British Pound is the name of the British national currency and currency unit. The pound is mainly issued by the Bank of England, but there are also other issuers. The most commonly used symbol for pound sterling is £ . The ISO 4217 currency code taken by the International Organization for Standardization for the British Pound is GBP (Great Britain Pound). In addition to the United Kingdom, the currency of the British overseas territories is also expressed in pounds, and the exchange rate with the pound is fixed at 1: 1.
[yng bàng]
British Pound is
1 GBP = 8.7834 RMB
As of 2017, there are four types of British pound notes in circulation: £ 5, £ 10, £ 20 and £ 50.
Sterling currency notes are mainly issued by the Bank of England. Bank of England banknotes in circulation as of 2017 are priced at £ 5, £ 10, £ 20 and £ 50. In addition, many banks in Scotland and Northern Ireland also issued sterling at the same time, but the design patterns and denominations are different. Internationally, only the Bank of England version is generally recognized in the settlement of the pound. In our country, foreign currency exchange banks do not exchange and do not accept pounds issued by banks other than the Bank of England. After the release of the British pound in the new version, generally the old par value of the British pound will soon cease to circulate. But the Bank of England accepted indefinitely the exchange of old banknotes for new banknotes. Even if the British pound was issued hundreds of years ago, the Bank of England would unconditionally convert it to a new version of the banknote if it was confirmed as genuine.
The Bank of England was founded in 1694. British banknotes at that time were similar to checks in recent years and had no fixed denomination. Since 1793, the Bank of England, as the British central bank, has gradually issued banknotes with fixed denominations, but at that time there were many denominations. In the mid-19th century, the Bank of England began to reduce the denomination types of banknotes and gradually formed a fixed denomination system. But the maximum denomination is still huge. At that time, the design of the British pound notes was printed on a single piece of watermarked anti-counterfeiting paper with a single-sided monochrome printing of text and patterns, and the back was blank. There was no pattern or text, and the denominations of the front pattern were very similar. Anti-counterfeiting only depends on the watermark pattern throughout the paper currency. This single design was broken in 1928 with the release of 10 shillings and 1 pound for a double-sided color printed version. This originally issued double-sided color version of the 10 shilling and 1 pound note was an A-series note. The A series is only available in denominations of 10 shillings and 1 pound, while notes above 1 pound remain the original white pounds.
During World War II, at the end of the 1930s, Nazi Germany used concentration camps of Jewish prisoners to concentrate on the development of the anti-counterfeiting technology of the white sterling. Counterfeit banknotes
White pound
The front is a statue of the goddess of Britannia, denomination and caption
The back is blank, without any text or patterns
Denomination, issue time, withdrawal time
Front (the back of this version is blank)
1 pound
Released: March 2, 1797
Disabled: Unknown
face value
positive
back
1 penny
The British pound is the official currency of the United Kingdom. Sterling in
England and Wales
Under the Banking Regulations of 1844, the Bank of England had the exclusive power to issue banknotes in England and Wales.
Scotland
Bank of England (BOE): The Bank of England. Since 1997, BoE has acquired the function of formulating monetary policy independently. The government uses the inflation target as the standard for price stability. Generally, it uses the Retail Prices Index excluding mortgages (RPI-X) to measure mortgages. The annual growth rate is controlled below 2.5%. Therefore, although the monetary policy is set independently of the government, BoE still has to meet the inflation standards set by the Ministry of Finance.
Monetary Policy Committee (MPC): Monetary Policy Committee. This committee is mainly responsible for setting interest rates.
Interest Rates: Interest rates. The central bank's main interest rate is the lowest lending rate (basic interest rate). In the first week of each month, the central bank will use interest rate adjustments to send a clear monetary policy signal to the market. Changes in interest rates usually have a greater impact on the pound. At the same time, BoE will also formulate monetary policy through daily adjustments to interest rates on government bond purchases from discount banks (designated financial institutions that trade money market instruments).
Gilts: Phnom Penh bonds. British government bonds are also called Phnom Penh bonds. Similarly, the spread between the 10-year Phnom Penh bond yield and the yield of other national bonds or US Treasury bills over the same period will also affect the exchange rate of the pound and other currencies. 3-month Eurosterling Deposits: 3-month Euro pound deposits. British pound deposits placed in non-UK banks are called European pound deposits. The difference between its interest rate and other European deposit rates over the same period is also one of the factors affecting the exchange rate.
Treasury: Ministry of Finance. Its function of formulating monetary policy has gradually weakened since 1997. However, the Ministry of Finance still sets inflation indicators for BoE and determines the appointment and removal of key BoE personnel.
Pound's relationship with the European Economic and Monetary Union: The pound has often been under pressure due to Prime Minister Tony Blair's remarks about the possibility of joining the European single currency, the Euro. If the United Kingdom wants to join the euro zone, its interest rate level must be reduced to the level of the euro rate. If the public voted to join the euro zone, the pound would have to depreciate against the euro for the development of domestic industrial trade. Therefore, any remarks about Britain's possibility of joining the euro zone will weigh on the pound.
Economic Data: Economic data. Key UK economic data includes: initial unemployment, initial unemployment rate, average income, retail price index excluding mortgages, retail sales, industrial production, GDP growth, purchasing manager index, manufacturing and services survey, money supply (M4), income and housing prices are balanced.
3-month Eurosterling Futures Contract (short sterling): 3-month Euro sterling deposit futures (short-term sterling). The futures contract price reflects the market's expectations of the European pound's deposit interest rate after 3 months. The spread of futures contract prices with other countries over the same period can also cause changes in the exchange rate of the pound.
FTSE-100: Financial Times 100 Index. The UK's main stock index. Unlike the United States and Japan, the impact of British stock indexes on currencies is relatively small. However, despite this, the Financial Times Index and the US Dow Jones Index have a strong correlation.
Cross Rate Effect: The effect of the cross rate. Cross exchange rates will also have an impact on the pound exchange rate.
