Business News
Hong Kong banks print 200 million new notes for Chinese New Year
Jan 25, 2010, 4:04 GMT
Hong Kong - Hong Kong banks were beginning Monday to print 200 million new notes for people to give away as 'lucky money' during the Chinese New Year holiday.
Up to 10 billion Hong Kong dollars (1.28 billion US dollars) will be given away in traditional red envelopes to children and young people during the holiday which starts February 14, experts estimate.
Long queues form at the city's three note-issuing banks in the weeks running up to to holiday with Hong Kong people insisting on using only crisp new banknotes as part of the annual tradition.
The Hong Kong Monetary Authority told Monday's South China Morning Post that 266 tons of cotton were needed to make the extra 200 million banknotes.
The new notes occupy 333 cubic metres of storage space, enough to fill 13 shipping containers, an authority spokesman told the newspaper. Delivering them would take 5,000 security van trips.
Record sums of lucky money are expected to be handed out in the wealthy city of 7 million, which has rebounded strongly from the global slump, to mark the start of the Chinese Year of the Tiger.
Most envelopes this year will contain 20-Hong-Kong-dollar bills. In leaner economic times, more people give out the smallest denomination, 10-Hong-Kong-dollar notes.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
