China will release a new version of the 100-yuan bill starting from Nov. 12. (Photo/Chinanews.com)
(ECNS) - Starting from Nov. 12, China will release a new version of the 100-yuan bill, which will bear a golden "100" and adopt advanced anti-counterfeit technology, according to the People's Bank of China (PBOC) in a statement on Monday.
The "100" on the new bill will appear golden from certain angles and serve as an anti-counterfeit measure. It has also earned the note a nickname, "Tuhao Jin," which means "uncouth rich gold."
Six other anti-counterfeit features have also been introduced, including lining, coding, hand-feeling, and a special head portrait of Chairman Mao.
Once released, the new bills will circulate equally with older notes.
The major reason for the release is to fight counterfeiting. From 2012 to 2014, China confiscated fake money of 329 million, 415 million and 532 million yuan each year, respectively, marking consecutive increase rates of more than 25 percent.
In addition, the rapid development of automatic vendor and cash-processing devices also calls for a safer currency, according to the PBC.
Professor Xiao Bo of Fudan University said there is no need to worry about over-issuing. China has not upgraded the yuan since 2005 and has been highly careful when it comes to currency release.
