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The Hong Kong Special Administrative Region(HKSAR) government is to issue and put into gradual circulation a new 10 HK dollar note later this year, its Financial Secretary said on June 28.

According to Antony Leung, the new note will be circulated in addition to the 10 HK dollar coin and the existing green 10 HK dollar note issued by Hong Kong and Shanghai Banking Corporation Limited and Standard Chartered Bank.

Leung pointed out the decision to issue the new 10 HK dollar note was taken in response to the renewed public demand for the 10HK dollar note for day-to-day use, particularly during the Lunar New Year.

"The public will now have the choice and convenience of both coins and notes of this denomination for their daily needs," Leung said.

Leung noted that the new 10 HK dollar note would bear the date 1 July 2002, to coincide with the 5th anniversary of the establishment of the HKSAR. He added, however, that it would not be released into circulation until later summer and early autumn, when supplies become available.

Commenting on the design of the new note, the Chief Executive of the Hong Kong Monetary Authority, Joseph Yam, said the note is abstract in design and mauve, purple, blue and yellow in color.