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Central bank says no plan to issue larger denomination banknotes

(Xinhua)

14:53, March 12, 2012

BEIJING, March 12 (Xinhua) -- Hu Xiaolian, deputy governor of the People's Bank of China, the central bank, said Monday that the central bank is not planning to issue larger denomination banknotes in the short term.

"We have noticed public complaints of inconvenience in bigger transactions...but we should consider all the pros and cons of the issue," said Hu at a press conference on the sidelines of the country's annual parliamentary session.

The use of larger denomination banknotes will cause more changes in daily trading, and they will bring larger losses to consumers if they receive fake ones, said Hu.

Moreover, the issuing of such banknotes will give rise to inflation expectations and concerns among the public, she added, recommending using electronic payments, like debit cards or credit cards, to solve inconveniences in large transactions.

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