Proposal of issuing large denomination RMB

| March 8th, 2012

From CNR.CN:

20120308-large-bills-01

Are you ready for thousand yuan bills? Member of CPPCC National Committee, vice chairman of the Shangdong Federation of Industry and Commerce Zong Licheng suggested in a proposal, issuing 500 yuan or 1000 yuan denomination bills, in order to meet the economic and social development needs and to reduce the cost of currency in circulation. This message immediately triggered heated debate once appeared on the Internet.

As early as 2004 Lianghui (Two Meetings – National People’s Congress and Chinese People’s Political Consultative Conference), member Zong Licheng has made recommendations to issue the 500 yuan and 1000 yuan denomination bills. However the reply given by the central bank officials was “still premature to issue large bills.”

During this year’s Lianghui, member Zong Licheng believes that time is right for issuing 500 yuan or 1000 yuan large bills, large-denomination RMB has a variety of advantages and benefits. Easy to carry, reduces the circulation time, increases efficiency and saves paper. Currently the largest denomination of RMB is too small, can no longer meet the rapid growth of total economic output.

“Credit card payment has become increasingly common, no need to issue large bills”, Zong Licheng believes this view lacks of real world experience and practice. His home town sells vegetables, a car load is more than hundred thousand yuan, “how do you use credit card when going to farmer’s home?” He also used the bank ATM as an example, “Each machine can only hold hundreds of largest denomination banknotes, there are on average 50 – 60 withdrawals a day, the money in an ATM can only supply half a day. If the bank has to refill the machine twice in a day, that essentially increases human and material resources.

Zong’s recommendations were supported by many netizens, “save paper, easy to use, it’s a good idea.”

@卑鄙的谁的谁: “So many years, we did not develop personal checks but pushing for 1000 yuan RMB. HK has it, why can’t RMB? Couple tens of thousands, you can just stuff it into your butt so you don’t have to worry about it being stolen.”

@缘来有机866: “miserable! Many people work hard for a month, to only get one bill.”

There are also netizens pointing out that the large banknotes are not safe.

@EJ矿工阿呆: “This is more convenient for the rich, but for those of us migrant workers, it is really a tragedy. One day, you go to the bank to withdraw 10,000 yuan, ATM spits out 10 1000 yuan bills. If two of them are counterfeits then you are doomed.”

@韬SIR:”People want money in their wallet to improve their quality of life, nominal value of the money is not important. What is more important are common people can become rich and happy!”

Netizens also commented on Zong’s example of farmers selling vegetables.

@名字常变: “According to the example, I feel he should promote to popularize POS terminals instead, let the farmers in the fields can use them, if not able to afford them then rent them. One counterfeit banknote less can earn back the cost. After all digital money is the future trend of development. In addition he should also mention the protection of personal bank accounts, there are too many “clone card” cases, even the bank card is not safe.”

@头大: “The issue of large bills only facilitates those who do not want the money in the bank, such as underground banking, corrupt officials, and tax evaders. Ordinary people really do not need it.”

29 Comments | Leave a comment | Comment feed

  1. Curren$y says:

    AW DAMN 500 YUAN BILLS
    NOW THAT’S BALLING

  2. voiceofhomer says:

    ‘The United States is trying to slow down China’s economic rise’
    ­Paul Craig Roberts, a former Assistant Secretary of the US Treasury, said that one of America’s main foreign policy goals is to thwart China’s economic development by disrupting oil supplies from Libya and Iran.“I think that’s what the real game is. The United States is trying to slow down China’s economic rise because it sees that rise as a threat to continuing American hegemony.”
    ———————————————————————————–

    RMB will be the new dollar soon.

  3. voiceofhomer says:

    With global economic power shifting eastwards, the chorus of anti-China rhetoric is growing ever louder. They were against economic inequality. They were against China.

    President Barack Obama threatened Beijing with punitive economic steps unless it started “playing by the rules.”

    “We have to have China understand that, like everybody else on the world stage, they have to play by the rules!” responded his rival for the Republican nomination, Mitt Romney.

    Rules, rules and again rules. As the country that has been ruling the roost for decades, the United States has never been shy of policing others.

    Conformity is one of the top values in the Chinese view of the world – also reflected in the country’s political and economic policies. So it is not that China does not play by the rules, it is actually quite the opposite. What the United States seems to have an issue with is that, increasingly, China rules and that is a privilege Washington would prefer to keep for itself.
    ———————————————————

    The US is keeping China down and so are most of the chinahush commentators here, western worshippers, China dogs and white trash China haters with china gals.

    • 老外 says:

      I have a question for you and PowerBullTroll,

      If those… waalados are such horrible losers, yet Chinese women are flocking to them in droves, what does that say about Chinese men?

      You’re insulting yourselves without realizing it.

      • voiceofhomer says:

        It must be for the same reason why white trash women flucking to the BBC, big black men.

        • 老外 says:

          I’m not white. I’m a red nigger.

          So, are you saying the Chinese men have inferior penis sizes?

          • voiceofhomer says:

            May be, why don’t you go take a look at all of them in China.

            I know lots of whites have a smaller one, that’s well known by white women and it’s on TV all the time, size matters on western TV shows.

          • voiceofhomer says:

            老外 says: 2012/03/08 at 2:22 pm

            I’m not white. I’m a red nigger.
            —————————-

            Gotta feel sorry for him, nobody in Amerika likes a red nigger, not even with a 12 incher or a big pair of balls.

            Not even with a casino and money cumming out of their ears.

            May be not even a China gal deep inside China, close to Mongolia or Turkestan.

  4. voiceofhomer says:

    The APEC summit in Honolulu revealed sharp divisions between the US and China, US growing critical over Beijing’s control of the value of the Yuan. But experts believe it could take over as the world’s reserve currency if China can meet expectations.

    ­CEO of Country Risk Solutions Daniel Wagner says that each passing APEC forum and other events on the global stage clearly show that China is really in the driver’s seat in many respects.

    George Koo, the founder of International Strategic Alliances, believes apparent tension between the U.S. and China at the APEC forum can only damage America, He thinks China bashing ahead of the U.S. presidential election hurts rather than helps US economic recovery.
    ———————————————

    If you hate the RMB or China yuan than you are one of those US whitey rejects or a western worshipper from the China dog culture.

  5. HansDampf says:

    fuck 500…. at least make the shit up to 2k, fucking worthless small bills….

  6. Uncle Sam says:

    It figures that when a good idea is introduced the stupid Chinese drones complain about it. I swear to god if China introduces tax breaks or extra days of holiday off there will be some Chinese dumb asses complaining. Fucking hopeless…

  7. Huzhang says:

    nobody uses large denomination bills anyway, what’s the point?

  8. snuden says:

    hey korean_fag check out my website at sweetshanghai.com plenty of chinky haters there too ;-)

  9. 老外 says:

    I’d prefer it. I hate carrying around 30x 100 yuan bills in my wallet; they can barely fit! BRING ON THE 500 DENG!

  10. John says:

    What the hell is wrong with you man? Snap out of it.

  11. 老外 says:

    I have a response for PowerBullTroll,

    You’ve been watching too much interracial pornography.

  12. voiceofhomer says:

    What about western movies, TV commercials and TV news.

  13. voiceofhomer says:

    Amerikan women would kill for BBC, big black guy and would rather die than to take a white guy for a mate.

    So white pig boyz got only the low China gals left to have sex with, otherwise the whitey will have to sleep with sheeps and blacks.

  14. 老外 says:

    You must be Xian. Do you miss my 10 inch hammer?

  15. voiceofhomer says:

    You must have trouble pissing or you have a headache every time you get a boner.

    And you are just like other white Amerikians, BSing about their sizes.

    Ten centimeters, that’s what you have.

  16. 老外 says:

    Neither.

    And no, I’m not white. I’m red.

    10 centimeters? I’m not even that small when flaccid. Ask your wife.

  17. voiceofhomer says:

    She says you are NO BBC.

    May be you are like the Tibetans, all mixed and not pure blood.

  18. 老外 says:

    Nigger Josh?

  19. 老外 says:

    Would you like me to post the videos? :)

  20. 老外 says:

    FUCK, I LOSE. I FEEL LIKE CRYING

  21. voiceofhomer says:

    老外 like China ladyboyz.

    PowerBullTroll, he don’t like China gals, he wants to see lots of China Dicks not doing China Janes.

  22. voiceofhomer says:

    South Korea ‘pastor’ and wife held over child killings South Korea ‘pastor’ and wife held over child killings.

    A South Korean couple have been arrested on suspicion of beating their three children to death to cure them of a “demonic illness”, police say.

    The children – five, eight and 10 years old – were found beaten and starved to death at a vicarage in South Cholla province.
    —————————————————–

    Just a little taste of South Korea western shit culture.

    You like k_g?

  23. voiceofhomer says:

    He like Dicks, he don’t like Janes.

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