issued July 9 (http://news.gov.hk/en/category/businessandfinance/070615/html/070615en03008.htm)

HK to maintain U.S. dlr peg at least 5 years-Tsang

HONG KONG, June 18 (Reuters) - Hong Kong's Chief Executive Donald Tsang pledged on Monday to keep the territory's currency pegged to the U.S. dollar during his five-year term, making the latest affirmation of the link amid persistent speculation that it might be scrapped.

This was the first time that Tsang, who was re-elected to a second term in March, has given a specific timeframe for the government's commitment to the Hong Kong dollar <HKD=> peg at 7.8 to the U.S. dollar.

"The dollar peg is one of the pillars in protecting Hong Kong's prosperity," Tsang said in an interview with Hong Kong's Cable TV. "The dollar peg is something that, under this current term of government, will be maintained as the most fundamental financial policy. It will not change."

Hong Kong officials have stressed since the start of this year that the territory is committed to maintaining the two-decade old currency peg, waving off speculation about a link to China's non-freely convertible yuan <CNY=CFXS>.

But neither Tsang nor his government had ever before put a timeframe on maintaining the peg.

Speculation peaked after the yuan surpassed the Hong Kong dollar in value in January for the first time in over a decade. It has appreciated gradually since, spurring worries that mainland imports would become dearer.

Some economists argue the strengthening yuan's impact on Hong Kong -- which imports heavily from the mainland -- cannot be ignored. But officials and other economists say a yuan peg is unfeasible before the Chinese unit becomes fully convertible, which could take years.

"We are determined to maintain the peg in the five-year term because it's one of the foundations for our success," a press secretary for the Chief Executive's Office said without elaborating.

Hong Kong's business cycle is also more closely tied with that of the United States than that of China, officials say.

"Whether or not we have to review this (the U.S. dollar peg) after 2047, this can be considered," Tsang told Cable TV.

Under the Basic Law, Beijing must maintain the former British colony's high degree of autonomy for 50 years after its return to Chinese sovereignty in 1997. "But this would only be a task after 2047," said Tsang.

Gov't Press Release:
LCQ8: Currency circulation (http://info.gov.hk/gia/general/200707/04/P200707040237.htm)

Same colour, design, but early birds sold on plastic $10 notes
10 July 2007
South China Morning Post

http://www.singpao.com/20070710/photos/m924520SP.jpg

http://www.singpao.com/20070710/photos/m924521SP.jpg

Banks across the city yesterday began distributing 50 million of the plastic HK$10 notes issued by former financial secretary Henry Tang Ying-yen.

Li Ming-kut, the first person in the queue outside HSBC's Yue Man Square branch in Kwun Tong, said he arrived at 5.30am.

"It is the first time Hong Kong has issued plastic notes. Many other countries have them already," said the Kwun Tong resident, who carried away HK$5,000 in the plastic notes.

"The new note is very soft and thin," said Mr Li, rubbing one of the polymer notes.

"I thought it would be quite hard. It is unlike usual plastic utensils. It is very light and smooth and the clear window is beautiful."

Retired Chan Hoi-ping, 63, who waited from 6am, explained why he wanted one of the notes: "It is the last batch of notes issued by Henry Tang. It is very special to collect both paper money and plastic bills issued by him." He also found the new bills cleaner and easier to handle.

Newspaper vendor Mr Ko, who declined to give his full name, was excited when accepting a polymer note for the first time.

"It will be great when they issue plastic money in other denominations. Paper notes tear too easily," he said.

Meanwhile, retired Li King-hung, 62, said the new bills were not sticky and easier to count.

"It will still be fine if I put it into a washing machine, but it is harder to fold than paper notes," he said.

The design resembles the existing HK$10 note, except for its added security features. It has a window showing the numeral 10, a bauhinia flower and a ribbon in two shifting colours. The numeral 10 also appears in a watermark.

Over the next two years, the Hong Kong Monetary Authority will evaluate the quality, security, durability and public acceptance of the new note.

Authority deputy chief executive Choi Yiu-kwan said it would then consider whether to extend the use of polymer to other denominations.

Another $755m injected
Hong Kong Standard
Saturday, October 27, 2007

The Monetary Authority has sold Hong Kong dollars for the second time this week as heavy demand pushed it to the upper limit of its trading band against the US dollar.

The authority used HK$755 million to buy US dollars on Friday morning after it hit 7.75 in an attempt to stop it appreciating further.

The currency then weakened slightly but rose again in late trading to stand at 7.7508 at 7.09pm.

"[The action] was triggered [on Friday] morning. That's why a total of HK$775 million was injected into the banking system," said an HKMA spokesman.

The Hong Kong dollar, pegged at 7.8, is allowed to trade between 7.75 and 7.85.

Under the linked exchange rate system, the HKMA will sell or buy US dollars if the currency threatens to move above or below the band.

Analysts expect the currency to remain strong, which would prompt the de-facto central bank to intervene again in future to defend the 24-year-old peg.

Analysts said a heavy influx of funds into the stock market - which closed at a new high on Friday above 30,000 - amid a flurry of initial public offerings is boosting the demand for Hong Kong dollars and pushing up the short-term Hong Kong interbank offered rate to a six-year high.

Overnight HIBOR closed at 4.7 percent, up sharply from Thursday's 3.8 percent.

Peter Sullivan, chief executive of Standard Chartered Bank (Hong Kong), said HIBOR is likely to go down late next week as the borrowing frenzy sparked by the spate of IPOs subsides.

Hong Kong intervenes to defend its currency peg
Reuters

HONG KONG, Oct 26 - Hong Kong's central bank intervened on Friday to curb strength in the Hong Kong dollar and underline its commitment to the linked exchange rate, after the currency hit its upper limit for the second time this week.

The Hong Kong Monetary Authority sold HK$775 million for U.S. dollars after the most actively traded currency in Asia after the yen hit 7.75 per U.S. dollar, partly fuelled by a stock market <.HSI> rally to a record high.

"The government is fully committed to the maintenance of the linked exchange rate system," a spokesman for the HKMA said.

Funds flowing into Hong Kong, plus quickening inflation as Chinese import costs rise, have fuelled speculation the Hong Kong Monetary Authority will have to drop its two-decade peg against the U.S. dollar, or at least widen the currency's trading band.

ING Financial Markets said in a research note that it expected Hong Kong to widen the band in time, possibly only at the upper limit. But for now economists said abandoning the peg was unlikely.

"We see no change. The HKMA's actions today agree with the principles of the currency board," said Ben Simpfendorfer, an economist at Royal Bank of Scotland.

"There's a lot of interest at the moment in the Hong Kong dollar in particular because of a buoyant equity market. We think the peg is credible and it makes no sense to change it."

Under the currency board system, the Hong Kong dollar can trade in a range of 7.75-7.85 per dollar, around a peg of 7.8. The HKMA is committed to buy U.S. dollars for Hong Kong dollars if the spot rate hits 7.75.

Real time information available on Reuters page <HKMAOOC> showed the HKMA intervened at 0425 GMT. By 0649 GMT the Hong Kong dollar had pulled back to 7.7505/06 to the U.S. dollar, Reuters data showed.

On Tuesday, the HKMA also sold HK$775 million for U.S. dollars after the currency hit 7.75. The upper limit of the trading band was only set in 2005. Previously the currency was pegged at 7.8 per dollar with a lower limit of 7.85.

CREDIT SQUEEZE

Although the stock market has been rallying all year, the Hong Kong dollar was held in check earlier in 2007 by an interest rate trade in the interbank market.

The trade was based on the fact that Hong Kong interbank interest rates were lower than corresponding rates in the United States.

That meant investors could profit by selling Hong Kong dollars for U.S. dollars to exploit the higher U.S. interbank rates. The interest rate advantage has now been lost, so fewer Hong Kong dollars are flowing out of the territory.

Hong Kong interbank rates subsequently rose to six-year highs amid tight demand for Hong Kong dollars to fund investment in recent new stock market listings and as a global credit squeeze made lender more cautious.

While inflation has been quickening this year, partly because of the rising cost of Chinese imports as the yuan <CNY=CFXS> steadily increases in value, economists say it remains relatively moderate at less than 3 percent.

"At a time when Hong Kong's domestic CPI inflation trend is heading up gradually, it is perhaps not surprising that there has been renewed market concerns on the sustainability of the Hong Kong dollar peg regime," JP Morgan's head of China research, Frank Gong, wrote in a research note.

But he added: "We believe the probability of any significant near-term change to the Hong Kong dollar peg regime is very low."

BTW, do you think the design of the HK coins are tooooooooooooo simple and too much space to counterfeit? It is better to redesign.

BTW, do you think the design of the HK coins are tooooooooooooo simple and too much space to counterfeit? It is better to redesign.

The coins are fine. Not much difference vs. what other countries' coins are like. I doubt it's economical to mass produce counterfeit coins anyway. Bills are definitely more lucrative trade.

A few years ago, the 10 dollars coins got counterfeited. I think that is one of the reasons why the 10 dollars bill come back out. Besides the 10 dollars, the others are probably not worthy to counterfeit.

City's 'father of design' tells how he became a craftsman of note
Just open your wallet if you want to check Henry Steiner's credentials
13 January 2008
South China Morning Post

You may not know the name Henry Steiner, but you are no stranger to his work. Just open your wallet. You're likely to find banknotes in it that he designed.

Unlike other countries, where the government determines the design of its currency, Hong Kong allows the three note-issuing banks - HSBC, Standard Chartered Bank and Bank of China (Hong Kong) - to handle the design of their bills. Mr Steiner has designed paper currency for both HSBC and Standard Chartered Bank for more than three decades.

Dubbed the "father of Hong Kong design", he put renderings of the two lion statues in front of the Hongkong and Shanghai Banking Corporation in Central on the banknotes issued by the lender, starting in 1973. Six years later, he used five Chinese mythological animals on the Standard Chartered Bank notes series.

"There is a clear hierarchy in that the more important the note, the more important the animal," he said. The set of banknotes starts with a fish on the HK$20, a turtle on the HK$50, a chi lin (unicorn) on the HK$100, a phoenix on the HK$500 and the dragon - the most powerful Chinese mythical animal - is on the highest denomination, the HK$1,000 note.

"The banknotes before my design had nothing related to the bank or to Hong Kong; they were dominated by the mythological figures of Greece or Rome," said Mr Steiner. "When you use the banknotes, you want people to know they are from Hong Kong," he said. "It is important to have the buildings there, the lions and the Chinese animals that have added personality and character to the city."

He doesn't think much of the HK$10 note, issued and designed by the Hong Kong government. "It is full of colourful graphics but without visual elements that are typically associated with Hong Kong."

Mr Steiner was born in Vienna in 1934 to a family that had nothing to do with design. His father was a dentist and his mother a seamstress. They fled to New York to escape Nazi persecution. He was educated at Yale University and the Sorbonne in Paris in fine arts and graphic design.

Arriving in Hong Kong in 1961 for a nine-month job as design director of The Asia Magazine, he fell in love with the city. Like many expatriates, his short-term contract expanded into a 47-year career in the city. He married and raised two sons - Karl, 41, and Kurt, 39, who both work in the US.

"When I first arrived, there were not many people who understood graphic design and branding," he said. That brought him opportunities, and he set up his own firm, Steiner & Co, when he was 30.

"Once I designed the logo for the Hilton, I got jobs from other hotels. After I designed the annual report for HSBC, other banks and companies also ask me to work for them."

He has designed the familiar logos of the HSBC, the Hong Kong Jockey Club, Wellcome supermarket, Hongkong Land and Lane Crawford. Many of the works are still being used - including his work for Taikoo Sugar, which has been around for more than four decades.

"If a logo or brand is successful, there is no reason to change it," he said.

Mr Steiner said a key to success, and maybe the most challenging job of a graphic designer, is to communicate with the top people. "You have to talk to the chief executive or the chairman of the company to known exactly what message he or she would like to send to people," he said. " HSBC's hexagonal logo, for example, is simple but well recognised by the world. It was inspired by Scotland's St Andrew's Cross flag and suggests connections and points of the compass and HSBC's expansion."

His projects - fees start at HK$1 million - reflect changes in the economy over the years. Hotel and tourism dominated the 1970s, followed by banks and brokers in the 1980s, while he worked on some projects related to the handover in the 1990s.

When the Royal Hong Kong Jockey Club needed to drop the royal connection to prepare for the handover, it hired Mr Steiner to standardise the logo of its various units, such as its restaurants and its Charities Trust, basing the design on the horseshoe and the whip. The prominent client list is important to his business. But so is cost control. Like many successfully small enterprises, he believes in owning his own premises so he won't be at the mercy of a landlord. He purchased his current 3,000 sq ft office in Conduit Road in the 1970s.

Like many others, Mr Steiner believes the future for Hong Kong graphic designers is to focus on the mainland.

"This year is particularly important as Beijing is going to hold the Olympics," he said. "It's a good chance for the mainland to show the world its own brands," just as the 1964 Tokyo Olympics brought recognition to Sony and Panasonic, while the 1988 Seoul Olympics let the world to know about Samsung.

Mr Steiner has helped mainland companies, such as Shanghai Mart, with their brandings. Previously, the company used a long and unwieldy name - Shanghai World Trade City Company Ltd. It did not capture the essence of what China's first multi-functional complex had to offer as Asia's largest permanent international trade mart. In addition to the compact, authoritative name, he also developed signage, uniforms and advertising for Shanghai Mart.

He predicts the car industry in China will be among the first to emerge with a well-known global brand.

"I believe that Hong Kong's future is as 'the Manhattan of China'," he said. "We will be the service centre for the mainland, providing branding along with the usual banking, legal, auditing and consultant specialties. Branding is essential if China is to make the move from low-cost manufacturing to high-value-added original products and grow its economy on a firmer basis.

"Japan, South Korea and even the US began by imitating other countries' brands. China, using their example, can make the shift more quickly, and I think the Beijing Olympics will kick-start this leapfrogging process."

In Hong Kong, the brands he likes most are Shanghai Tang and GOD, for they are homegrown brands with a clear image.

While many consider Hong Kong to be a rapidly changing society, Mr Steiner thinks the city has not changed much in the past half-century.

"There is something consistent," he said. "The city is full of spirit and confusion, where you always find a combination of the east and the west."

Its interesting how the HK$10 aren't today being circulated by the three major banks

Its interesting how the HK$10 aren't today being circulated by the three major banks

Hold on. There are plenty of $10 bills around. In fact, there's a new polymer note (purple one) that is widely in circulation.

^^ Aren't the new ones printed by the government?

^^ Aren't the new ones printed by the government?

Yes, they are printed by the government, but the government isn't a banking agency delivering the notes to the public. They still have to go through the banks in order to get in the market.

Bank hopes to retain status as note issuer
27 February 2008
China Daily - Hong Kong Edition

Money still doesn't grow on trees, but Standard Chartered Bank executives (SCB) want it to keep coming from their printers.

An SCB official yesterday reaffirmed the bank's desire to keep its note-issuing status in Hong Kong - a privilege that's at risk as foreign investment in SCB is approaching 20 percent.

Temasek, the investment arm of the Singapore government, now owns 19 percent of SCB's stock.

SCB Asia Chief Executive Officer Jaspal Bindra touched on the issue during the bank's annual-results announcement yesterday, saying the bank is proud to be one of three allowed to print Hong Kong currency.

But according to foreign ownership regulations set by the Hong Kong Monetary Authority, if any single foreign government owns more than a 20 percent stake in a note-issuing bank, that bank's money-printing status will be stripped.

Bindra said he isn't worried that Temasek's actions will threaten the bank's ability to print money.

"We believe they are sophisticated and responsible shareholders who are aware of the broader implications," Bindra said, adding that he still understands the monetary authority's concerns.

On Jan 30, Temasek purchased an additional 14.5 billion shares in SCB, boosting its stake from 18 to 19 percent. And 7 percent of that stake has come in the past two years.

Another sovereign-state fund investor in SCB is a Dubai-government-backed private-equity firm, Istithmar PJSC, which currently owns a 2.7 percent interest in the bank.

SCB began issuing money in Hong Kong in 1862. Its note-issuing history is longer than its two peers - HSBC and Bank of China (Hong Kong).

StanChart moves Asia CEO base to China's door
Hong Kong Standard
29 February 2008

Standard Chartered (2888) has relocated its Asia CEO office to Hong Kong from Singapore to focus more on its booming Greater China market.

``Hong Kong has, and is, and will remain our largest market. Greater China for a long time will be the biggest engine of growth for the bank'' and ``is the bank's biggest focus,'' said Jaspal Bindra, chief executive officer for Asia at Standard Chartered.

Hong Kong delivered a record net profit of US$1.19 billion (HK$9.28 billion), constituting nearly 30 percent of Standard Chartered's total 2007 net profit. Revenue in China increased 73 percent to US$498 million with a net profit of US$184 million.

``If you look at the pace of earnings growth [in China] last year, rebasing the CEO office to Hong Kong makes a lot of sense,'' said analyst Michael Siu Yiu-han at Lehman Brothers.

Standard Chartered has already been appointed underwriter by both the China Banking Regulatory Commission and the People's Bank of China. The lender will underwrite government bonds issued by the finance ministry, and underwrite bills sold by the PBOC.

Still in its infancy, Standard Chartered China has ``not even started scratching the surface. There is just so much for us to do and achieve.'' The move to Hong Kong ``allows me to be closer to the action,'' Bindra said.

Many Asian sector heads will relocate to Hong Kong along with the CEO office. ``Everybody that I need will be in Hong Kong,'' Bindra said.

He vigorously denied that the relocation was a result of the Hong Kong Monetary Authority possibly revoking Standard Chartered's note-issuing status, saying the move to Hong Kong had been planned before any of that came up. Standard Chartered wants to retain its note-issuing status and ``I am here to sign notes,'' he declared.

Gov't Press Release:
LCQ16: $10 counterfeit coins (http://info.gov.hk/gia/general/200805/07/P200805060189.htm)

I think they look alot better then the english notes and coins

i might be going over there next summer so ill have a better chance at using and seeing it

奧運專輯：奧運紀念港鈔下周三起發售
【15:44】2008年07月11日

http://news.on.cc/ncnews/hknews/img/ncbrka01_20080711154410_big.jpg

【on.cc專訊】 中銀香港副董事長兼總裁和廣北表示，奧運紀念香港鈔票面額每張20元，發行量為400萬張，共314萬套，會在港澳及部分海外地區發售，香港將獲分配293套共376萬張。

紀念鈔票會分兩輪發售，首輪於本月16日至31日，在中銀香港50間分行發售，次輪於下月8日至22日，在奧運馬術賽場發售。此外，特別號碼的紀念鈔票，會作公開慈善拍賣。

Date set for sale of HK commemorative notes
12 July 2008
South China Morning Post

Four million commemorative banknotes with a face value of HK$20 will be sold by the Bank of China (Hong Kong) from Wednesday.

The notes, which are not intended to be used in the market, will be sold at prices higher than the face value.

The notes feature the Beijing Olympic Games emblem and stadium, popularly known as the "Bird's Nest". They will be sold in Hong Kong, Macau and some overseas countries.

Of the five packages, the cheapest is a single note, which will sell for HK$138, while a sheet of 35 uncut notes tops the price list at HK$1,388.

The other three packages comprise a set of four uncut notes, a HK$20 note with a 20-pataca note, and a set of four HK$20 notes and four 20-pataca notes. Prices for these sets range from HK$268 to HK$868.

The first stage of the sale will run from July 16 to 31 at the bank's 50 branches across the city. The second will be held at the Olympic equestrian venues from August 8 to 22.

A bank spokesman said a first come, first served approach would be adopted. Each buyer would be able to purchase up to two notes and one set of the other packages.

All the notes will be sold randomly, but some with lucky serial numbers will be auctioned for charity.

Tsui Chiu, owner of Luen Fat Stamp and Coin Shop in Mong Kok, was not optimistic about the market potential of the new notes.

"I don't think the value of the notes to be issued by the Bank of China will go up that much, as the quantity they are going to launch is quite large," he said.

He estimated that the sheets of 35 uncut notes would be the most popular of the five packages and expected their value to double.

At his shop, a few 10 yuan commemorative Olympic notes, issued on the mainland this week by the People's Bank of China , are on sale for HK$1,000 each.

Discription from Bank of China (Hong Kong) for the Beijing 2008 Olympic Banknote (http://www.bochk.com/images/upload/oce/Olympic_banknote/en/BankNote_EN.html)

中 銀 為 排 隊 購 奧 運 紀 念 鈔 市 民 登 記 資 料
2008-07-15 HKT 00:12
RTHK

中 銀 多 間 分 行 有 人 龍 ， 排 隊 準 備 購 買 奧 運 紀 念 鈔 票 。

中 銀 發 言 人 表 示 ， 由 於 黃 色 暴 雨 警 告 生 效 ， 中 銀 決 定 聘 用 專 業 保 安 公 司 ， 派 員 為 排 隊 的 市 民 登 記 個 人 資 料 ， 再 發 給 排 隊 序 號 ， 優 先 處 理 。

My Comments
I think we should move away from these first-come-first-serve lines and into a more random-based draw whereby people submit their intentions via application forms / online and are allocated in a similar way as an IPO. It's quite ridiculous people start lining up 2 days before the launch and try to pressure the bank into giving them priority when they know very well they have to brave the elements for 2 days. There is something called a weather forecast after all. I should organize my own little party in front of a bank branch and clamour my way to beating everyone else to getting the notes.


Banknote rush hits a sour note
Hong Kong Standard
Tuesday, July 15, 2008

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Hundreds of people, who braved last night's thunderstorms, are queueing outside Bank of China branches to buy commemorative banknotes bearing the Olympic logo.

At one branch yesterday police were called in to restore order after youngsters jumped the queue for the souvenir HK$20 notes, which go on sale tomorrow.

At To Kwa Wan, one of six branches designated to issue all five sets on offer, there were more than 430 people outside some 39 hours before the notes go on sale.

The first in line said he had been there since 8am and expects to spend HK$3,000 on the notes.

Those in the queues include the elderly, families and young people. Most had umbrellas for cover from the rain and the sun while some arrived with straw mats, plastic chairs and newspapers to prepare for the long wait.

At Tuen Mun Town Plaza branch trouble broke when youngsters tried to jump the long queue that had formed. Police were called in and ordered was restored when the group was sent to the back of the line.

Police later jotted down names of those in line seeking toilet breaks.

A Mr Lo, in his 60s, was first in line at the King's Road branch. "There should be a better system like the issue of tickets so I can go home and return [tomorrow]. It's hard for the elderly to wait in the street for two days," he said.

A Secondary Four student said he was prepared to queue up to buy a set of uncut notes for a belated Fathers' Day present. He said the commemorative set had special meaning a
s it was the first time Beijing was hosting the Olympics.

The bank will issue four million commemorative banknotes. The front features a picture of a plinth, the Beijing 2008 logo and the Bank of China tower in Hong Kong. On the reverse is the image of the Beijing Olympic Games stadium, commonly known as "the Birds Nest."

The selling price of the five packages available to the public ranges from HK$138 to HK$1,388.

The cheapest is a single banknote at nearly seven times its face value. The most expensive is for a sheet of 35 uncut notes.

The notes will be sold on a first- come-first-served basis. Each person will be limited to purchasing one set of each type per visit. The first stage of the sale will run from tomorrow to July 31.

The second phase is from August 8 to 22 at the venue of the Olympic equestrian events.

Why are people waiting on the sidewalks for this? What is the point of exchanging their money? Are these people all collectors looking for a "rare" note or something?

Why are people waiting on the sidewalks for this? What is the point of exchanging their money? Are these people all collectors looking for a "rare" note or something?

Yes. Bank of China printed these Olympic edition $20 note for sell at $138 per piece at the lowest.

Many people who lined up for hours and overnight were going for the more expensive set items, such as the sheet of uncut Olympic notes, the set with Hong Kong and Macau notes, etc. It seems the single note for HKD $138 is not going to appreciate much as there will be over 2 million of them printed.

I only waited for 10 minutes yesterday to get my single note. :)

Syndicates cash in on note fever
Hong Kong Standard
Thursday, July 17, 2008

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Syndicates appeared to be the big winners yesterday as Olympic commemorative banknotes went on sale at six Bank of China branches.

It was clear many of those who had spent up to two days in queues for the banknotes were being paid to do so - no sooner had they emerged from the banks than they handed over their purchases to alleged syndicate members waiting outside.

At the Tuen Mun branch teenagers were seen handing over the red recycling bags containing the banknotes to a woman before leaving. The woman picked up around 15 red bags.

Despite the promise of immediate cash, many holdouts preferred to seek higher rewards on Yahoo or eBay auction sites.

Others, however, described the notes as precious and said they would not sell them whatever offers they received.

"I am very happy and excited. I will not be selling this," said a woman who gave her name as Miss Lai. She received the first note sold with the number A0001.

One teenage boy said he was paid HK$800 to queue up since Monday while another said he would try to sell his full set of notes for HK$23,000 on eBay.

Besides the syndicates, individuals from the mainland were also keen to buy the new notes, with one saying a HK$1,388 set could fetch as much as HK$12,000 in the secondary market there.

However, a collector warned the current bubble could burst as Bank of China would be selling another four million notes. "It is just like what happened in 1997 when Hong Kong went crazy for the new stamps," said Anth
ony Lee Hon-Man, the owner of a collection company.

He said his company had refused to buy or sell the Olympic notes as the prices were too high now.

He said the market may not be big enough as many people in Hong Kong were pragmatic and not prepared to wait years and years for the value of the notes to appreciate.

He agreed the banknotes had the potential to increase in value as they were only the second set of Olympic commemorative banknotes in the world.

Several other countries had also issued commemorative notes though these were collectors' items and not for circulation.

Special notes fail to strike resale gold
Hong Kong Standard
Friday, July 18, 2008

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The huge profits syndicates hoped to reap from the resale of Olympic commemorative banknotes have failed to materialize.

They paid students and others up to HK$1,000 to queue for two days outside branches of the Bank of China to get the notes.

Some individual sellers, such as 17-year-old student Ken Lee who wanted to sell his notes for HK$20,000, were also disappointed.

As of yesterday, average bids for a complete set of the notes on auction sites, such as Yahoo and eBay, ranged from HK$10,000 to HK$12,000.

One seller was offering his collection of six sets for a minimum of HK$108,000. He said he was asking HK$18,000 for each set because his notes had auspicious numbers such as 168 and 668 which mean never-ending wealth in Cantonese. He refused to sell the sets separately.

Shops used by collectors were paying, on average, around HK$8,000 for a complete set of notes. The owner of one in Causeway Bay said she did not have any notes for sale because most buyers were holding on to them.

She suggested syndicates sell their notes as soon as possible because the mainland market would soon become saturated.

Oh man, the line in the old BoC building is getting really long. Might as well buy mine ASAP :D

I don't understand why people are lining up all of a sudden when the notes have been on sale for several weeks and there were no lineups even last week. There are over 2 million sets being released, so I doubt the prices would skyrocket even in China.

great thread, just came back from HK, the transparent plastic $10 bill is just amazing :)

I like Hong Kong's coins. It's also a treat when you find and old design one with the Queen on it. What I find hard getting used to is how the basic unit is quite low. This makes $200 sound a lot more than it actually is.

I would understand when people standing lines for the new iPhone 3G like me.. haha, but for new printnotes? :nuts:
I don't like the new print notes anyway...

In the first sight the plastic $10 note looks interesting, but to me it annoys me slowly..

I would understand when people standing lines for the new iPhone 3G like me.. haha, but for new printnotes? :nuts:
I don't like the new print notes anyway...

In the first sight the plastic $10 note looks interesting, but to me it annoys me slowly..

That's because the value might go up sometime in the future. I saw one at a collectors shop in Tsim Sha Tsui and they were selling it for around HK$ 210. Either you wait for hours in the line or buy it in an instant at a higher price.

There is another phase of selling when the equestrian events start in about a week's time. There's plenty of supply going around. Some people are just too impatient.

Gov't Press Release:
LCQ8: Counterfeit Hong Kong banknotes (http://info.gov.hk/gia/general/200903/11/P200903110102.htm)

Gov't Press Release:
LCQ12: Counterfeit $10 coins (http://info.gov.hk/gia/general/200903/18/P200903180119.htm)

LCQ13: Legal tender
Wednesday, January 20, 2010
Government Press Release

Following is a question by the Hon Leung Kwok-hung and a written reply by the Secretary for Financial Services and the Treasury, Professor K C Chan, in the Legislative Council today (January 20):

Question:

I have often received complaints from the public that many shops reject 10-cent, 20-cent and 50-cent coins and $1,000 bank notes in transactions, and some even "blatantly" displayed notices at prominent places in their premises that such currency is not accepted. In this connection, will the Government inform this Council:

(a) whether shops in Hong Kong have the authority to reject the aforesaid coins and bank notes in transactions under the existing laws of Hong Kong; if so, which chapter of the laws gives them such authority; if not, of which legislation that these shops have breached, which government department is responsible for enforcing the relevant legislation, the penalty for such offence, as well as the respective numbers of relevant prosecutions and convictions in the past five years; and

(b) with which government department the public may lodge complaints of shops' rejection of the aforesaid coins and bank notes; of the complaints hotline and address of that department; and the time needed for staff of the department to arrive at the scene to conduct investigation and follow up after receiving a telephone complaint?

Reply:

President,

(a) Notes and coins issued in accordance with the Legal Tender Notes Issue Ordinance and the Coinage Ordinance are legal tender in Hong Kong. As legal tender, they are by law regarded as valid and legal means of payment to adequately and effectively fulfil payment obligations. However, as in all commercial transactions, both parties can determine the terms of transaction on their own, including the means of payment. Whether to accept notes and coins of any denomination as payment is purely a commercial decision for goods and service providers. We have also studied the laws relating to "legal tender" in other countries and how they are enforced. We understand that most countries, including the United Kingdom, Canada, Australia, the United States and Singapore, have laws on "legal tender" to establish the legal status of their currencies. However, they do not have legislation to compel their residents or goods and service providers to accept the legal tender as payment or to punish those who refuse to accept it. In these countries, the buyers and sellers can determine the means of payment on their own, which is similar to the situation in Hong Kong.

(b) The abovementioned ordinances do not confer any authority upon the Government to force goods and service providers to accept any notes and coins. Consumers can choose other providers or exchange the denominations of notes and coins requested by the providers at the banks.

It's been three years since it happened, but I'm still not used to the fact that one HK Dollar is worth less than one yuan. It's a completely cosmetic milestone, but the psychological impact for HK must have been harsh when the yuan broke parity.

I didn't think much from it. The fact is, the general level of prices in the mainland is still cheaper even with a different exchange rate.

-eoev6o8e1Q

The HK$1,000 notes will go into circulation in the last quarter of 2010 and the HK$500 notes in early 2011.

All existing banknotes remain legal tender and will continue to circulate along with the 2010 series.




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新鈔加入點字及手感線


香港金融管理局及3間發鈔銀行今天（7月20日）公布1,000元及500元新鈔設計，分別於今年第4季及明年初推出市面。100元、50元及20元面額新鈔設計明年中公布。



新系列與市面流通的鈔票一樣，共有5種面額，顏色相同。新鈔加入多項先進防偽特徵，在5種面額鈔票上統一位置。



動感變色圖案防偽



防偽特徵包括動感變色圖案。當斜看鈔票時，圖案由金色變綠色，並可見1條光紋上下滾動。另有變色開窗金屬線，由紫紅變綠色，細看可見「H」及「K」字由微縮字母組合而成。



其他防偽特徵包括統一高透光水印、熒光透視圖案，以及熒光鈔票號碼。



新鈔票首次加入點字及手感線，方便視障人士辨別鈔票銀碼。金管局及3間發鈔銀行推出新量鈔器，透過服務視障人士的志願機構派發給有需要人士。



偽鈔數字持續下降



金管局總裁陳德霖說，過去6年，偽鈔數字持續下降，現時每100萬張流通鈔票中，少過1張是偽鈔。新鈔發行已獲財政司司長批准，並由香港印鈔有限公司印製；鈔票設計由每間發鈔銀行負責。



渣打銀行的設計延續由80年代開始沿用的主題。鈔票背面設計是歌頌中國偉大發明及其對現今安全科技的深遠影響。



豐銀行的設計以香港主要節慶活動為主題，選取各節慶活動的代表形象，配以中國傳統書法及寓意吉祥的圖案，並首次在整個系列採用本地人物圖像。



公眾活動增進認識



中銀香港的新鈔正面仍以紫荊花及中銀大廈為主景，但採用了新圖案；鈔票背面採用了香港著名自然風景為主景，展示香港自然景色與人文景觀相互交融的魅力。



現有鈔票繼續為法定貨幣，與新鈔同時流通；不再適合流通時會被逐步收回。



金管局將推出教育活動，增進公眾對新鈔的認識。金管局將為銀行、零售、找換業從業員舉辦講座，並在長者中心及視障人士組織構舉辦講座。

概念舊　欠新意　似郵票

2010年07月21日



【本報訊】鈔票防偽功能極度重要，但其圖案設計也有宣揚文化的意義。六款新鈔曝光，初步反應彈多讚少。設計師批評，渣打新鈔用新舊對比概念，似郵票多過鈔票；滙豐採用節慶圖案，代表不到香港；中銀沿襲以往的風景地標設計，正路但欠新意。


欠香港特色元素
創意專業協會副主席謝暖棠說，多款新鈔的設計都不理想。先說渣打，新舊貨幣、臉譜對比的概念，比較適用於郵票設計，也沒有香港特色。再說滙豐，節慶圖案未能反映香港特色：「通常鈔票嘅設計會採用偉人或者地標做主題，可以講到當地嘅歷史文化，但係舞獅同賽龍只係生活小品，睇唔到香港嘅歷史。」中銀沿用風景地標，只屬正路之選。
渣打新鈔在坊間更引起不安反應， blogger「小奧私陸」在網誌寫道：「渣打銀行的五百元最得人驚，朋友高叫相士大隻西！陰森恐怖，再看看一千元，同樣勁有盂蘭節氣氛，難道渣打銀行向冥通銀行取了經？現在我最感興趣的是稍後公佈的一百、五十及二十元的設計，會有乜呢？元寶蠟燭？」
謝暖棠說，鈔票是一個國家或地區的形象大使：「你去一個國家旅行，未去到就會先兌換嗰度嘅鈔票，所以鈔票嘅設計可以影響旅客對呢個國家嘅第一個印象。」他說，政府發表新鈔前應有公開比賽或諮詢，集思廣益。

2010 New Series Hong Kong Banknotes
Wednesday, November 24, 2010
Government Press Release

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The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) and the three note-issuing banks (Standard Chartered Bank (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited, and Bank of China (Hong Kong) Limited) today (November 24) announced that the new series of HK$1,000 banknotes would be put into circulation from December 7.

The new HK$1,000 banknotes will be available for exchange at the three note-issuing banks starting from December 7. New notes for the other four denominations of HK$500, HK$100, HK$50 and HK$20 will go into circulation in 2011 and 2012. Together with the new series, all other banknotes currently in circulation will continue to be legal tender.

The new banknotes have incorporated state-of-the-art security features, the locations of which will be the same across all five denominations. The five key features are:

* Dynamic Colour-changing Pattern - colour shifting between green and gold with a shimmering horizontal bar seen to be rolling up and down when the note is tilted

* Colour-changing Windowed Metallic Thread - colour shifting between magenta and green and the "H" and "K" on the thread are made up of microtext

* Standardised Enhanced Watermark - comprising a multi-tonal watermark of a bauhinia flower and highlight watermark of the denomination numeral and dot pattern, a standardised design for the three note-issuing banks

* Fluorescent See-through Pattern - perfect registration of the patterns on the front and back, with two fluorescent colours visible under ultraviolet light

* Fluorescent Serial Number - the vertical serial number is fluorescent red under ultraviolet light

Leaflets illustrating the security features of the new banknotes are available to the public at branches of the three note-issuing banks and the HKMA. The information is also available on the HKMA website at www.hkma.gov.hk.

2010 New Series Hong Kong Banknotes
Government Press Release

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) and the three note-issuing banks (Standard Chartered Bank (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited, and Bank of China (Hong Kong) Limited) today (February 15) announced that HK$500 banknotes of the 2010 New Series would be put into circulation from February 22, 2011.

The new HK$500 banknotes, the designs of which are at Annex, will be available for exchange at the three note-issuing banks starting from February 22, 2011. HK$1,000 banknotes of the new series have been in circulation since December 7, 2010 and banknotes of the other three denominations of HK$100, HK$50 and HK$20 will go into circulation between late 2011 and early 2012. Together with the new series, all other banknotes currently in circulation will continue to be legal tender.

The new banknotes have incorporated state-of-the-art security features, the locations of which will be the same across all five denominations. The five key security features are:

* Dynamic Colour-changing Pattern — colour shifting between green and gold with a shimmering horizontal bar seen to be rolling up and down when the note is tilted;

* Colour-changing Windowed Metallic Thread — colour shifting between magenta and green and the "H" and "K" on the thread are made up of microtext;

* Standardised Enhanced Watermark — comprising a multi-tonal watermark of a bauhinia flower and highlight watermark of the denomination numeral and dot pattern, a standardised design for the three note-issuing banks;

* Fluorescent See-through Pattern — perfect registration of the patterns on the front and back, with two fluorescent colours visible under ultraviolet light;

* Fluorescent Serial Number — the vertical serial number is fluorescent red under ultraviolet light.

Leaflets illustrating the security features of the new banknotes are available to the public at branches of the three note-issuing banks and the HKMA. An interactive online-learning programme is also available on the HKMA website at www.hkma.gov.hk.

Annex : http://gia.info.gov.hk/general/201102/15/P201102150228_0228_75371.pdf

Tuesday, February 15, 2011

New Hong Kong Banknotes (2010 Series)
Friday, July 22, 2011

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The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) and the three note-issuing banks (Standard Chartered Bank (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited and Bank of China (Hong Kong) Limited) today (July 22) unveiled the designs of the $100, $50 and $20 of the Hong Kong 2010 Series New Banknotes.

The new $100, $50 and $20 banknotes incorporate the same state-of-the-art security features as the new $1,000 and $500 banknotes (which are already in circulation) and also the design to facilitate the visually impaired to differentiate the denomination.

The Chief Executive of the HKMA, Mr Norman Chan, said, "The new $100, $50 and $20 banknotes will be gradually put into circulation starting from this November, after which the entire Hong Kong 2010 Series New Banknotes will be in full circulation in the community. The new $1,000 and $500 banknotes, which have been in circulation since last December and this February respectively, receive very positive response from the public. I am confident that the new $100, $50 and $20 banknotes will be equally well received."

The Hong Kong 2010 Series New Banknotes were designed by the respective note-issuing banks and approved by the Financial Secretary. They are printed by Hong Kong Note Printing Limited.

The HKMA will launch an extensive education programme to raise public awareness of the new banknotes. Seminars will be conducted for banks, retailers and money changers; and special outreach seminars for centres for the elderly and people with visual impairments. Exhibitions will be held in different districts in Hong Kong (see schedule of exhibitions at Annex). The interactive online-learning programme on the HKMA website at www.hkma.gov.hk has been updated to include the design and security features of the whole 2010 Series Hong Kong Banknotes. Education leaflets are available to the public at the HKMA office, branches of the note-issuing banks and District Offices.

Executive Director and Chief Executive Officer of Standard Chartered Bank (Hong Kong) Limited, Mr Benjamin Hung, said, "Standard Chartered Bank issued its first Hong Kong banknotes in 1862, and we celebrate a history of 150 years of note issuance in this vibrant financial centre. The new series of banknotes from Standard Chartered Hong Kong represents the continuous evolution of a design theme first commissioned in the 1980s. This latest series incorporates an overarching theme on the reverse side of the notes that pays tribute to the heritage of Chinese inventions whilst contrasting such early breakthroughs with those of modern security technology. Standard Chartered is proud to have played a part in contributing to Hong Kong's financial sector as one of the SAR's three note-issuing banks. We look forward to continuing to grow with Hong Kong in the next 150 years - and beyond."

Chief Executive of The Hongkong and Shanghai Banking Corporation Limited, Mr Peter Wong, said, "HSBC's legacy as Hong Kong's largest note issuer begins another exciting chapter with the official launch of our new notes. HSBC's new banknote series strongly reflects on Hong Kong's culture for inspiration, showcasing local celebrations and festivals, Chinese calligraphy and traditional symbols and patterns within the unique design. As the bills enter circulation, we take great pride in the fact that this new series marks the first time that the Hong Kong community has been featured on HSBC's banknotes."

Vice Chairman and Chief Executive of Bank of China (Hong Kong) Limited, Mr He Guangbei, said, "Building a better tomorrow is what Bank of China (Hong Kong) is committed to, which also echoes in the designs of our new series of Hong Kong Banknotes. With roots in Hong Kong for more than 94 years, we have encountered ups and downs together with the society. While providing professional financial services to the public, we are also committed to protecting the environment in Hong Kong as a responsible corporate citizen. In designing the new banknotes, we not only honour these natural wonders, but encourage the public to join us to build a green Hong Kong and contribute to the sustainability of the society."

All existing banknotes continue to be legal tender. They will circulate along with the new banknotes and be gradually withdrawn from circulation when they become physically unfit for circulation.

For further enquiries, please contact:

Hong Kong Monetary Authority
Anissa Wong
Manager (Communications)
Tel: 2878 1802

Natalie Wu
Officer (Communications)
Tel: 2878 8246

Standard Chartered Bank (Hong Kong) Limited
Gabriel Kwan
Head of Corporate and Business Communications, Corporate Affairs
Tel: 2820 3036

Avis Kong
Senior Corporate Affairs Manager, Corporate Affairs
Tel: 2820 3009

The Hongkong and Shanghai Banking Corporation Limited
Gareth Hewett
Head of Group Communications (Hong Kong), Group Communications (Asia)
Tel: 2822 4929

Helen Lam
Senior External Communications Manager, Hong Kong, Group Communications (Asia)
Tel: 2822 4992

Bank of China (Hong Kong) Limited
Angel Yip
Chief Corporate Communications Manager
Tel: 2826 6159

Carol Tam
Senior Corporate Communications Manager
Tel: 2826 6133

港幣偽鈔數量升逾50%
2011年08月09日(二)
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【本報訊】警方今年上半年檢獲港幣偽鈔數量較去年同期升幅逾五成，除五百元外，所有幣值偽鈔均全線上升，一百元「紅衫魚」更是「重災區」，檢獲逾八百張，增幅達一點八倍，數量已超越去年全年總數。警方指有不法之徒專揀繁忙及人多的時間，在街市及便利店等以百元偽鈔購買便宜貨，商戶往往因偽鈔面值不大，貨物價值不高，警覺性降低而「中招」。

上月瓦解百元偽鈔集團

警方今年一至六月共檢獲一千五百九十七張港幣偽鈔，其中一千元「金牛」升幅近一成，五百元就減少四成，但一百元及十元偽鈔升幅分別各有一點八倍，前者增至八百四十四張，後者則有七十張，期間被捕人數為五人，較去年同期少一半。

警方指出，今年首半年檢獲的港幣偽鈔，大部分是存入銀行時被發現，質素大部分只屬一般或差劣，可憑肉眼及手感分辨。較近期的犯罪手法，是不法之徒在較繁忙及人多的時間，在零售市場以一百元港幣偽鈔購買低價值的食品或用品。

針對此手法，警方於今年七月成功瓦解一個製造一百元港幣偽鈔的本地犯罪集團，相信與大部分年內檢獲的噴墨類一百元偽鈔案有關。不過警方亦稱，港幣偽鈔主要在境外製造，只有小部分在本港以家庭式打印機印製，部分偽鈔則是港人在內地消費時遭偷龍轉鳳而流入。

另外，今年上半年警方檢獲的人民幣偽鈔共二千三百多張，較去年同期減少兩成二，仍以一百元假鈔為主，二人被捕，較去年同期少八人。

The Hong Kong Dollar: What Every FX Trader Needs To Know
Stephen D. Simpson, CFA, provided by
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Friday, August 26, 2011

Foreign exchange, or forex, trading is an increasingly popular market for investors and speculators. The markets are huge and liquid, trading occurs on a 24-hour basis, and there is enormous leverage available to even a small individual trader. Moreover, it is opportunity to trade on the relative fortunes of countries and economies as opposed to the idiosyncrasies of companies.

Despite many attractive characteristics, the foreign exchange market is vast, complicated and ruthlessly competitive. Major banks, trading houses and funds dominate the market and quickly incorporate any new information into the prices. In fact, just 10 firms control about 75% of foreign exchange volume, and it is all but impossible for a currency trader to know who they are trading with at any particular moment.

Foreign exchange is not a market for the unprepared or ignorant. To effectively trade foreign currencies on a fundamental basis, traders must be knowledgeable when it comes to the seven major currencies. This knowledge should include not only the current economic stats for a country, but also the underpinnings of the respective economies and the special factors that can influence the currencies.

Introduction to the Hong Kong Dollar
The Hong Kong Dollar is an unusual currency in the world today. In some respects, it is almost like a "tracking stock" for Hong Kong - a city-state that is officially part of China but allowed to run independently in many respects. It is also one of the only currencies whose future seems to point to inevitable obsolescence - assuming that China eventually allows free trading of the renminbi (or yuan), there would be little point in the ongoing use of the HK dollar.

For now, though, the HKD is still a significant currency, as it is eighth-most traded currency in the forex markets. While the third-most active currency in Asia, it is not a significant reserve currency.

The Hong Kong dollar is administered by the Hong Kong Monetary Authority and not allowed to trade freely. The present exchange rate regime is called a "linked exchange system" and it effectively means that the HKD trades within an extremely narrow band against the U.S. dollar. Accordingly, the Hong Kong Monetary Authority does not actively pursue aggressive monetary policy and interest rates are based on an automatic mechanism that maintains the stability of the exchange rate.

Hong Kong dollars are issued only if there are equivalent U.S. dollars on deposit with the issuing banks, so the entire outstanding issuance of Hong Kong dollars is effectively backed by the U.S. dollar.

The Economy Behind the Hong Kong Dollar
While part of China, Hong Kong is operated as a largely autonomous region. It is a small economy (39th in GDP), but by the standards of the Index of Economic Freedom, Hong Kong is an especially free economy.

GDP growth has been volatile over the past two decades, but has generally been above 5% and sometimes as high as 10%. Inflation has been erratic, as high as 10% as recently as 1995 and actually negative for more than four years around the turn of the century. Interest rates have been quite low in recent years and public debt is an insignificant consideration to the economy, though the debt underwritten by banks for real estate developers is a significant and often volatile influence on the local economy.

With low taxes and few barriers to business, Hong Kong has long been a vital trading and financial hub in Asia. The Hong Kong Stock Exchange is the world's sixth-largest by market capitalization and virtually every global bank and securities house of significance has an office in Hong Kong.

Not surprisingly, the economy of Hong Kong revolves around services. There is still some manufacturing within Hong Kong, but upwards of 85% of the workforce is involved in some sort of service, with retailing, financial services, hospitality, and trade being major employers. With the rise of mainland China and Shanghai's growing significance as a financial center, there is a widely held view that Hong Kong will ultimately begin to decline in significance. That said, China's government does not appear ready for that to happen soon and seems to favor the opportunity Hong Kong affords to keep foreign firms somewhat at arm's length.

Drivers of the Hong Kong Dollar
Economic models designed to calculate the "right" foreign currency exchange rates are notoriously inaccurate when compared to real market rates, due in part to the fact that economic models are typically based on a very small number of economic variables (sometimes just a single variable like interest rates). Traders, however, incorporate a much larger range of economic data into their trading decisions and their speculative outlooks can themselves move rates just as investor optimism or pessimism can move a stock above or below the value its fundamentals suggest.

Economic drivers for the Hong Kong dollar are a bit different than for many currencies. True, economic data on GDP, trade balances, current accounts, inflation and the like still matter, but only to a point. After all, the HKD is confined to a narrow trading band so these economic details have only limited impact. What's more, the relationship between China and Hong Kong is such that a Black Wednesday-type raid of the Hong Kong dollar would almost certainly fail.

Unique Factors for the Hong Kong Dollar
The Hong Kong dollar stands out in that it really not an especially tradable currency. Major banks with super-fast computers can make some money from trading the fraction-of-a-penny moves in the currency, but that narrow range keeps most small speculators away. Most transactions in the Hong Kong dollar, then, are for the purposes of actual business transactions or the carry trade.

With low current interest rates the Hong Kong dollar is attractive in the global carry trade. Speculators can borrow cheaply in Hong Kong dollars and use those funds to buy higher-yielding debt in countries like Australia or New Zealand. Unlike freely floating currencies, the eventual unwind of the carry trade will likely not change the range in which the Hong Kong dollar trades, but will instead impact local interest rates and perhaps stimulate capital flight. All the while, the Hong Kong Monetary Authority will use its huge reserves to maintain that desired range of exchange rates.

Over the long term, there is a good chance that the Hong Kong dollar will become irrelevant and perhaps even extinct. While China will likely not bend to Western pressure to let the yuan float freely, there will likely come a point in China's economic development where those currency controls will be lifted (or significantly loosened). When (or perhaps "if") that happens, the Hong Kong dollar will cease to have an obvious role and will likely be eliminated.

The Bottom Line
Even by the admittedly strange standards of foreign exchange, the Hong Kong dollar is an anomaly. It is an actively traded currency, but the tight trading range imposed by the Hong Kong Monetary Authority means that there is often little to be gained by small traders in speculating in its movements. Still, it is an important part of the carry trade and certainly important in the billions of dollars of trade and financial services that flow through the area. While the prospects of the Hong Kong dollar do not look especially bright over the very long term, it is likely to remain a key Asian currency in the short term.

Original story - The Hong Kong Dollar: What Every FX Trader Needs To Know

Copyright (c) 2011 Investopedia US. All rights reserved. Investopedia.com is a division of ValueClick, Inc.

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New Hong Kong Banknotes (2010 Series)
Tuesday, November 15, 2011
Government Press Release

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The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) and the three note-issuing banks (Standard Chartered Bank (Hong Kong) Limited[SCBHK], The Hongkong and Shanghai Banking Corporation Limited [HSBC] and Bank of China (Hong Kong) Limited [BOCHK]) today (November 15) announced the issuance schedule of the remaining three denominations, $100, $50 and $20, of the 2010 Series Hong Kong Banknotes.

$50 banknotes of the three note-issuing banks and $100 banknotes of SCBHK and BOCHK will go into circulation from November 22, 2011. As for the $20 banknotes and HSBC $100 banknote, it is intended that they will be put into circulation in early 2012 before Chinese New Year. Further public announcement will be made nearer the time when these new notes are to be put into circulation.

Leaflets illustrating the design and security features of all five denominations of the 2010 Series are available to the public at branches of the three note-issuing banks and the HKMA. The leaflet is also posted on the HKMA website at www.hkma.gov.hk.

As part of the publicity campaign for the 2010 Series, the HKMA organised a photo competition inviting members of the public to use photographs to present landmarks which had appeared on previous series of Hong Kong banknotes. All entries were judged for their aesthetic, technique and creativity, and the winning entries are displayed on the HKMA website.

Intresting and not too bad, I like it...

Bank of China is issuing a commemorative banknote to celebrate its centenary : http://www.bankofchina100.com/index_e.html

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