With the issue of the $20, $50 and $1,000 notes earlier this week, the new series of Hong Kong banknotes is now complete.
By now, members of the public will have a pretty good idea of the designs and security features of the new $20, $50 and $1,000, which went into circulation earlier this week. The new series banknotes contain a number of new advanced security features, and it was this need to stay a few steps ahead of the counterfeiters, rather than any desire for novelty, that was the reason for issuing this new series. From a security point of view, banknotes are reckoned to have a life of between 7 and 10 years, and it is now 10 years since the last issue, in 1993-1994.
New banknote issues always evoke varied responses in the community, and this one has been no exception. Quite a large number of members of the public have queued at the banks to be among the first to get hold of the new notes. And there have been generally favourable comments on the designs. Rightly so, in my view, for the note-issuing banks have put a great deal of effort into their designs. They have, I think, succeeded both in maintaining the tradition of a very strong identification with the landmarks of Hong Kong and in projecting a modern, 21st-century feel - something that is enhanced by the very advanced, and highly visible security features.
Some commentators have expressed concerns that the large number of different banknotes designs in circulation - there are now over thirty of them - might cause confusion. This is, of course, a matter that arises, to one degree or another, every time there is a new issue of banknotes - whether in Hong Kong or in other places. It is, to some extent, made a little more complex in Hong Kong by the fact that we have three note-issuing banks, each of which understandably wishes to maintain its own identity. Our unusual arrangements for note issue have been a tradition here for over 150 years. Their variety and distinctiveness make a contribution to our identity as a city, and I do not detect any great desire in the community to change this tradition.
I hope that members of the public will not find getting used to the new notes too much of an effort or inconvenience. My feeling is that it will not take very long: the new $100 and $500 notes that went into circulation last December are already a familiar part of our daily life.
Whatever we may feel about the variety or aesthetics of Hong Kong's banknotes it is important to note that the banknotes - the bulk of our currency in circulation - are no more than a medium of exchange. The most important aspect of currency in circulation is its reliability in performing this essential role. Confidence in the community that the banknotes they are using in their daily transactions are authentic is of the utmost importance. We have a responsibility to maintain that confidence, and this principally involves incorporating recognisable and reliable security features that are difficult, if not impossible, to forge. This is very much a continuous process, the pace of which is in fact dictated by technology improvement. New technology comes spasmodically and changes fundamentally how things are done. Regrettably, new commercially available technology will also in time fall into the greedy hands of those in the business of counterfeiting. The technological revolution that the world has experienced in the past ten years or so has made it easier for banknotes of all currencies to be forged. We are grateful that the Hong Kong Police Force has done an excellent job in busting crime in this difficult area.
As readers are aware, to prepare the community for the new series of banknotes we have launched an extensive publicity programme. There is a student ambassador programme designed specifically to promote public awareness of the security features of the new series of banknotes. Eighteen student ambassadors have been distributing educational leaflets to retail shops, shopping centres, markets and other major shopping areas throughout Hong Kong Island, Kowloon and the New Territories. So far, over 40,000 such leaflets have been distributed by our ambassadors, in addition to the leaflets that are available in bank branches. Monthly seminars have been held since May this year for retailers and these have been quite well received. Seminars open to all members of the public are also being held. There are also special seminars tailor-made for the elderly and the visually impaired. These are held either at the premises of the HKMA or at community centres in the districts. Lastly, readers are most welcome to visit the HKMA Information Centre which has panels and interactive display units on security features of the new banknotes. To find out more details about the new banknotes and the Information Centre, please visit our website: www.hkma.gov.hk.
Joseph Yam
14 October 2004
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