China to destroy banknotes from sectors with COVID-19 cases, according to a branch of China’s central bank in Guangzhou.
China might destroy all banknotes in order to ensure the safety of cash transactions, according to a branch of China’s central bank in Guangzhou.
Caixin on Saturday reported that the officials at the branch of the People’s Bank of China (PBOC) in Guangzhou ordered that all banknotes from sectors with high exposure to the 2019 novel coronavirus, now COVID-19, be withdrawn for destruction.
This, after Fan Yifei, the deputy governor of the People’s Bank Of China (PBOC), on Saturday said that 600 billion yuan (PHP 620 billion) of banknotes were already distributed throughout the country since January 27, including 4 billion yuan (PHP 29 billion) in fresh notes sent to Wuhan before the Lunar New Year.
The PBOC said that the central bank would use high temperatures or ultraviolet (UV) light in order to disinfect cash, and store the currency for more than 14 days before putting it back in circulation. In addition, the PBOC said that nearly 3 billion yuan (PHP 21 billion) in new banknotes was added into the southern province of Guangdong (except Shenzhen) between February 3 and 13, while 7.8 billion yuan (PHP 57 billion) was withdrawn from circulation.
As reported by Caixin, the banking industry extended 270 million yuan (PHP 2 billion) in cash through 1,249 transactions to government agencies, epidemic prevention and control-related enterprises, and other frontline units; while the cash withdrawals have amounted to 800 million yuan (PHP 5.8 billion) through 6,186 transactions.
Fan Yifei, the deputy governor of the People’s Bank Of China (PBOC), also said that China had pledged extra funds to banks, pushing them to help manufacturers and business pull through headwinds from the China-US trade war as well as the nation’s worst health crisis in nearly 20 years.
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