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Chinese central bank rallies fight against counterfeit money

(Xinhua)
Updated: 2009-01-13 13:59

China's central bank has stepped up efforts to crack down on counterfeit currency to ensure order during the traditional Spring Festival holiday.

Fake 100-yuan notes, most starting with the serial number "HD90," have been reported in more than ten Chinese provinces and cities. The case has aroused public attention with reports saying the quality of some fake banknotes are so high that they can even cheat low-quality counterfeit money detectors.

The Shanghai Headquarters of the People's Bank of China (PBOC) said Monday it has strengthened cooperation with the public security and commerce authorities in the fight against crimes on counterfeit Renminbi notes.

The headquarters also ordered commercial banks to upgrade their counterfeit detection system.

In addition, it called on nonbanking businesses to check for loopholes and upgrade detectors. It also urged counterfeit detector manufacturers to develop upgraded versions of their products.

Last week, Ye Yingnan, head of the PBOC's Currency and Gold/Silver Bureau, said the counterfeit money detectors at banks and the ATMs (automatic teller machine) could spot fake banknotes.

Ye said the counterfeit bank notes bear obvious distinctions and people could learn the difference. But he also called on the public to be alert for the fake money during the Spring Festival holiday.