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Deputy suggests 1,000-yuan notes
Source: Xinhua |
March 13, 2009, Friday
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Print Edition
Print Edition
A CHINESE lawmaker proposed that the central bank should issue bank notes with nominal values of 500 yuan (US$73) and 1,000 yuan to save social costs.
Currently, the biggest Chinese bank note is worth 100 yuan.
Bigger bank notes would be more convenient and reduce printing costs, said He Daxin, deputy to the National People's Congress.
"With the rapid economic development, it is common for people to pay more than 1,000 yuan in one daily transaction. Chinese people still prefer cash to bank cards in their daily life," the lawmaker said.
He said China could save two thirds of its money-printing costs ?? currently 3 billion yuan each year. "It would be a blessing for taxpayers."
Currently, the biggest Chinese bank note is worth 100 yuan.
Bigger bank notes would be more convenient and reduce printing costs, said He Daxin, deputy to the National People's Congress.
"With the rapid economic development, it is common for people to pay more than 1,000 yuan in one daily transaction. Chinese people still prefer cash to bank cards in their daily life," the lawmaker said.
He said China could save two thirds of its money-printing costs ?? currently 3 billion yuan each year. "It would be a blessing for taxpayers."
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