The People's Bank of China (PBoC) has announced on Monday that an updated version of the 100 yuan banknote will be introduced on Nov. 12. There would be no changes to the color and design of the new 100 yuan bill. However, it would come with advanced security features that will make it difficult to counterfeit and easily identifiable by machines.

Like Us on Facebook

The decision to issue a new 100 yuan banknote reflects the central bank's concerns over the growth in counterfeit banknotes in circulation in the country. Authorities seize hundreds of millions of fake yuan banknotes annually. The value of the counterfeit money seized between 2012 and 2014 increased by more than 50 percent from 329 million to 532 million yuan respectively.  

The 100 yuan bill is the largest denomination of the yuan. Experts say counterfeiters usually target smaller denominations since there are lesser chances of people doubting their authenticity.

The decision to issue a new 100 yuan banknote also reflects the central bank's desire to improve electronic currency circulation. The use of electronic cash dispensing machines is fast growing across China. Therefore, making the 100 yuan bill more compatible with these devices could protect banks from losses due to faulty machines.

Experts say the improvements to the yuan banknote could also support China's bid to strengthen the yuan's usability and secure the International Monetary Fund's (IMF) Special Drawing Rights.

The 100 yuan banknote was issued in 1999 with the introduction of the fifth series of yuan banknotes. This is the second time that the banknote is being changed. The last time it was updated with anti-counterfeiting features was about 10 years ago.

Some of the main changes to the new 100 yuan bill include a serial number on the right side of the banknote - in addition to the serial number on the left side. Color-changing ink will also be used to inscribe 100 on the bill.

Earlier in the year, the Ministry of Public Security revealed that more than 97 percent of the forged banknotes seized in recent years were printed from templates designed by a Guangdong artist Peng Daxiang. Peng, 73, who is currently serving a life sentence, is said to have hand painted the templates.

Tagspeople's bank of china, China New 100 Yuan Banknote, China Counterfeit Money, China Counterfeit Currency, Counterfeit Yuan, China Fake Yuan, yuan, 100 Yuan Banknote