China's central bank: 500-yuan note not in the bank's plans

09:28, August 19, 2010      

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The People's Bank of China, the country's central bank, refuted in an official note market rumors that the bank plans to issue a new note of 500 yuan ($73.66), media reports said Wednesday.

The media had previously reported that the bank was considering issuing the high-value note, which would be printed with the portraits of either Confucius or the late leader Deng Xiaoping so as to internationalize the yuan.

An official from the currency management department of the bank said that the rumors have disturbed the financial order, and that the bank will cooperate with the authorities to crack down on rumor outflow.

The bank also warned individuals not to be cheated by the unfounded reports.

Ge Hongling, financial professor form the School of Economics of the Beijing Technology and Business University (BTBU), said that as for now, it is unnecessary to issue a note of such par value.

According to her, the creation of a high value note is decided upon the background of the inflation. She added that although now commodity prices are rising, the country has not yet reached the level for such radical implementation.

She closed by saying that also as electronic money permeates, it is not convenient to trade with a high-value note.

Source: Global Times


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