The first two denominations of the new series banknotes will go into circulation this December alongside existing banknotes. The new notes incorporate advanced, standardised security features.
The HKMA and the three note-issuing banks yesterday (3 September) hosted a joint press conference to announce the issuance of the new series of Hong Kong banknotes over the course of 2003 and 2004. The new series consists of five denominations. Two of these (the $100 and $500 notes) will go into circulation in December this year to allow time for calibrating the cash handling equipment, while the remainder (the $20, $50 and $1000 notes) will be issued in the second half of 2004.
The new banknotes mark a milestone in the history of the Hong Kong currency. This is the first comprehensive redesign of our banknotes for almost ten years, and I expect that it will attract much attention from both the media and the public at large. Banknote design is something that touches the lives of all of us and is something about which we all have an opinion. A banknote should be pleasing to the eye, should say something about the community that uses it, and, above all, should be difficult to forge if it is to maintain public confidence. All of these factors have been taken into account in the design of the new banknotes, and, I hope you will think, successfully so.
In fact, the design of each individual bank's notes has remained very much in the hands of its own very professional and talented designers, subject to the final approval of the Financial Secretary in accordance with the Legal Tender Notes Issue Ordinance. But there is a change from the previous arrangements in that a much greater effort has gone into standardising the security features and the colour scheme for each denomination. This has required close co-operation throughout the whole design process among the HKMA, the three note-issuing banks and Hong Kong Note Printing Limited (HKNPL), which is responsible for the actual printing of the new notes.
Forgery of banknotes is not a major problem in Hong Kong, thanks to the quality of our existing banknotes and the good work of the police in tracking down counterfeiters. However, constant changes in technology are increasing the vulnerability to counterfeiting and it is thus necessary to keep more than one step ahead of those who might try to exploit any gaps in the security of our banknotes. The security features in our new banknotes are thus state of the art. They include:
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the denomination numeral printed in an optical variable ink which shifts from gold to green depending on the angle at which the banknote is viewed;
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a fluorescent machine readable barcode visible only under ultraviolet light;
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a holographic windowed thread; and
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an iridescent image of bauhinia flowers which is revealed under a bright light.
On top of this, the security features used in the existing banknotes have been retained and a number of additional hidden features are incorporated, about which I am not at liberty to provide any further information because I do not want to make the counterfeiters' life any easier.
These new features have required the introduction of new and highly sophisticated printing techniques at HKNPL. Thanks to the dedication and expertise of its staff, backed up by substantial capital investment in new machinery, HKNPL has successfully met the technical challenges posed by the printing of the new banknotes.
While the security features of the new banknotes are clearly vital, it is the "look" of the notes that will make the most immediate impression on the public. Everyone will have his or her own preference, but I hope that most people will agree with me that the designers of each of the banks have done an excellent job in producing notes which are aesthetically pleasing and reflect the special character of Hong Kong, as shown in images of some of its special landmarks and landscapes. They have also managed the difficult feat of giving the notes of each bank their own distinctive character while maintaining a broad design consistency across each denomination as a whole.
A key design consideration has been to address the needs of the visually impaired. This has been done in consultation with the major organisations for the visually impaired. Enhanced intaglio printing has, for example, given the new banknotes a stronger embossed effect, while distinctive and standardised colours and use of bold denomination numbers will make it easier to identify the different banknotes. A further aid will be the new template that the three note-issuing banks and the HKMA will produce to enable the visually impaired to measure the size of the notes.
The HKMA's responsibility for the integrity of the Hong Kong currency, both banknotes and coins, is something that we take very seriously. I hope that you will feel that the new series of banknotes demonstrates our commitment to ensuring that Hong Kong has a currency that commands the respect and confidence of the community. I would like to congratulate all those involved in this project - the three note-issuing banks, my colleagues in the HKMA and the skilled printers at the HKNPL - for helping to turn the new designs into reality.
Joseph Yam
4 September 2003
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