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130-520: The North Island line is a shelved proposal to provide rapid transit service for the area between the existing MTR Island line and the northern coast of Hong Kong Island in order to relieve the congested Island line. Originally, according to the document " Rail Projects Under Planning 2000 " released by the Highways Department , the current Tung Chung line would be extended from Hong Kong terminus eastward and two new stations, Tamar station and Exhibition Centre station are proposed on

260-425: A body of water), which are potential congestion sites but also offer an opportunity for transfers between lines. Ring lines provide good coverage, connect between the radial lines and serve tangential trips that would otherwise need to cross the typically congested core of the network. A rough grid pattern can offer a wide variety of routes while still maintaining reasonable speed and frequency of service. A study of

390-450: A code for its stations. Unlike that of Singapore's MRT, it is mostly numbers. Based on the line number, for example Sinyongsan station, is coded as station 429. Being on Line 4, the first number of the station code is 4. The last two numbers are the station number on that line. Interchange stations can have multiple codes. Like City Hall station in Seoul which is served by Line 1 and Line 2. It has

520-646: A code of 132 and 201 respectively. The Line 2 is a circle line and the first stop is City Hall, therefore, City Hall has the station code of 201. For lines without a number like Bundang line it will have an alphanumeric code. Lines without a number that are operated by KORAIL will start with the letter 'K'. With widespread use of the Internet and cell phones globally, transit operators now use these technologies to present information to their users. In addition to online maps and timetables, some transit operators now offer real-time information which allows passengers to know when

650-565: A conventional track is often provided in case of flat tires and for switching . There are also some rubber-tired systems that use a central guide rail , such as the Sapporo Municipal Subway and the NeoVal system in Rennes , France. Advocates of this system note that it is much quieter than conventional steel-wheeled trains, and allows for greater inclines given the increased traction of

780-405: A dedicated right-of-way are typically used only outside dense areas, since they create a physical barrier in the urban fabric that hinders the flow of people and vehicles across their path and have a larger physical footprint. This method of construction is the cheapest as long as land values are low. It is often used for new systems in areas that are planned to fill up with buildings after the line

910-453: A floating currency system. On 17 October 1983, the Hong Kong dollar was officially pegged to the U.S. dollar at a rate of HK$ 7.8 = US$ 1, officially switching back to the currency board system . The peg of Hong Kong dollar to the U.S. dollar in 1983 actually took place in the context of Sino-British negotiation regarding the future of Hong Kong after 1997. Due to the lack of public confidence in

1040-418: A large number of factors, including geographical barriers, existing or expected travel patterns, construction costs, politics, and historical constraints. A transit system is expected to serve an area of land with a set of lines , which consist of shapes summarized as "I", "L", "U", "S", and "O" shapes or loops. Geographical barriers may cause chokepoints where transit lines must converge (for example, to cross

1170-629: A large part of the network, for example, in outer suburbs, runs at ground level. In most of Britain , a subway is a pedestrian underpass . The terms Underground and Tube are used for the London Underground . The North East England Tyne and Wear Metro , mostly overground, is known as the Metro . In Scotland , the Glasgow Subway underground rapid transit system is known as the Subway . In Ireland ,

1300-571: A legal tender value of 4 shillings, 2 pence sterling (50 pre-decimal pence). But just as in the case of the British North American colonies, the attempts to introduce the sterling coinage failed to overcome the strong local adherence to the silver Spanish dollar system that had been in wide circulation across the Far East , emanating for centuries from Manila in the Philippines as part of

1430-788: A less-than-successful trial from 1994 to 2002 to move the HK$ 10 denomination from the banknote format (issued by the banks) to the coin format (Government-issued), HK$ 10 notes are currently the only denomination issued by the HKMA, having acquired the note printing plant at Tai Po from the De La Rue Group of the UK on behalf of the Government. These notes were printed in paper in 2002 and in polymer since 2007. All older HK$ 10 banknotes, although rare and being phased out, remain legal tender. The latest series of banknotes

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1560-452: A line is obtained by multiplying the car capacity, the train length, and the service frequency . Heavy rapid transit trains might have six to twelve cars, while lighter systems may use four or fewer. Cars have a capacity of 100 to 150 passengers, varying with the seated to standing ratio  – more standing gives higher capacity. The minimum time interval between trains is shorter for rapid transit than for mainline railways owing to

1690-602: A metro. In Spain, such systems are present in Madrid , Barcelona , Bilbao and Valencia . In Portugal, Lisbon has a metro. The Italian cities of Catania , Genoa , Milan , Naples , Rome and Turin also have metro lines. In Germany and Austria they rapid transit is known as U-Bahn , which are often supported by S-Bahn systems. In Germany, U-Bahn systems exist in Berlin , Hamburg , Munich and Nuremberg , while in Austria such

1820-538: A range is to avoid the HK dollar being used as a proxy for speculative bets on a renminbi revaluation. In formal Cantonese , the 圓 or 元 ( Cantonese Yale : yùn ) character is used. In informal Cantonese, 蚊 ( Cantonese Yale : mān ) is used. The use of the character 蚊 ( mān ) originate from the tone change of the currency denomination used in China in imperial times 文 ( Cantonese Yale : màn ), which

1950-406: A rapid transit setting. Hong Kong dollar The Hong Kong dollar ( Chinese : 港元 , sign : HK$ ; code : HKD ) is the official currency of Hong Kong . It is subdivided into 100 cents . Historically, it was also subdivided into 1000 mils . The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar. Three commercial banks are licensed by

2080-522: A re-valuation of Hong Kong dollar from $ 16 to $ 14.5, a 10% re-valuation against the pound and 5.7% devaluation against the US dollar. The unilateral devaluation sparked a circle of grievances among local business communities as well as colonial officials in Hong Kong because the official reserves and private savings in sterling were substantial from Hong Kong. In the 1950–60s, Hong Kong accumulated significant reserves in sterling with its economic growth, money supply

2210-558: A specialized transit police may be established. These security measures are normally integrated with measures to protect revenue by checking that passengers are not travelling without paying. Some subway systems, such as the Beijing Subway , which is ranked by Worldwide Rapid Transit Data as the "World's Safest Rapid Transit Network" in 2015, incorporates airport-style security checkpoints at every station. Rapid transit systems have been subject to terrorism with many casualties, such as

2340-592: A system exists in Vienna . In addition, the small, car-free town of Serfaus in the Austrian state of Tyrol also features a short U-Bahn line. There are no U-Bahn systems in the German-speaking part of Switzerland, but the city of Lausanne has its own, small metro system. In Zurich, Switzerland's largest city, a project for a U-Bahn network was stopped by a referendum in the 1970s and instead its S-Bahn system

2470-770: Is a shortened reference to a metropolitan area . Rapid transit systems such as the Washington Metrorail , Los Angeles Metro Rail , the Miami Metrorail , and the Montreal Metro are generally called the Metro . In Philadelphia , the term "El" is used for the Market–Frankford Line which runs mostly on an elevated track, while the term "subway" applies to the Broad Street Line which is almost entirely underground. Chicago 's commuter rail system that serves

2600-608: Is a single corporate image for the entire transit authority, but the rapid transit uses its own logo that fits into the profile. A transit map is a topological map or schematic diagram used to show the routes and stations in a public transport system. The main components are color-coded lines to indicate each line or service, with named icons to indicate stations. Maps may show only rapid transit or also include other modes of public transport. Transit maps can be found in transit vehicles, on platforms , elsewhere in stations, and in printed timetables . Maps help users understand

2730-427: Is backed with US dollars at the linked exchange rate. The resources for the backing are kept in Hong Kong's exchange fund , which is among the largest official reserves in the world. Hong Kong also has huge deposits of US dollars, with official foreign currency reserves of US$ 361 billion as of March 2016. In a speech addressing the issue of who determines the monetary policy in Hong Kong on 13 May 2002, Tony Latter, in

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2860-506: Is built. Most rapid transit trains are electric multiple units with lengths from three to over ten cars. Crew sizes have decreased throughout history, with some modern systems now running completely unstaffed trains. Other trains continue to have drivers, even if their only role in normal operation is to open and close the doors of the trains at stations. Power is commonly delivered by a third rail or by overhead wires . The whole London Underground network uses fourth rail and others use

2990-470: Is called 1 hou ( 毫 ) in Cantonese. To express prices in informal Cantonese, for example HK$ 7.80, the phrase is 七個八 ( Cantonese Yale : chāt go baat ; lit. 'seven units eight'); in financial terms, where integer values in cents exist, e.g., HK$ 6.75, the phrase is 六個七毫半 ( Cantonese Yale : luhk go chāt hòu bun ; lit. 'six units and seven dime half'; fives in cents

3120-416: Is necessary, rolling stock with a smaller loading gauge from one sub network may be transported along other lines that use larger trains. On some networks such operations are part of normal services. Most rapid transit systems use conventional standard gauge railway track . Since tracks in subway tunnels are not exposed to rain , snow , or other forms of precipitation , they are often fixed directly to

3250-511: Is normally expressed as “half”, unless followed by another five, such as 55 cents when preceded by a dollar value); $ 7.08 is 七蚊零八仙 ( Cantonese Yale : chāt mān lìng baat sīn ; lit. 'seven dollars zero eight cents'). In Hong Kong, the following are slang terms used to refer to various amounts of money: Some of these terms are also used by overseas Chinese to refer their local currency. A slang term in English sometimes used for

3380-548: Is referred to simply as "the subway", despite 40% of the system running above ground. The term "L" or "El" is not used for elevated lines in general as the lines in the system are already designated with letters and numbers. The "L" train or L (New York City Subway service) refers specifically to the 14th Street–Canarsie Local line, and not other elevated trains. Similarly, the Toronto Subway is referred to as "the subway", with some of its system also running above ground. These are

3510-412: Is serviced by at least one specific route with trains stopping at all or some of the line's stations. Most systems operate several routes, and distinguish them by colors, names, numbering, or a combination thereof. Some lines may share track with each other for a portion of their route or operate solely on their own right-of-way. Often a line running through the city center forks into two or more branches in

3640-733: Is the most commonly used term for underground rapid transit systems used by non-native English speakers. Rapid transit systems may be named after the medium by which passengers travel in busy central business districts ; the use of tunnels inspires names such as subway , underground , Untergrundbahn ( U-Bahn ) in German, or the Tunnelbana (T-bana) in Swedish. The use of viaducts inspires names such as elevated ( L or el ), skytrain , overhead , overground or Hochbahn in German. One of these terms may apply to an entire system, even if

3770-550: Is used in the United Kingdom , where seven banks issue banknotes. As of today, the three commercial banks, HSBC , Bank of China and Standard Chartered issue their own designs of banknotes in denominations of HK$ 20 , HK$ 50 , HK$ 100 , HK$ 500 and HK$ 1,000 , with all designs being similar to the other in the same denomination of banknote. While only the HK$ 10 banknote is issued solely by Hong Kong Monetary Authority on behalf of

3900-605: The Dublin Area Rapid Transit is despite the name considered a commuter rail due to usage of mainline railways. In France, large cities, such as Paris , Marseille and Lyon , feature a Métro . Also the smaller cities of Lille Rennes have a light metro. Furthermore, Brussels in Belgium, and Amsterdam and Rotterdam in the Netherlands have metro systems in place. Several Southern European contries also have

4030-689: The Government of Hong Kong , which in total makes up the banknote circulation arrangement to four different note issuers. In 1845, the first private bank, the Oriental Bank , was founded. However, banknotes were not produced until the 1860s, when the Oriental Bank, the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation began issuing notes. Denominations issued in

North Island line - Misplaced Pages Continue

4160-470: The Government of Hong Kong . As of April 2019, the Hong Kong dollar was the ninth- most traded currency in the world . Hong Kong uses a linked exchange rate system , trading since May 2005 in the range US$ 1:HK$ 7.75–7.85. Apart from its use in Hong Kong, the Hong Kong dollar is also used in neighbouring Macau . It is pegged at 1 Hong Kong dollar to 1.03 Macanese patacas , and is generally accepted at par or MOP 1.00 for retail purchases. When Hong Kong

4290-553: The Hong Kong Mint was closed down with a loss of $ 440,000. The machinery at the Hong Kong mint was sold first to Jardine Matheson and, in turn, to the Japanese and used to make the first Yen coins in 1870. In the 1860s, banknotes of the new British colonial banks, the Hong Kong and Shanghai Banking Corporation and the Chartered Bank of India, Australia and China , denominated in dollars, also began to circulate in both Hong Kong and

4420-542: The Hong Kong Monetary Authority (HKMA) authorises the three note-issuing commercial banks to freely issue new banknotes provided that they deposit an equivalent value of United States dollars with the HKMA. In practice, in the unique linked exchange rate system, the exchange rate of HK$ 7.80 = US$ 1, is strictly controlled by the Hong Kong Monetary Authority in the foreign exchange market by controlling supply and demand of Hong Kong dollars in order to influence

4550-399: The Hong Kong Monetary Authority on behalf of the Government of Hong Kong . Banknotes circulated by the three different note issuers, 2023 The issue of Hong Kong dollar notes is governed today by the Hong Kong Monetary Authority (HKMA), the governmental currency board of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in

4680-724: The Hudson and Manhattan Railroad K-series cars from 1958, the New York City Subway R38 and R42 cars from the late-1960s, and the Nagoya Municipal Subway 3000 series , Osaka Municipal Subway 10 series and MTR M-Train EMUs from the 1970s, were generally only made possible largely due to the relatively generous loading gauges of these systems and also adequate open-air sections to dissipate hot air from these air conditioning units. Especially in some rapid transit systems such as

4810-429: The London Underground . In 1868, New York opened the elevated West Side and Yonkers Patent Railway , initially a cable-hauled line using stationary steam engines . As of 2021 , China has the largest number of rapid transit systems in the world  – 40 in number, running on over 4,500 km (2,800 mi) of track – and was responsible for most of the world's rapid-transit expansion in

4940-796: The MTR Corporation did not set a commencement date. The proposed Sha Tin to Central Link and the merger of MTRC and KCRC also was a consideration. For these reasons, in 2003 the Hong Kong Government postponed the project indefinitely. However, the MTRC included the Sha Tin to Central Link and the North Island line details in the diagrams of the latest schemes of the West Island line and South Island line , released in 2008. Those diagrams have excluded

5070-722: The Metropolitan Railway opened publicly in London in 1863. High capacity monorails with larger and longer trains can be classified as rapid transit systems. Such monorail systems recently started operating in Chongqing and São Paulo . Light metro is a subclass of rapid transit that has the speed and grade separation of a "full metro" but is designed for smaller passenger numbers. It often has smaller loading gauges, lighter train cars and smaller consists of typically two to four cars. Light metros are typically used as feeder lines into

5200-578: The Montreal Metro (opened 1966) and Sapporo Municipal Subway (opened 1971), their entirely enclosed nature due to their use of rubber-tyred technology to cope with heavy snowfall experienced by both cities in winter precludes any air-conditioning retrofits of rolling stock due to the risk of heating the tunnels to temperatures that would be too hot for passengers and for train operations. In many cities, metro networks consist of lines operating different sizes and types of vehicles. Although these sub-networks may not often be connected by track, in cases when it

5330-611: The People's Bank of China , China's central bank (PBOC), intervened in the effort of squeezing out Renminbi short speculations by tightening liquidity at Hong Kong commercial banks. The PBOC's move at the offshore market, coupled with another plunge in Chinese stocks, has led to investors’ fears that the Hong Kong Dollar may be de-pegged from the US Dollar in the foreseeable future. In response to

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5460-577: The Prague Metro . The London Underground and Paris Métro are densely built systems with a matrix of crisscrossing lines throughout the cities. The Chicago 'L' has most of its lines converging on The Loop , the main business, financial, and cultural area. Some systems have a circular line around the city center connecting to radially arranged outward lines, such as the Moscow Metro 's Koltsevaya Line and Beijing Subway 's Line 10 . The capacity of

5590-637: The Royal Mint in London began issuing special subsidiary coinage for use in Hong Kong within the dollar system, though other national currencies circulated unofficially for years afterwards. In 1866, a local mint was established at Cleveland Street in Causeway Bay on Hong Kong Island for the purpose of minting Hong Kong silver dollar and half dollar coins of the same value and similar likeness to their Spanish/Mexican counterparts. The Chinese did not however receive these new Hong Kong dollars well, and in 1868,

5720-526: The Second World War (a ship carrying 1941 1-cent coins was sunk, making this unissued coin very rare). Just before the Japanese occupation, an emergency issue of 1 dollar notes was made consisting of overprinted Bank of China 5 yuan notes. In 1945, paper money production resumed essentially unaltered from before the war, with the government issuing 1 cent , 5 cents , 10 cents , and 1-dollar notes , and

5850-656: The Singapore MRT , Changi Airport MRT station has the alphanumeric code CG2, indicating its position as the 2nd station on the Changi Airport branch of the East West Line. Interchange stations have at least two codes, for example, Raffles Place MRT station has two codes, NS26 and EW14, the 26th station on the North South Line and the 14th station on the East West Line. The Seoul Metro is another example that utilizes

5980-882: The Spanish East Indies in the Spanish colonial empire through the Manila-Acapulco Galleon Trade with the coins minted in the Spanish Americas in Mexico or Peru or Bolivia . By 1858, the British government gave up all attempts to influence the currency situation in Canada, and by the 1860s, it came to the same realisation in Hong Kong: that there was no point in trying to displace an already existing currency system. In 1863,

6110-624: The Straits Settlements . In 1906, the Straits Settlements issued their own silver dollar coin and attached it to a gold sterling exchange standard at a fixed value of 2 shillings and 4 pence. This was the point of departure as between the Hong Kong unit and the Straits unit. In British Weihaiwei , the Hong Kong dollar circulated jointly with the Chinese yuan from 1914 to 1930, when Weihaiwei

6240-450: The deep tube lines . Historically, rapid transit trains used ceiling fans and openable windows to provide fresh air and piston-effect wind cooling to riders. From the 1950s to the 1990s (and in most of Europe until the 2000s), many rapid transit trains from that era were also fitted with forced-air ventilation systems in carriage ceiling units for passenger comfort. Early rapid transit rolling stock fitted with air conditioning , such as

6370-409: The linear motor for propulsion. Some urban rail lines are built to a loading gauge as large as that of main-line railways ; others are built to a smaller one and have tunnels that restrict the size and sometimes the shape of the train compartments. One example is most of the London Underground , which has acquired the informal term "tube train" due to the cylindrical shape of the trains used on

6500-407: The "Swap" scheme in relieving congestion, since although the number of stations and the area served has increased, the link with the current Island line would still be the same, unlike the "Swap" scheme. According to the " Railway Development Strategy 2014 " document, the government opted for the interchange scheme because its construction cost and difficulties are lower and it does not interfere with

6630-702: The "interchange scheme" because it will only extend the Tung Chung line and the Tseung Kwan O line to meet at Tamar station where it will act as an interchange station for the two lines without dividing the Island line. The original scheme is known as the "swap scheme" for distinction. The extension of the Tung Chung line formed part of the third phase of land reclamation in Victoria Harbour on Hong Kong Island 's northern coast. Due to environmental and utilization concerns,

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6760-432: The 15 world largest subway systems suggested a universal shape composed of a dense core with branches radiating from it. Rapid transit operators have often built up strong brands , often focused on easy recognition – to allow quick identification even in the vast array of signage found in large cities – combined with the desire to communicate speed, safety, and authority. In many cities, there

6890-619: The 1860s and 1870s included 1, 5, 10, 25, 50, 100 and 500 dollars. These notes were not accepted by the Treasury for payment of government dues and taxes , although they were accepted for use by merchants. 25 dollar notes did not survive beyond the end of the 19th century, whilst the 1-dollar notes (only produced by the HSBC ) were issued until 1935. Under the Currency Ordinance of 1935, banknotes in denominations of 5 dollars and above issued by

7020-404: The 1960s, the UK found it difficult to keep the value of sterling as it was, with its role as official reserve currency even within the sterling area . In 1964, sterling was 83% of the official reserves of overseas sterling area countries, but this share had decreased to 75% in 1966 and to 65% in 1967. When sterling was devalued by the UK in 1967, and Hong Kong dollar's peg to the pound resulted in

7150-480: The 1995 Tokyo subway sarin gas attack and the 2005 " 7/7 " terrorist bombings on the London Underground. Some rapid transport trains have extra features such as wall sockets, cellular reception, typically using a leaky feeder in tunnels and DAS antennas in stations, as well as Wi-Fi connectivity. The first metro system in the world to enable full mobile phone reception in underground stations and tunnels

7280-598: The 2010s. The world's longest single-operator rapid transit system by route length is the Shanghai Metro . The world's largest single rapid transit service provider by number of stations (472 stations in total) is the New York City Subway . The busiest rapid transit systems in the world by annual ridership are the Shanghai Metro, Tokyo subway system , Seoul Metro and the Moscow Metro . The term Metro

7410-481: The 21st century, most new expansions and systems are located in Asia, with China becoming the world's leader in metro expansion, operating some of the largest and busiest systems while possessing almost 60 cities that are operating, constructing or planning a rapid transit system . Rapid transit is used for local transport in cities , agglomerations , and metropolitan areas to transport large numbers of people often short distances at high frequency . The extent of

7540-503: The Bauhinia the requested "politically neutral design" and did a secret "scissors and paste job". In early 1997, to commemorate Hong Kong's transfer of sovereignty from Britain to the PRC , the government issued a new commemorative coin set which depicted Chinese cultural themes and Hong Kong's landmarks and 19 and 97, marking the year 1997, on each side of the designs. As of today, coins in denominations of HK$ 10 , HK$ 5 , HK$ 2 , HK$ 1 , 50 cents , 20 cents and 10 cents are issued by

7670-407: The Financial Secretary of Hong Kong Government John Bremridge announced to peg the Hong Kong dollar with the U.S. dollar at a rate of HK$ 7.8 to US$ 1 in a currency board fashion on 17 October 1983. When recalling the choice of rate, Tony Latter notes that a rate of HK$ 7.25 to HK$ 7.50 was considered a reasonable range in macroeconomic terms, given the rate against the U.S. dollar around HK$ 6.60 before

7800-411: The Hong Kong Monetary Authority to issue their own banknotes for general circulation in Hong Kong. These banks, HSBC , Bank of China , and Standard Chartered , issue their own designs of banknotes in denominations of HK$ 20, HK$ 50, HK$ 100, HK$ 150, HK$ 500, and HK$ 1000, with all designs being similar to one another in the same denomination of banknote. However, the HK$ 10 banknote and all coins are issued by

7930-425: The Hong Kong dollar is "Honkie". In 1863, 1-mil ( 1 ⁄ 10 -cent), 1-cent and 10-cent coins were introduced, followed in 1866 by 5-cent and 20-cents , half-dollar and 1-dollar . The 1-mil and 1-cent were struck in bronze, with the 1 mil a holed coin. The remaining coins were struck in silver. Production of the 1-mil ended in 1866, whilst that of the half-dollar and 1-dollar ceased in 1868, with only

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8060-442: The Queen's portrait are still legal tender and can be seen, but these are slowly being phased out. However, most still remain in legal tender and are in circulation. Because the redesign was highly sensitive with regard to political and economic reasons, the designing process of the new coins could not be entrusted to an artist but was undertaken by Joseph Yam , Chief Executive of the Hong Kong Monetary Authority , himself who found in

8190-416: The Second World War, the Hong Kong dollar was re-pegged to sterling at a fixed rate identical to the pre-war level. Meanwhile, the United Kingdom made efforts in maintaining the sterling area with countries of the British Commonwealth as well as its colonies. It imposed exchange controls on non-sterling area countries, barring them from freely converting British pounds into US dollars, but no such restriction

8320-525: The Tung Chung line, would have to reduce by 8 trains per hour because the service frequency of the Tung Chung line is restricted by the capacity of the Tsing Ma Bridge . The signalling system and rolling stock used on both lines are also different, so the “swap” scheme was not considered in the plan. Both the existing Tung Chung line and Tseung Kwan O line would be extended along the northern coast of Hong Kong Island. Three stations, namely Tamar, Exhibition Centre and Causeway Bay North, would be constructed along

8450-420: The U.S. dollar and extended the exchange controls also to the Sterling Area countries, which put an effective end to the Sterling Area in 1972. In the same year, the Hong Kong dollar was pegged to the U.S. dollar at a rate of HK$ 5.65 = US$ 1, revised to HK$ 5.085 = US$ 1 in 1973. From 1974 to 1983, the Hong Kong dollar was not anchored to another currency, changing the monetary regime from a currency board system to

8580-407: The U.S. dollar with a return to the former currency board system. The proposal received support from two government officials within the Monetary Affairs Branch of the Hong Kong Government, namely the Deputy Secretary for Monetary Affairs Tony Latter and the Government Economist Alan McLean as a practical way to restore confidence in the Hong Kong dollar. After discussions between London and Hong Kong,

8710-403: The US dollars by the Hong Kong government officials, London agreed to offer exchange guarantees to protect Hong Kong against potential devaluation of sterling in the future, which was the first to receive such guarantees among the sterling area countries. After the US's cessation of the convertibility between gold and the U.S. dollar in October 1971, Britain abandoned the fixed exchange rate with

8840-478: The amount of existing Renminbi assets in Hong Kong's offshore market. Moreover, according to figures from the HKMA as of the end of 2014, Renminbi deposits and certificates of deposits stood at 1.158 trillion Renminbi, while outstanding Renminbi bonds amounted to 381 billion and Renminbi-denominated loans stood at 188 billion. Other studies shows, while the Hong Kong's financial and economic links are increasingly dominated by mainland China , and previous concerns about

8970-522: The banks stopped issuing HK$ 10 notes. In 1994 the HKMA gave authority to the Bank of China to issue notes. On New Year's Day (1 January) 1993 at stroke of midnight HKT , HSBC , Bank of China and Standard Chartered officially introduced all new banknote designs. HSBC , Bank of China and Standard Chartered officially introduced a new series of banknotes on New Year's Day (1 January) 1993 at stroke of midnight HKT in denominations of $ 10 , $ 20 , $ 25 , $ 50 , $ 100 , $ 500 and $ 1000 . After

9100-428: The beginning of rapid transit. Initial experiences with steam engines, despite ventilation, were unpleasant. Experiments with pneumatic railways failed in their extended adoption by cities. In 1890, the City & South London Railway was the first electric-traction rapid transit railway, which was also fully underground. Prior to opening, the line was to be called the "City and South London Subway", thus introducing

9230-609: The commuting patterns of current Island line users. Construction was expected to begin in 2021 and finish in 2026. The cost is estimated to be HK$ 20 billion in 2013 prices. As of 2021, construction has not begun though technical design proposals are under consideration. Rapid transit Modern services on rapid transit systems are provided on designated lines between stations typically using electric multiple units on railway tracks . Some systems use guided rubber tires , magnetic levitation ( maglev ), or monorail . The stations typically have high platforms, without steps inside

9360-401: The crisis and the rate around HK$ 8.30 to HK$ 8.80 when the government's intention to change monetary regime was revealed in early October. In political terms, the government did not want to set the rate too weak so as to warrant international allegations of currency manipulation for competitive advantages, or too strong a rate that would result in high interest rates and the eventual abandonment of

9490-504: The currency board monetary regime continues to function with the same pegged rate beyond the handover of sovereignty of Hong Kong to China in 1997. The Basic Law of Hong Kong and the Sino-British Joint Declaration provides that Hong Kong retains full autonomy with respect to currency issuance. Currency in Hong Kong is issued by the government and three local banks ( HSBC , Bank of China and Standard Chartered ) under

9620-414: The display of the transit network. Often this has the effect of compressing the distance between stations in the outer area of the system, and expanding distances between those close to the center. Some systems assign unique alphanumeric codes to each of their stations to help commuters identify them, which briefly encodes information about the line it is on, and its position on the line. For example, on

9750-584: The entire metropolitan area is called Metra (short for Met ropolitan Ra il), while its rapid transit system that serves the city is called the "L" . Boston's subway system is known locally as "The T". In Atlanta , the Metropolitan Atlanta Rapid Transit Authority goes by the acronym "MARTA." In the San Francisco Bay Area , residents refer to Bay Area Rapid Transit by its acronym "BART". The New York City Subway

9880-400: The exchange rate being fixed. By this arrangement the HKMA guarantees to exchange United States dollar into Hong Kong dollars and vice versa, at the rate of 7.80. When the market rate is below 7.80, the banks will convert United States dollar for Hong Kong dollars from the HKMA, Hong Kong dollars supply will increase, and the market rate will climb back to 7.80. The same mechanism also works when

10010-494: The existing Island line at Fortress Hill station , and continue on the remaining Island line to Kennedy Town station . This scheme would greatly increase the number of stations reached directly by the Tung Chung line and the Tseung Kwan O line on Hong Kong Island, but east–west directional traffic along the existing Island line would be interrupted and require an interchange. In addition, the maximum train frequency between Fortress Hill and Chai Wan stations, which would be served by

10140-495: The extension. The new route would then connect and continue on the Island line from Fortress Hill station to Chai Wan terminus . The Tseung Kwan O line will have newly constructed tunnels connected from its North Point terminus to Fortress Hill station and continue on the remaining western half of the Island line. In 2013, the Highways Department released a second option for the North Island line scheme, also known as

10270-551: The extensions, and either Tamar or Causeway Bay North station would be chosen as an interchange between the two lines. This scheme would preserve the existing Island line in its current form and would not change the current commuting pattern between the Central, Western and Eastern Districts. However, as the Tung Chung and Tseung Kwan O lines would not be run on the Island line, passengers would still need to interchange as they currently do. Also, this arrangement would be less effective than

10400-508: The extent that there was now a dearth of Spanish/Mexican dollars and the authorities in both Hong Kong and the Straits Settlements were putting pressure on the authorities in London to take measures to have a regular supply of silver dollar coins. London eventually acquiesced and legislation was enacted in attempts to regulate the coinage. New British trade dollars were coined at the mints in Calcutta and Bombay for use in both Hong Kong and

10530-505: The floor rather than resting on ballast , such as normal railway tracks. An alternate technology, using rubber tires on narrow concrete or steel roll ways , was pioneered on certain lines of the Paris Métro and Mexico City Metro , and the first completely new system to use it was in Montreal , Canada. On most of these networks, additional horizontal wheels are required for guidance, and

10660-618: The half-dollar (now with the denomination given as 50 cents) resuming production in 1890. Production of all silver coins was suspended in 1905, only briefly resumed in 1932 and 1933 for the production of 5-cent coins. In 1934, the last 1-cent coins were issued, but the last minting was 1941. These were not issued because the Japanese sank a ship carrying 1-cent coins bound for Hong Kong in the Second World War . The following year (1935), cupro-nickel 5 and 10 cents were introduced, replaced by nickel in 1937 and nickel-brass between 1948 and 1949. Copper-nickel 50 cents were issued in 1951 and first bore

10790-439: The interconnections between different parts of the system; for example, they show the interchange stations where passengers can transfer between lines. Unlike conventional maps, transit maps are usually not geographically accurate, but emphasize the topological connections among the different stations. The graphic presentation may use straight lines and fixed angles, and often a fixed minimum distance between stations, to simplify

10920-423: The introduction of one-dollar notes by the government and the government acknowledged the Hong Kong dollar as the local monetary unit. It was not until 1937 that the legal tender of Hong Kong was finally unified. In 1939, the Hong Kong dollar was put on a fixed peg of HK$ 16 = £1 ($ 1 = 1 s 3 d ). The discussion about switching from the silver standard to the gold standard began as early as 1930. A commission report

11050-572: The late 2000s and the inclusion of the Renminbi in the special drawing rights , there has been some debates to peg the Hong Kong dollar with the Renminbi, instead of the United States dollar. Studies shows that, if the Hong Kong dollar were to be re-pegged to the Renminbi, it would need over 2 trillion Renminbi worth of assets to replace the HKMA's US$ 340 billion in foreign reserves as of 2015, which exceeds

11180-587: The lines of the Lyon Metro includes a section of rack (cog) railway , while the Carmelit , in Haifa, is an underground funicular . For elevated lines, another alternative is the monorail , which can be built either as straddle-beam monorails or as a suspended monorail . While monorails have never gained wide acceptance outside Japan, there are some such as Chongqing Rail Transit 's monorail lines which are widely used in

11310-592: The long collusion between officials in Hong Kong, bankers and local business communities. The People's Republic of China (PRC) established by the Chinese Communist Party in 1949 was in dire need for foreign currency, especially after the Korean War (1950–1953) and the Sino-Soviet split in the early 1960s for international trade with countries of non-Soviet bloc. The British sterling obtained through Hong Kong

11440-429: The lower guaranteed limit, a new upper guaranteed limit was set for the Hong Kong dollar at HK$ 7.75 to the US dollar. The lower limit has been lowered from 7.80 to 7.85 (by 100 pips per week from 23 May to 20 June 2005). The Hong Kong Monetary Authority indicated this move is to narrow the gap between the interest rates in Hong Kong and those of the United States. A further aim of allowing the Hong Kong dollar to trade in

11570-545: The main rapid transit system. For instance, the Wenhu Line of the Taipei Metro serves many relatively sparse neighbourhoods and feeds into and complements the high capacity metro lines. Some systems have been built from scratch, others are reclaimed from former commuter rail or suburban tramway systems that have been upgraded, and often supplemented with an underground or elevated downtown section. Ground-level alignments with

11700-464: The market rate is above 7.80, and the banks will convert Hong Kong dollars for United States dollars. By this arrangement, the Hong Kong dollar is backed by one of the world's largest foreign exchange reserves , which is over 7 times the amount of money supplied in circulation or about 48% of Hong Kong dollar M3 at the end of April 2016. Following the Internationalization of the renminbi in

11830-399: The market speculation, Hong Kong Monetary Authority said on 27 January that the regulator will protect Hong Kong dollar's linked exchange rate regime. As Hong Kong's financial markets are highly impacted by mainland China, the Renminbi exchange rate as well as China's equity market remain in a state of high volatility and continues to weigh on Hong Kong markets and the Hong Kong dollar. However,

11960-457: The monetary openness of China's capital account are slowly receding, if China continues to open its capital account, the peg could shift from United States dollar to renminbi. However, in January 2016, the volatility in the Renminbi and China's financial markets expanded to Hong Kong's markets and its currency. Renminbi offshore overnight borrowing rate, CNH HIBOR, soared to 66.8% on 12 January after

12090-421: The name "fifty cents" in both Chinese and English, but these were changed to nickel-brass in 1977. In 1960, cupro-nickel 1-dollar coins were introduced, these were then reduced in size in 1978. They were followed in 1975 by nickel-brass 20 cents and cupro-nickel 2-dollar coin (both scallop shaped) and, in 1976, by decagonal , cupro-nickel 5-dollar coin , changed to a round thicker shape in 1980. The 5-cent coin

12220-418: The network map "readable" by illiterate people, this system has since become an "icon" of the system. Compared to other modes of transport, rapid transit has a good safety record, with few accidents. Rail transport is subject to strict safety regulations , with requirements for procedure and maintenance to minimize risk. Head-on collisions are rare due to use of double track, and low operating speeds reduce

12350-402: The next vehicle will arrive, and expected travel times. The standardized GTFS data format for transit information allows many third-party software developers to produce web and smartphone app programs which give passengers customized updates regarding specific transit lines and stations of interest. Mexico City Metro uses a unique pictogram for each station. Originally intended to help make

12480-494: The northern coast of Hong Kong Island, with Tamar , Exhibition Centre , Causeway Bay North and Fortress Hill stations along the route. The extension would then connect eastwards to the existing Island line at Fortress Hill station , and continue on the remaining Island line section to Chai Wan station . Concurrently, the Tseung Kwan O line would extend from its current westbound terminus at North Point station to

12610-504: The now cancelled Central South station and Racecourse Station in Happy Valley . On 21 February 2013, the Highways Department launched stage two of public consultation of Our Future Railway , and proposed two schemes for the North Island line. In addition to a "Swap" scheme which was similar to previous proposals, the consultation documents also included a second "Interchange" scheme. The existing Tung Chung line would be extended along

12740-949: The occurrence and severity of rear-end collisions and derailments . Fire is more of a danger underground, such as the King's Cross fire in London in November 1987, which killed 31 people. Systems are generally built to allow evacuation of trains at many places throughout the system. High platforms , usually over 1 meter / 3 feet, are a safety risk, as people falling onto the tracks have trouble climbing back. Platform screen doors are used on some systems to eliminate this danger. Rapid transit facilities are public spaces and may suffer from security problems: petty crimes , such as pickpocketing and baggage theft, and more serious violent crimes , as well as sexual assaults on tightly packed trains and platforms. Security measures include video surveillance , security guards , and conductors . In some countries

12870-460: The only legal tender on 1 June 1943. The issue of local currency was resumed by the Hong Kong government and the authorised local banks after liberation, with the pre-war rate of HK$ 16 = £1 being restored. The yen was exchanged at a rate of ¥100 = HK$ 1. On 6 September 1945, all military yen notes used in Japanese colonies were declared void by the Japanese Ministry of Finance . After the end of

13000-485: The only two North American systems that are primarily called "subways". In most of Southeast Asia and in Taiwan , rapid transit systems are primarily known by the acronym MRT . The meaning varies from one country to another. In Indonesia , the acronym stands for Moda Raya Terpadu or Integrated Mass [Transit] Mode in English. In the Philippines , it stands for Metro Rail Transit . Two underground lines use

13130-582: The outset. Budapest , Chicago , Glasgow , Boston and New York City all converted or purpose-designed and built electric rail services. Advancements in technology have allowed new automated services. Hybrid solutions have also evolved, such as tram-train and premetro , which incorporate some of the features of rapid transit systems. In response to cost, engineering considerations and topological challenges some cities have opted to construct tram systems, particularly those in Australia, where density in cities

13260-553: The peg amidst the crisis. The solution in its current form was favored by government officials for reasons beyond monetary considerations. Financially, the currency peg was designed not to require the Bank of England to lend its reserves to maintain Hong Kong's currency peg. Politically, the currency board system well demonstrated the autonomy London has given to Hong Kong in economic policymaking amidst British negotiation with China to grant Hong Kong's higher autonomy after 1997. As envisioned,

13390-765: The position of the Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA) , contended that the Financial Secretary together with the HKMA in the Hong Kong SAR Government were responsible for that. He acknowledged the heavy and direct influence of the Federal Reserve of the United States on Hong Kong's monetary policy under the currency peg, but argued that "It was Hong Kong's choice, and we do not require any permission from US to continue or discontinue it". As of 18 May 2005, in addition to

13520-465: The public had greater degree of confidence in the notes issued by those long-established banks than that by the government. During the Japanese occupation , the Japanese military yen were the only means of everyday exchange in Hong Kong. When the yen was first introduced on 26 December 1941, the exchange rate was ¥1 yen = HK$ 2. However, in August 1942, the rate was changed to HK$ 4 to ¥1 yen. The yen became

13650-908: The rapid transit system varies greatly between cities, with several transport strategies. Some systems may extend only to the limits of the inner city, or to its inner ring of suburbs with trains making frequent station stops. The outer suburbs may then be reached by a separate commuter rail network where more widely spaced stations allow higher speeds. In some cases the differences between urban rapid transit and suburban systems are not clear. Rapid transit systems may be supplemented by other systems such as trolleybuses , regular buses , trams , or commuter rail. This combination of transit modes serves to offset certain limitations of rapid transit such as limited stops and long walking distances between outside access points. Bus or tram feeder systems transport people to rapid transit stops. Each rapid transit system consists of one or more lines , or circuits. Each line

13780-399: The rate. HK$ 7.8 was finally selected, as the government hoped to demonstrate that the situation has been properly stabilized and it was felt that the rate below HK$ 8.0 can achieve this purpose psychologically. John Bremridge was once quoted saying that the rate was somewhat "a number off the air", but the most important thing was the restoration of public confidence in Hong Kong dollar with

13910-473: The region. They are Hongkong and Shanghai Banking Corporation Limited ; the Bank of China (Hong Kong) Limited ; and the Standard Chartered Bank (Hong Kong) Limited . Notes are also issued by the HKMA itself. In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government. The arrangements in Hong Kong are unusual but not unique; a comparable system

14040-525: The rubber tires. However, they have higher maintenance costs and are less energy efficient. They also lose traction when weather conditions are wet or icy, preventing above-ground use of the Montréal Metro and limiting it on the Sapporo Municipal Subway, but not rubber-tired systems in other cities. Some cities with steep hills incorporate mountain railway technologies in their metros. One of

14170-636: The suburbs, allowing a higher service frequency in the center. This arrangement is used by many systems, such as the Copenhagen Metro , the Milan Metro , the Oslo Metro , the Istanbul Metro and the New York City Subway . Alternatively, there may be a single central terminal (often shared with the central railway station), or multiple interchange stations between lines in the city center, for instance in

14300-471: The supervision of the Hong Kong Monetary Authority , which was a semi-independent public body established in the early 1990s to regulate banks and manage exchange funds and serves until now as the territory's de facto " central bank ". Banknotes are printed by Hong Kong Note Printing Limited . A bank can issue a Hong Kong dollar only if it has the equivalent exchange in US dollars on deposit. The currency board system ensures that Hong Kong's entire monetary base

14430-480: The talks, on 24 September 1983, the Hong Kong dollar was devalued by 15% over 2 days to a historical low at HK$ 9.6 to US$ 1. Public panic set in and there were runs on foodstuff on this Black Saturday (1983) . Amidst the monetary crisis, John Greenwood, an economist who was later dubbed the "architect of the Linked Exchange Rate System " in Hong Kong, advocated the proposal to peg the Hong Kong dollar to

14560-706: The term subway . In Thailand , it stands for Metropolitan Rapid Transit , previously using the Mass Rapid Transit name. Outside of Southeast Asia, Kaohsiung and Taoyuan, Taiwan , have their own MRT systems which stands for Mass Rapid Transit , as with Singapore and Malaysia . In general rapid transit is a synonym for "metro" type transit, though sometimes rapid transit is defined to include "metro", commuter trains and grade separated light rail . Also high-capacity bus-based transit systems can have features similar to "metro" systems. The opening of London's steam-hauled Metropolitan Railway in 1863 marked

14690-463: The term Subway into railway terminology. Both railways, alongside others, were eventually merged into London Underground . The 1893 Liverpool Overhead Railway was designed to use electric traction from the outset. The technology quickly spread to other cities in Europe , the United States, Argentina, and Canada, with some railways being converted from steam and others being designed to be electric from

14820-532: The three authorised local banks, the Mercantile Bank of India, London and China , the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation, were all declared legal tender. The government took over production of 1 dollar notes. In 1941, the government introduced notes for 1 cent , 5 cents and 10 cents due to the difficulty of transporting coins to Hong Kong caused by

14950-528: The three banks issuing 5, 10, 50, 100 and 500-dollar notes. 1-dollar notes were replaced by coins in 1960, with only the 1-cent note issued by the government after 1965. In 1975, the HK$ 5 notes were replaced by coins, whilst HK$ 1,000 notes were introduced in 1977. The Mercantile Bank was absorbed by the HSBC in 1978 and ceased issuing notes. In 1985, HK$ 20 notes were introduced, whilst, in 1993, HK$ 10 coins were introduced and

15080-511: The trains, requiring custom-made trains in order to minimize gaps between train and platform. They are typically integrated with other public transport and often operated by the same public transport authorities . Some rapid transit systems have at-grade intersections between a rapid transit line and a road or between two rapid transit lines. The world's first rapid transit system was the partially underground Metropolitan Railway which opened in 1863 using steam locomotives , and now forms part of

15210-539: The use of communications-based train control : the minimum headway can reach 90 seconds, but many systems typically use 120 seconds to allow for recovery from delays. Typical capacity lines allow 1,200 people per train, giving 36,000 passengers per hour per direction . However, much higher capacities are attained in East Asia with ranges of 75,000 to 85,000 people per hour achieved by MTR Corporation 's urban lines in Hong Kong. Rapid transit topologies are determined by

15340-458: The wider region. In 1873, the international silver crisis resulted in a devaluation of silver against gold-based currencies. Since the silver dollars in the US and Canada were attached to a gold exchange standard, this meant that the silver dollars circulating along the China coast dropped in value as compared to the U.S. dollar and the Canadian dollar . By 1895, the circumstances had changed to

15470-540: Was Singapore's Mass Rapid Transit (MRT) system, which launched its first underground mobile phone network using AMPS in 1989. Many metro systems, such as the Hong Kong Mass Transit Railway (MTR) and the Berlin U-Bahn, provide mobile data connections in their tunnels for various network operators. The technology used for public, mass rapid transit has undergone significant changes in the years since

15600-401: Was able to finance 28% and 46% of PRC's total import from 1963 to 1967 and from 1970 to 1971 respectively. Of the British sterling obtained by PRC through Hong Kong during 1953 and 1971, about 40–50% was supplied by The Hongkong and Shanghai Banking Corporation (HSBC), the de facto "central bank" in Hong Kong, which accounted for 10% of annual foreign currency needed by PRC in the period. In

15730-845: Was developed further. Other Central European countries also have metro lines, for example in the cities of Budapest (Hungary), Prague (Czech Republic) and Warsaw (Poland). In Eastern Europe , metro systems are in operation in Minsk (Belarus), Kyiv (Ukraine) and Moscow (Russia). In Southeastern European countries, there are metro systems in Athens and Thessaloniki (Greece), Belgrade (Serbia), Sofia (Bulgaria) and Istanbul (Turkey). In Northern Europe , rapid transit systems exist in Copenhagen (Denmark), Oslo (Norway), Stockholm (Sweden) and Helsinki (Finland). Various terms are used for rapid transit systems around North America . The term metro

15860-463: Was established as a free trading port in 1841, there was no local currency in everyday circulation. Foreign currencies such as Indian rupees , Spanish or Mexican 8 reales , and Chinese cash coins circulated. Since 1825, it had been the policy of the British government to introduce sterling silver coinage to all of its colonies, and to this end, in 1845, the Spanish or Mexican 8 reales coins were set at

15990-452: Was exponentially expanded from £140–£160 million in the late 1950s to £363 million in October 1967, equivalent to 10% of the UK's total sterling liabilities to the overseas sterling area before the devaluation. Subsequently, Hong Kong and London engaged in talks about compensation and protection against further losses. Considering the potential diversification of official reserves from sterling to

16120-593: Was issued starting in 2018. Commemorative banknotes have also been issued celebrating the note-issuing banks' anniversaries as well as the Olympic Games held in Beijing in 2008 and 2022. Since 1983, the linked exchange rate system is a unique type of exchange rate regime used for the Hong Kong dollar to be pegged with the United States dollar at a fixed rate of HK$ 7.80 = US$ 1. In this unique linked exchange rate system,

16250-469: Was last issued in 1979, but last struck in 1988. In 1994, a bimetallic 10-dollar coin was introduced. Starting on New Year's Day (1 January) 1993 at stroke of midnight HKT , prior to the establishment of the HKSAR, coins with Queen Elizabeth II 's portrait were gradually withdrawn from circulation. Most of the notes and coins in circulations feature Hong Kong's Bauhinia flower or other symbols. Coins with

16380-681: Was low and suburbs tended to spread out . Since the 1970s, the viability of underground train systems in Australian cities, particularly Sydney and Melbourne , has been reconsidered and proposed as a solution to over-capacity. Melbourne had tunnels and stations developed in the 1970s and opened in 1980. The first line of the Sydney Metro was opened in 2019. Since the 1960s, many new systems have been introduced in Europe , Asia and Latin America . In

16510-640: Was placed on sterling area countries. As a colony of the British Empire, Hong Kong was obliged to observe the sterling area regulations. Nevertheless, its unique geo-economic position afforded Hong Kong the ability to defy exchange controls by operating a dual system with the sterling area and a free exchange market principally with the US dollar, which was technically illegal from 1949 to 1967. Hong Kong economy specialist Leo Goodstadt argues that ministers and officials in London were bound to tolerate Hong Kong's situation, given Hong Kong's extensive trade with PRC, and

16640-479: Was released in May 1931. It concluded that it was important for Hong Kong to facilitate free flow of capital with China and the same monetary standard was thus preferred. The report also recommended the Hong Kong Government only to take over the burden of note issuance when the banks failed to do so. Actually, the Hong Kong Government was not willing to take up the logistics of note issuance, and some officials even thought that

16770-475: Was returned to the Republic of China . By 1935, only Hong Kong and China remained on the silver standard. In that year, Hong Kong, shortly after China, abandoned silver and introduced a crawling peg to sterling of £1 = HK$ 15.36 to HK$ 16.45. It was from this point in time that the concept of a Hong Kong dollar as a distinct unit of currency came into existence. The One-Dollar Currency Note Ordinance of that year led to

16900-450: Was the chief denomination until the introduction of the yuan in the late 19th century. The dollar is divided into 100 cents, with the character 仙 ( Cantonese Yale : sīn , a transliteration of “cent”) used on coins and in informal Cantonese. However, 仙 is now only used in the stock market, as now it no longer has a note or coin form due to its small value, and is no longer used in regular cash transactions. The amount of 10 cents

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