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.

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-aVWAnr-he9RBj-k5NSf-kaazy-89Fr2V-89JFdJ-89JFHs-mj3RWW-9VzCaq-a32GE9-m9qsQk-9VzDbs-9VzJDQ-m17UvH-oyZBKF-m18PuE-99n2oE-hk3LXd-oyJewD-9vNRp5-ohvbQL-6XoZee-a321Gq-89QY8B-c7MSRo-4bLTVn-89UdHL-2EUERq-qj74Ls-7g5zvv-89JFEh-89Q8pA-ohv6c2" target="_blank" rel="external">Nayuki</a> / <a href="http://creativecommons.org/licenses/by/2.0/uk/" target="_blank" rel="external">CC BY 2.0</a></span>

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

Explore related stories

Tibetan buddhist mask dance, cham, at Bhutanese temple. 1202856715 asia, bhutan, bodhgaya, buddha, buddhism, buddhist, color, colorful, culture, dance, festival, mask, mask dance, outdoor, pray, religion, temple, tibet, tibetan buddhism

Architecture

The ultimate guide to Tibetan Buddhist monasteries: exploring gompas in the Himalayas

Nov 22, 2024 • 7 min read

Read more articles