Businesses cannot refuse new bank note

The latest edition of the 100-yuan bank note is displayed at a local branch of Bank of Communications in Beijing on Nov 12, the day it was issued. [Photo/China Daily]

The People's Bank of China has said no institution or individual can refuse to accept the new 100-yuan note for payment.

The bank has issued a statement after problems with the new note.

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

The bank issued the 2015 edition of the bank note with advanced anti-counterfeiting technology on Nov 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," the statement on the bank's website said.

Before the issue of the new note, all ATMs and scanners in financial institutions had been 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.

The central bank suggested the public learn about the new features of the note from its official website or from commercial banks.

For the 2015 edition, it 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 center is printed by 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.

A report from the website of US Quartz Business Media said that China seized counterfeit money with a face value of 532 million yuan ($85 million) last year, higher than the 329 million yuan seized in 2013. The Chinese central bank didn't comment on that figure.

Meng Qingfeng, vice-minister of public security, said last week that monitoring stations have been established in the country to further crack down on money counterfeiting.