A new 100RMB bank note - and now More

[Randy W]

This is an old, continuing topic from 2015

See . . . . . . . . . . . . . . . . most recent post

for current posts

 

 

 

I don't think I've ever seen a counterfeit ¥100 note (and only a couple of smaller denominations), . . . but

 

 

China to issue new 100 yuan note to counter the counterfeits

 

Colour-changing ink and additional serial number among the features to be added in November

 

The People’s Bank of China is planning to issue a new 100 yuan banknote with improved anti-counterfeiting features in November, the first upgrade of the bill since 2005.

While the portrait of Mao Zedong will remain, the new notes will include features to combat counterfeiting, which is rampant.

 

The face value of seized counterfeit money on the mainland rose from 329 million yuan (HK$410.million) in 2012 to 532 million yuan last year.

 

The central bank said on Monday the note’s design had been updated so it could be more 8easily identified by vending machines and automatic teller machines, which have proliferated across the country.

 

IN PICTURES: How China's renminbi banknote has changed over the decades

 

The currency has undergone many redesigns since the newly founded PBOC issued its first 8series on December 1, 1948, during the civil war.

 

The new note will be the third edition of the fifth series, which was introduced in 1999. The second edition was issued in 2005.

 

Its look will stay largely the same as the second edition except for changes to the colour and design of some graphic elements.

 

Colour-changing ink will be applied to the pattern of the number 100 in the centre of the note to make it more difficult to counterfeit. The colour will change from golden to green when the angle is adjusted.

 

New notes will feature additional serial numbers on the right-hand side to ensure they are still identifiable even if the serial number on the left has worn off.

 

Other new features include a security line on the right of the bill, which will change from hot pink to green when the viewing angle is adjusted, and a textured pattern across the image of the Great Hall of the People on the back of the note.

 

Commenting on the change, Guangzhou-based marketing executive Mars Ma said he would be more interested in seeing the issue of higher-value notes – the 100 yuan note is presently the highest denomination of the currency.

 

Edited July 3, 2019 by Randy W (see edit history)

[Randy W]

Devalued, at that

 

China’s central bank devalues the yuan 2 per cent – biggest drop since 1994 - in wake of stock market crash

 

China’s central bank devalued the yuan on Tuesday, setting the daily mid point yuan trading price a record 1.86 per cent weaker at 6.2298 to the US dollar in the clearest sign yet the government may let the currency soften after worsening economic data and a stuttering stock market.

 

Foreign exchange markets reacted immediately with the onshore yuan trading 1.41 per cent weaker at 6.2970 against the greenback.

 

“The international economic and financial conditions are very complex. The US dollar is strengthening, while the Euro and Japanese Yen are weakening. Emerging market and commodities currencies are facing downward pressure, and we are seeing increasing volatilities in international capital flow,” a spokesman for China’s central bank, the People’s Bank of China, told the media Tuesday morning.

 

[Randy W]

from the WSJ

 

5 Things to Know About China’s Currency Devaluation

China on Tuesday devalued its currency in a way that left it 1.9% weaker versus the U.S. dollar. The move will likely have a ripple effect through financial markets as well as in politics, as China is the world’s largest trader and the yuan is increasingly used overseas. Here are five things you need to know about Beijing’s latest move.

 

 

• 1 What did China do?

  China tightly controls the value of its currency by setting a daily rate for the yuan versus the dollar. In China’s domestic market, traders are allowed to push the yuan 2% stronger or weaker for the day. But the People’s Bank of China often ignores those market signals when it sets the next day’s rate, sometimes setting the yuan stronger versus the dollar when the market is signaling it sees the yuan as weaker. The central bank said it will now take the previous day’s trading into account – and it attributes that move to Tuesday’s sharp drop.

• 2 Why did China do it?

  In its statement, the PBOC said it wants to bring the yuan more in line with the market. But the move also comes as China’s important export sector has weakened – and overall economic growth looks sluggish. Over the weekend, Chinese customs officials said July exports fell 8.3% compared with a year ago. A weaker currency helps China’s exporters sell their goods abroad.

 

 

Edited August 11, 2015 by Randy W (see edit history)

[Thomas Promise]

China's shock 2 percent devaluation of the yuan on Tuesday pushed the dollar higher and raised the prospect of a new round of currency wars. The Chinese devaluation was taken as things are not going that well in China.

 

http://finance.yahoo.com/news/global-markets-china-devaluation-heralds-083846075.html;_ylt=AwrC1zEC.clVbWYAa0TQtDMD;_ylu=X3oDMTByOHZyb21tBGNvbG8DYmYxBHBvcwMxBHZ0aWQDBHNlYwNzcg--

Edited August 11, 2015 by Randy W
merged into existing topic (see edit history)

[Randy W]

The devaluation continues . . .

 

China tries to calm currency war fears as yuan slips further

China's yuan hit a four-year low on Wednesday, falling for a second day after authorities devalued it in a move that sparked fears of a global currency war and accusations that Beijing was giving an unfair advantage to its struggling exporters.

Spot yuan fell to 6.43 per dollar, its weakest since August 2011, after the central bank set its daily midpoint reference at 6.3306, even weaker than Tuesday's devaluation. The currency fared worse in offshore trade, touching 6.57.

The central bank, which had described the devaluation as a one-off step to make the yuan more responsive to market forces, sought to reassure financial markets on Wednesday that it was not embarking on a steady depreciation.

"Looking at the international and domestic economic situation, currently there is no basis for a sustained depreciation trend for the yuan," the People's Bank of China said in a statement.

 

[Greg.D.]

Just a week or two ago, China "won" the winter olympics and I thought "well, they have the money and they can show off again".

 

But now I'm hoping they can hold it together, avoid mass panic and get on a steady course again.

[Randy W]

Xinhua: RMB value gap basically covered, currency still strong: PBOC

 

Adjustment to close the gap between the central parity rate and the actual trading rate of China's currency, the renminbi (RMB) or yuan, is basically complete, an official of the People's Bank of China (PBOC) said Thursday at a press conference.

 

The value of the yuan has gradually returned to market levels after declines during previous days, and the yuan will remain strong in the long run with no basis for persistent and substantial depreciation, said Zhang Xiaohui, assistant governor of the PBOC.

 

Zhang said that previously there was a 3-percent gap in the yuan's value between the rate and market expectations.

 

The central parity rate of the yuan weakened by 704 basis points, or 1.1 percent, to 6.401 against the U.S. dollar on Thursday, narrowing from Wednesday's 1.6 percent and almost 1.9 percent on Tuesday.

 

[dnoblett]

China's currency devaluation could spark 'tidal wave of deflation'

 

Western central banks advised to resist raising interest rates and told to prepare to ward off deflationary slump in face of cheaper Chinese exports

 

“Make no mistake, this is the start of something big, something ugly.” City economist Albert Edwards rarely minces his words, but his reaction to China’s devaluation, which sent shockwaves through global markets, underlined how powerfully Beijing’s move may be felt thousands of miles away.

 

Edwards, of the bank Société Générale, argues that as well as creating a challenge for China’s Asian rivals, by making its exports more competitive, a cheaper yuan will send “a tidal wave of deflation” breaking over the world economy.

 

Central banks in the US and the UK have primed investors for interest rate rises, with the Bank of England Mark Carney pointing to the turn of the year for a move, and Janet Yellen, at the Federal Reserve, signalling that a tightening could start as soon as September.

[Randy W]

Just to try to give a little perspective here, this is a chart of the relative devaluations over the last year of the Chinese yuan, the South Korean won, the Japanese yen, and the euro.

 

[Randy W]

China’s Currency Stabilizes After 3-Day Slide

 

 

By Friday, China had made clear it would allow the currency to move with the markets. But the central bank also showed it would not hesitate to step into the markets when it became uncomfortable with the volatility. And the renminbi’s daily swings are still capped at a rise or fall of 2 percent.

The central bank set the exchange rate at 6.397 per dollar, a tiny 0.01 percent gain from Thursday’s market close. It remained around that level through late afternoon on Friday, despite heavy volume, suggesting the central bank was acting to keep the currency stable.

 

[Thomas Promise]

Things aren't going well for the stock markets here in the US or China. The Dow has lost nearly 1100 points since Tuesday and China's markets took a swoon of 10% this past week. There is also evidence that China "slow growth of 7%" has been cooked up. It is more like 4% growth or less now. Oil is falling now (under $41.00 a barrel) and the price fixing criminals can't do anything to stop it. Never never land is coming to very hard reality for a lot of people.

 

http://money.cnn.com/2015/08/21/news/economy/china-economy-slowdown/index.html

[Randy W]

You've got to laugh when people complain that China's economy just doesn't behave the way it's supposed to -

China’s Turbulent Markets Keep Still-Eager Investors Guessing

[Randy W]

From Xinhua - English.news.cn | 2015-11-11 08:55:07

 

New security-enhanced 100 yuan note to enter market on Thursday

 

http://news.xinhuanet.com/english/photo/2015-11/11/134804133_14472030766841n.jpg

 

 

 

Quote

New 100-yuan notes wheeled out in the factory of China Banknote Printing and Minting Corporation, Oct 29. (Photo: Xinhua)

 

A new 100-yuan bank note will be released by the central bank on Thursday, Xinhua reported. Part of the fifth set of bank notes introduced by the People's Bank of China (PBOC) in 1999, the 100-yuan bank note was last changed in 2005. The design will stay largely the same as the 2005 series, but the new bank notes are harder to counterfeit and easier for machines to read, Shang Zhiyu from Currency Gold and Silver Bureau under PBOC explained.

 

Edited August 18, 2021 by Randy W (see edit history)

[Randy W]

in the Shanghaiist - "And the original edition of the 100 yuan bill from the 1940s:"

 

 

Edited August 18, 2021 by Randy W (see edit history)

[Randy W]

from the Sixth Tone

 

 

China’s Mobile Payment Generation Amused by New Banknote

Quote

Over the weekend, comments about the gold color scheme and image of the People’s Bank building were in the minority: Instead, most netizens seemed far more eager to observe that in China’s major cities at least, cash is fast becoming obsolete. As of Tuesday afternoon, the hashtag “I haven’t used cash in a long time” had been viewed over 170 million times on Weibo. Some of the more colorful comments include “I only go out with my mobile phone” and “I never carry so much as a coin.”

 

 

 

 

China’s Mobile Payment Generation Amused by New Banknote

Edited August 18, 2021 by Randy W (see edit history)