China’s ¥1 banknotes will soon be phased out of circulation, as announced by the People’s Bank of China Deputy Governor, Chen Yulu. This decision follows a successful pilot project that tested the phase-out in Shandong province.
The country’s ¥1 coins, which are currently in circulation, will be retained. In recent years, China has phased out several small-denomination banknotes, including its ¥0.1, ¥0.2, ¥0.5 (1, 2, and 5 jiao), and ¥2 bills. Presently, ¥1 is valued at approximately US$0.15. Proponents of this transition argue that coins are more hygienic and durable. Conversely, critics perceive coins as seeming ‘cheap’ and ‘inferior’. For further details, you can visit thenanfang.com.
