China says farewell as the People's Bank phases out ¥1 banknotes

China’s ¥1 banknotes will soon be phased out of circulation, it has been announced. The People’s Bank of China Deputy Governor, Chen Yulu, said the paper notes would be discontinued after a successful pilot project phasing the notes out in Shandong province.

The country’s ¥1 coins, currently also in circulation, will be kept. China has in recent years phased out other small-denomination banknotes, including its ¥0.1, ¥0.2, ¥0.5 (1, 2, and 5 jiao) and ¥2 bills. Currently, ¥1 is worth around US$.15 cents. Proponents of phasing out the bills say that coins are more hygenic and last longer, while critics say coins seem ‘cheap’ and ‘inferior’. Read more: thenanfang.com