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China’s Central Bank to Release New Banknotes and Coins in August

By Zhao Runhua and Peng Qinqin / Apr 30, 2019 05:46 AM / Finance

Photo: PBOC

Photo: PBOC

After more than a decade, China is finally releasing newly patterned banknotes and coins, the central bank said Monday in a statement.

Starting Aug. 30, new banknotes of 50 yuan ($7.43), 20 yuan, 10 yuan, and 1 yuan, as well as coins of 1 yuan, 0.5 yuan, and 0.1 yuan, will be released and in circulation, the central bank said.

The new patterns, though not very different from existing ones, are designed to be harder for counterfeiters to copy.

Though a dynamic digital payment ecosystem in China offers cashless convenience, legal currency renminbi banknotes and coins are still important, said Zhang Meng, a central bank official.

Related: Charts of the Day: China’s Digital Payment Duo Heads Abroad

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