Proposal of issuing large denomination RMB

From CNR.CN:


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.”

  1. ‘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.

  2. 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.

    1. 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.

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

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

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

          1. 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.

          2. 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.

  3. 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.

    1. oh i see, you are implying you are rich by pointing out that you dislike small bills.

  4. 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…

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