Prepare to receive pocketfuls of coins as small change in the near future, because the RMB1 note is about to be taken out of circulation in China according to The Beijing News.
Starting from January 1 this year, five pilot cities in Shandong province stopped issuing RMB1 notes to commercial banks. Instead, they used coins, as they can withstand wear and tear better and enjoy a much longer circulation life.
READ MORE: EXPLAINER: Why you get 1 RMB coins in Shanghai but bills in Beijing
Last Sunday, People's Bank of China Vice Governor Chen Yulu told The Beijing News that taking RMB1 notes out of circulation would also be implemented in phases throughout China.
However, seeing as it took about ten years to remove RMB2 banknotes from circulation, you can probably safely hold onto your RMB1 banknotes for just a little longer.
[Image via Sohu]
0 User Comments