Beijing: China's central bank has asked manufacturers of ATMs to upgrade their products to handle new 100-yuan bank notes to be released in November to improve security in view of growing cases of counterfeit currency in the world's second-largest economy.
The People's Bank of China (PBOC) said it will issue new 100-yuan bank notes starting November 12.
Although the existing machines will not necessarily be replaced after the new bank notes are issued, they should be upgraded, industry insiders said.
Producers of counterfeit currency detectors, vending machines and ATMs should sign up to test their equipment to see if it requires upgrading starting today in order to ensure effective currency recognition and protect the legitimate rights and interests of cash holders, the PBOC said.
The new bank notes will have enhanced security features compared to the 2005 series, making it harder to counterfeit and easier for machines to read, state-run Xinhua news agency reported.
The 100-yuan note is the largest denomination of the Chinese currency. The old version of the note will stay in circulation following the new edition, the bank said.
