Published : 2025-05-02

On May 2, 1994, the Bank of China held a celebration ceremony for the issuance of Hong Kong dollar banknotes.

The Bank of China is the first Chinese-funded bank to establish a branch in Hong Kong.

The issuance of Hong Kong dollars by the Bank of China is the first time in the history of Hong Kong banknotes that they have been issued by a Chinese bank and bear the signatures of Chinese people.

This marks the end of a more than 100-year-old history where banknotes in Hong Kong were issued only by foreign banks.

In the early 1990s, the Bank of China engaged with Hong Kong's monetary authorities regarding participation in Hong Kong dollar issuance and submitted a detailed proposal to the Hong Kong government in September 1992.

After the Hong Kong Executive Council approved the Bank of China as the 3rd banknote-issuing bank in Hong Kong on January 12, 1993, the Bank of China immediately accelerated its preparations.

By April 15, 1993, the State Council of China had approved the amendment of the Bank of China's articles of association, stipulating that the Bank of China "branches in Hong Kong and Macao can issue local currency or participate as agents according to local laws."

At the same time, the Bank of China's Hong Kong branch made adequate financial preparations to meet statutory requirements and established strict operations, security, and audit systems for the safeguarding, issuance, transportation, and destruction of old banknotes to ensure the smooth operation of the banknote issuance process.

The Bank of China's first participation in the issuance of Hong Kong dollars aroused great interest in Hong Kong society.

On May 2 alone, 40,000 people queued up to exchange for new banknotes. Commemorative MTR tickets and commemorative envelopes issued to mark the occasion were also sold out within four hours.