On June 28, 2002 (May 18, 2002), Hong Kong announced the re-issuance of ten-dollar banknotes. The original banknotes in Hong Kong were issued by the Hong Kong East Bank, which was established in 1845. Before the government passed the Currency Ordinance in 1935, many banks issued banknotes, but these banknotes were mainly for commercial transactions. The government only accepted banknotes from some licensed banks as legal tender. After 1935, the government authorized HSBC Bank, Advantage Bank (later acquired by the Bank of China) and the Bank of China (later renamed Standard Chartered) to issue banknotes of more than five yuan. The Hong Kong government issued banknotes of one dollar and less. After the Hong Kong government issued the five-dollar coin in 1975, the five-dollar banknote was stopped. In the 1990s, the government issued a ten-dollar coin, and banks also stopped issuing ten-dollar banknotes. Bank of China also became one of the note-issuing banks in Hong Kong. On June 28, 2002, Hong Kong announced the re-issuance of ten-dollar banknotes, and the government once again issued ten-dollar banknotes by the Monetary Authority. The government issued one-cent banknotes before 1995 for the purpose of facilitating redemption and using them to pay for public service inflation bills. These banknotes were no longer accepted as legal tender after October 1, 1995. There are three note-issuing banks in Hong Kong, namely Bank of China, HSBC Bank and Standard Chartered. Comment: Issuing 10-dollar banknotes is conducive to faster circulation of small commodities.