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China awash with fake 100 yuan notes

by Staff Writers
 Beijing (AFP) Jan 16, 2009
 Chinese authorities and shoppers are battling a flood of counterfeit 100-yuan (14-dollar) notes that have swept across the country ahead of the Lunar New Year holiday when spending traditionally spikes.

The fake versions of China's highest-denomination note are being sold for as little as 10 percent of their face value and have prompted the state-run media to publish advisories on how to detect counterfeit from real.

China's central bank also on Thursday warned consumers, banks and retail outlets to be on guard for the fake notes.

Police in Taiwan seized 100 million yuan worth of fake notes and arrested six people suspected of printing them, the China Daily reported on Friday.

A man was also arrested in southern China after being found carrying 830,000 yuan in fake bills beginning with the serial numbers "HD90", the most common type of counterfeit notes, according to the official Xinhua news agency said.

In yet another case, a Chinese farmer was sentenced to 10 months in prison and fined 15,000 yuan this week for using 55 "HD90" counterfeit notes, Xinhua reported.

State press reported the fake notes had been found in 10 provinces and territories, including Hong Kong.

A central bank spokesman urged people to be on alert for the fake bills during the upcoming Lunar New Year holiday, when many Chinese traditionally buy large household consumer products and gifts for their family.

The Lunar New Year falls on January 26.

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