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The existing $10 notes issued by two note-issuing banks remain legal tender, but they are no longer printed. The one-cent note issued by the Government was demonetised and ceased to be legal tender on 1 October 1995. The total value of banknotes in circulation in Hong Kong can be found in Monthly Statistical Bulletin and the Annual Report.
Note-issuing banksThe Government, through the Hong Kong Monetary Authority, has given authorization to three commercial banks to issue currency notes in Hong Kong: The Hongkong and Shanghai Banking Corporation Limited;; the Standard Chartered Bank (Hong Kong) Limited; and; the Bank of China (Hong Kong) Limited.; Authorization is accompanied by a set of terms and conditions agreed on between the Government and the three note-issuing banks. Banknotes are issued by the three banks, or redeemed, against payment to, or from, the Government Exchange Fund in US dollars, at a specified rate of US$1 to HK$7.80 under the Linked Exchange Rate system. Banknotes issued by the three commercial banks are printed in Hong Kong by Hong Kong Note Printing Limited.
Note printingIn April 1996, the HKMA acquired the note printing plant at Tai Po from the De La Rue Group of the United Kingdom on behalf of the Government. The plant has been operating under the name of HKNPL since then. The acquisition of the plant enables the Government, through the HKMA, to be directly involved in the production of Hong Kong currency notes, which is in line with the responsibilities conferred upon the Government under the Legal Tender Notes Issue Ordinance and the Basic Law. In March 1997, the Government sold 15 per cent of its shareholding in HKNPL to the China Banknote Printing and Minting Corporation, a People's Republic of China state-owned enterprise. In October 1997, the Government sold 10 per cent of HKNPL issued shares to each of the three note-issuing banks. The Government continues to exercise management control and maintains a majority stake in HKNPL, with the Chief Executive of the HKMA as the Chairman of the company. Recently the bank has acquired polymer banknote technology to print the ten dollar banknote for a trial period of two years.
Banknotes currently in circulationThe HKMA issues the $10 note and the other three banks issue denominations of 20, 50, 100, 500 and 1000 dollars.
Historical denominations and issuers of Hong Kong banknotesPrevious issuers of banknotes were The Merchantile Bank Limited 1853-1984, The National Bank of China 1891-1911, The Oriental Bank Corporation 1845-1884, the AGRA & Masterman's Bank Limited 1862-1866, The Asiatic Banking Corporation 1862-1866 and The Bank of Hindustan, China & Japan 1862-1966. All issued some or all of the denominations above.
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