Date
29 March 2017
Some shopkeepers say their existing currency validation machines may not be able to recognize the new 100 yuan banknotes. Photos: Ming Pao, Bloomberg
Some shopkeepers say their existing currency validation machines may not be able to recognize the new 100 yuan banknotes. Photos: Ming Pao, Bloomberg

New 100 yuan banknotes to spur currency machine upgrades

China’s new 100 yuan banknotes, which incorporate advanced anti-counterfeiting features, will be available in the branches of major mainland banks in Hong Kong from Friday.

The new banknotes were officially released in the mainland on Thursday.

Observers have described the design as “rich rednecks gold” as the “100″ digits in the middle of the currency notes are now in golden color.

A currency exchange shop owner in Hong Kong said the note detector machines commonly in use, which cost over HK$8,000 per unit, will be able to validate the new banknotes as well.

However, a more entry-level machine, which sells for around HK$2,000, may not be up to the task, he told Ming Pao Daily News.

Some drugstore personnel in Sheung Shui were quoted as saying that they may refuse to take the new notes initially until their currency validation machines are upgraded.

Supply of the new banknotes across banks in Shenzhen was not consistent on Thursday, with some telling customers to wait until Friday to get their hands on the new notes.

The new banknotes are harder to counterfeit and easier for machines to read, according to Shang Zhiyu, an official with the Currency Gold and Silver Bureau of the People’s Bank of China (PBoC).

Apart from the 100 yuan note, which is the largest denomination of the Chinese currency, it is believed that the PBoC has no plans to roll out new designs of other notes.

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EL/AC/RC

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