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One Yuan Note to be Replaced with Coin in East China
   2016-03-12 17:20:32    CRIENGLISH.com      Web Editor: Huang Yue

Five pilot cities in Shandong province gradually take the one yuan banknotes out of circulation and replace them with one yuan coins [Photo: ce.cn]

Five pilot cities in east China's Shandong province will gradually take the one yuan banknotes out of circulation and replace them with one yuan coins, according to a Shandong-based newspaper.

People's Bank of China Jinan Branch in January announced that it will stop issuing one yuan banknotes to commercial banks in five pilot cities in Shandong. Till now, the project has been carried out in succession in the pilot cities.

The one yuan banknotes in the five cities will be gradually removed from circulation as disused paper money.

It is reported that according to the previous experience on taking two yuan, one jiao (one yuan is divided into ten jiao) and five jiao notes out of circulation, the remove of one yuan banknotes will take a long transitional period during which the one yuan notes can still be normally used.

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