Through an official press release, the Central Bank of China recently announced that new banknotes and coins will be circulated in the country. The Chinese currency will be upgraded with new designs and security features after more than 10 years. New banknotes of denominations 50 yuan, 20 yuan, 10 yuan, and 1 yuan will be released on 30th August. Apart from new banknotes, new coins of denominations 1 yuan, 0.5 yuan, and 0.1 yuan will also be released on the same day.

The new designs for Chinese currency notes and coins will not be majorly different from the ones that are already in circulation. However, the notes will have enhanced security features so that it’s not easy for counterfeiters to duplicate them.

China has been promoting cashless transactions through various digital payment systems. However, central bank officials believe that legal currency renminbi banknotes and coins are very important even today.

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