07.15.08
Posted in Hong Kong, Money / Banks, Olympics, Uncategorized at 21:50 by Mul
Actually the opposite of chaos. Peaceful and orderly lines started forming late Monday night at the Bank of China Tower (full of mostly senior citizens by my count) eager to purchase either the Brilliant Jubliation or United Pleasure set. Or perhaps one of each.
Although the HKD20 commemorative bank notes were originally scheduled for release on Wednesday, the bank started early registration on Tuesday for “purchase passes” allowing holders to return on Wednesday (or later) to purchase the notes. There were at least two separate lines at the main branch on Garden Road, one of them (pictured above) extending from the front of the building all the way to Pacific Place several blocks away. I don’t have Park Service-quality crowd estimation skills, but I would guess there were at least a few thousand people in line.
Here’s another photo in the back of the building:
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07.13.08
Posted in Hong Kong, Money / Banks, Olympics at 17:14 by Mul
Hong Kong (via the Bank of China HK) announced its own commemorative Olympic currency on Friday. Beginning next Wednesday, branches of the Bank of China in Hong Kong will be selling four million (just over three million available to the public) commemorative Olympic-themed HKD20 bank notes. Later, the notes will be sold at the HK Olympic equestrian venue. As with the mainland bank notes, the Hong Kong notes feature the bird’s nest stadium and the Beijing Olympic logo. The notes will be sold at a significant mark-up, meaning we will never, ever see these in circulation. There are five different packages of single note or sheets available with super impressive sounding names and auspicious price points:
- Radiant Joy (Single HKD Note) at HKD138 per set (that is a nearly seven time mark-up!);
- Triumphant Spirit (4-in-1 Uncut HKD Notes) at HKD338 per set;
- Brilliant Jubilation (35-in-1 Uncut HKD Notes) at HKD1,388 per set;
- Harmonious Union (a package of one HKD Note and one MOP Note) at HKD268 per set; and
- United Pleasure (a package of 4-in-1 Uncut HKD Notes and 4-in-1 Uncut MOP Notes) at HKD868 per set.
That last name needs to be reconsidered. I’m just sayin’. And just in case you had any funny ideas about choosing auspicious notes, there will be no selection of serial numbers allowed.
Mul NOTES: Curious what MOP stands for? ODB was. MOP = Macau Pataca, the legal tender of our neighbors in the Macau SAR.
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07.08.08
Posted in Beijing, Money / Banks, Olympics, Rumors at 17:42 by SHTig
Who doesn’t love the feel of new money? On July 8, exactly one month before the start of the Olympic games, the People’s Bank of China issued 6 million 10 yuan notes. They are 29th Olympiad Commemorative notes (see pictures)
This article says that you can exchange old notes for new ones at any of China’s Big Four banks in Beijing, but that there may be problems doing so in other places. Why? “Because of the earthquake.” My initial scan of the Chinese blogs suggests that there are shortages in availability of these notes and that some cities don’t have any at all. Hoarding could take place. The picture in this story shows people in a long line waiting to exchange bank notes. Heaven help you if you have any real banking to do in China this week.
Of note, this is the only bill in circulation that does not have Mao Zedong’s image on it. From this I predict Mao will be largest fazed out of upcoming Chinese currency (but not eliminated). This is a very logical first step toward achieving that. It will also be interesting to see if a larger denomination Chinese note is brought into circulation. There have been rumors in the past of an RMB 500 note. The current top valued note is only RMB 100 (less than US$15), though personally I like that and don’t hope to see an RMB 500 note any time soon.
10 July - edited 60million to 6 million notes that were printed (600万). nator emailed me to point out that is only one bill per 200 people.
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