42
and one cent denominations and coins of fifty cent, ten cent and five cent denominations.
The Colony is included in the sterling area. Exchange control is administered under powers conferred by the Defence (Finance) Regulations 1940. The system of control is based on that in force in the United Kingdom and other parts of the sterling area, with modifications necessitated by the position of Hong Kong as an entrepôt. Twenty-four banks including the three note-issuing banks mentioned above, are authorized to deal in foreign exchange. Some of these banks have branches or correspondents throughout the world and are thus able to offer world-wide comprehensive banking facilities to the public.
In addition to these incorporated banks, there are in the Colony many Chinese banks which handle a considerable volume of remittances from Chinese living overseas to their relatives in China.
Under the provisions of the Banking Ordinance, enacted in 1948, no company may carry on banking business without being licensed.
licences have been issued, many of them to small Chinese banks.
125
No comments yet.
Private notes are available after approval.