Central Bank Dismisses RMB RumorThe People's Bank of China (PBOC), the central bank, brushed aside rumors Friday that certain Renminbi bank notes would soon be withdrawn from circulation.Withdrawal of any Renminbi notes must be approved by the State Council and announced by the central bank, according to the new code on the administration of Renminbi, which will take effect Monday. "It is not correct to say that the one-yuan and two-yuan notes would soon exit," today's China Daily quoted an PBOC spokesman as saying. The spokesman explained that the central bank's move to stop circulating new Renminbi notes with one-yuan (0.12 US dollars) and two-yuan denominations in some places was simply aimed at improving the 'tidiness of the currency". However, the central bank's long-term goal is still to replace low-value notes with coins because paper bills are less durable, he added. Central bank governor Dai Xianglong also urged the banking industry to observe the new code "Renminbi Administration Regulations". |
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