Bank of China
Bank of China is one of the big four state-owned commercial banks of the People's Republic of China – the other three are Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China. Bank of China was founded in 1912 to replace the Government Bank of Imperial China, and is the oldest bank in China. From its establishment until 1942, it issued banknotes on behalf of the Government of the Republic of China along with the "Big Four" banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, in 1928 the Central Bank of China replaced it in that role. Subsequently, BOC became a purely commercial bank.
Fireworks mark arrival of notes
THE Bank of China's new Hong Kong dollar notes to be issued in May will feature such landmarks as Victoria Harbour and the Convention Centre and come in colours similar to notes already in circulation, it was revealed yesterday.
The bank is celebrating its entry into note-issuing by sponsoring the Lunar New Year fireworks, which will start with a display depicting the bank's logo the first time a sponsor's logo has been part of the event.
Details of the new notes and the $4.3 million fireworks display were announced yesterday and illustrations of the notes revealed for the first time.
The bank is printing five denominations of notes for distribution from May, worth more than $3 billion.
The $1,000 note will be the same orange colour as the one in distribution, issued by the Hongkong and Shanghai Bank and the Standard Chartered Bank, and will be illustrated with a drawing of Victoria Harbour and a bauhinia flower.
The $500 note will be illustrated with the Kwai Chung container terminal and a peony, the $100 note with the cultural centre and a lotus, the $50 note with the cross-harbour tunnel and a chrysanthemum, and the $20 note with the Convention Centre and a narcissus.
A $10 note will not be issued as a coin is expected to replace the note.
The general manager of the Hong Kong branch of the Bank of China, Zhou Zhenxing, said their aim was to ''take root'' in Hong Kong and offer services here, and the notes issuance was part of that.
The fireworks event, co-organised by the Urban Council, is the largest annual fireworks display in the world and starts with the Bank of China logo.