(ECNS) -- China's central bank has denied speculation that the one-yuan banknote may be pulled from circulation.
The Currency, Gold and Silver Bureau of the People’s Bank of China said the note will exist side-by-side with the one-yuan coin for a long time yet.
An official from the bureau said the central bank has been promoting the use of coins since 1992 because a minted coin has a longer life cycle than paper currency, is environmentally friendly and works well with vending machines.
The official added that the central bank would not forcefully remove the banknote from circulation because of the country’s vast territory, huge population, great disparities and diverse demands.
Beginning this year, the central bank further boosted efforts to use one-yuan coins in Fujian and Jiangxi provinces as well as some cities in Shandong province.
The bank will promote the use of coins in a stable and gradual way and give priority to fostering habits for their use, the official added.
Data also showed the one-yuan banknote was used with three times the frequency of coins in 2015.
