International Economy - Current Affairs for March,2017

Month and Year:   
▼ New 12 sides British pound coin launched   [03-29-17]

A new 12-sided British pound coin is entering circulation amid concern that the round pound was too easy to counterfeit.

The new coin introduced on 28th March 2017 is intended to be the most secure in the world, featuring a hologram that changes from the pound symbol to the numeral one.

It also has micro-lettering and milled edges.

It is slightly larger in diameter, but lighter than the round pound.

And despite its many sides, the Royal Mint says the new coin will roll and has been tested for the last three years to make sure it will work in vending machines.

The old coin and the new coin will co-exist for a period of around six months. It’s the first new pound coin to be introduced in 30 years.

It is considered the world's most secure coin.

Bimetallic with different inner and outer rings, a hidden identification system, a hologram, micro lettering with a diameter of 23.43 mm.

It is thinner and lighter than the old coin which ceases to be legal tender on Oct 15, 2017. With a thickness of 2.8mm and weight of 8.75g, the coin is unique in many ways.

▼ SCS to hold China's first national underwater observatory   [03-6-17]

China is planning to build its first national underwater observatory in the disputed South China Sea (SCS).

The observatory will allow China to keep a check on underwater physical, chemical, and geological dynamics in real time.

The construction work on the platform will be done with the help of Institute of Acoustics and Shanghai’s Tongji University.

South China Sea has been a disputed territory with China claiming almost all of the waters.

It carries third of the world’s maritime traffic and has huge amounts of oil and natural gas. Philippines, Vietnam, Malaysia, Brunei and Taiwan also are claiming over the waters of SCS.