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China says farewell as the People's Bank phases out ¥1 banknotes

Aug 20, 2019

0 MIN READ
A ¥1 banknote.

A ¥1 banknote. <span class="media-attribution">Image by <a href="https://www.flickr.com/photos/nayukim/3827179640/in/photolist-6QciaS-egkhku-a2YaDD-6bud1K-a2Y6J8-a2Y6Xx-7CizgP-8XpVsY-8XUQAb-m18Qqs-a2Y8A8-6TfKKJ-7WAEm8-dev5sK-k2Zz4-aVWAbT-3dVi9E-aV...

Megan Eaves

Writer

London

Megan Eaves is a travel author, consultant and advocate for sustainable travel and dark skies. She formerly served as Lonely Planet's North and Central Asia Destination Editor. Her writing appears in The Independent, BBC, CNN, Culture Trip, South China Morning Post, TimeOut, Travel Weekly, Horizon Guides and numerous others. She has written Lonely Planet guidebooks to China, South Korea and Tibet and edited dozens more, as well as DK guides to China, Shanghai and Beijing. Her other beats in…
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China’s ¥1 banknotes will soon be phased out of circulation, it has been announced. The People’s Bank of China Deputy Governor, Chen Yulu, said the paper notes would be discontinued after a successful pilot project phasing the notes out in Shandong province.

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A ¥1 banknote. <span class="media-attribution">Image by <a href="https://www.flickr.com/photos/nayukim/3827179640/in/photolist-6QciaS-egkhku-a2YaDD-6bud1K-a2Y6J8-a2Y6Xx-7CizgP-8XpVsY-8XUQAb-m18Qqs-a2Y8A8-6TfKKJ-7WAEm8-dev5sK-k2Zz4-aVWAbT-3dVi9E-aV...

The country’s ¥1 coins, currently also in circulation, will be kept. China has in recent years phased out other small-denomination banknotes, including its ¥0.1, ¥0.2, ¥0.5 (1, 2, and 5 jiao) and ¥2 bills. Currently, ¥1 is worth around US$.15 cents. Proponents of phasing out the bills say that coins are more hygenic and last longer, while critics say coins seem ‘cheap’ and ‘inferior’. Read more: thenanfang.com

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