Businesses cannot refuse new Chinese bank note: China Daily

Says businesses have refused it because their money scanning machines cannot identify the latest counterfeit features

The People's Bank of China (PBOC) has announced that no institution or individual can refuse to accept the new 100-yuan note for payment, a media report said on Thursday.

Many businesses have refused it because their money scanning machines cannot identify the latest counterfeit features, the China Daily reported.

The bank issued the 2015 edition of the note with advanced anti-counterfeiting technology on November 12. It will circulate alongside the previous editions.
 

 

"The new version is the country's legal tender, and no institution or individual can refuse to accept it for payment. Institutions and individuals can complain about the refusal to the PBOC's local offices all over the country," a statement on the bank's website said.

Before the issue of the new note, all ATMs and scanners in financial institutions were upgraded and passed the tests, the bank said.

"It will take a longer period to upgrade all the machines at retail stores and other businesses, and the PBOC will enhance supervision and provide assistance during the process," said the statement.

For the 2015 edition, the bank increased to five the number of areas on the front that use a special Intaglio print technique that can be felt by the fingertips. The tactile strip from the older design has been removed and replaced by a serial number printed in blue.

In addition, the number "100" in the centre is printed by a special ink that can turn green as the note is shifted from vertical to horizontal.

These changes are designed to make it harder to counterfeit while easier for machines to read, according to the PBOC.