Banknote plan to fight forgers
A design change for banknotes is being considered by the Hong Kong Monetary Authority (HKMA) in an attempt to deter counterfeiters.
In his weekly Internet column, authority chief executive, Joseph Yam Chi-kwong, said yesterday: 'The HKMA has just initiated a comprehensive review of the design of Hong Kong banknotes in conjunction with the three note-issuing banks.
'. . . the aim is to prepare the next generation of Hong Kong banknotes so that they are adequately protected against counterfeiting.' Last year, police warned the public to be wary of counterfeit banknotes after a sharp increase in the number of such notes in circulation.
A total of 3,127 fake $1,000 banknotes were found in Hong Kong last year, an 18.7 per cent increase from 1998.
However, Mr Yam played down the counterfeiting problem.
'Forgery cases, however they are measured, are significantly below those of the other major currencies in the world,' he said.
