In most places in the world banknotes are issued by government authorities, such as central banks. For historical reasons, Hong Kong's banknotes are issued by the note-issuing banks, of which there are currently three. The power to authorise note issue rests with the Financial Secretary. The printing of banknotes takes place at Hong Kong Note Printing Limited's plant in Tai Po. In accordance with Hong Kong's currency board arrangements, all banknotes issued (as well as coins), are fully backed by their equivalent in US dollars at the linked exchange rate of HK$7.8 to the US dollar. Modern Hong Kong banknotes - like those in most other places - are equipped with a range of security features. These are illustrated on the latest version of the $1,000 note, first issued in 2000-2001. The design and security features for the full range of Hong Kong banknotes are currently under review by the HKMA and the note-issuing banks.