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China Denies Rumor That Detained Mint Banker Forged $314 Billion of Notes -Breaking

by Mike Robinson

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© Bloomberg. A photograph of Chinese one-hundredyuan banknotes is taken in Hong Kong, China on Thursday 23 April 2020. The People’s Bank of China has recently reduced short- and mid-term rates, in addition to liquidity injections, loan rollsovers and simpler regulatory rules. Photographer: Paul Yeung/Bloomberg

(Bloomberg) — China’s central bank denied a rumor that a detained senior official forged $314 billion worth of banknotes.

Chen Yaoming was one of the people in charge of minting China’s cash until he was detained recently on suspicion of unspecified “serious crimes.” His detention was one of the top trending topics on Weibo (NASDAQ:) Wednesday, with some people speculating that it was because he had been printing banknotes with the same serial numbers as other notes. 

The rumour that he’d printed 2 trillion yuan ($314 billion) worth of such notes is false, the People’s Bank of China said in a statement Wednesday, and has been reported to the police. According to the PBOC: The strict procedure for printing renminbi notes is followed and it has been done in conformity with regulations and laws.

However, there was no explanation of why Chen was detained, either in the central bank’s statement or in the notice from the anti-corruption watchdog earlier this month, which said that he’d surrendered himself and was under investigation.

Forging 2 trillion yuan in banknotes would be a truly mammoth undertaking – the largest note in China is 100 yuan, so 2 trillion yuan would be 20 billion notes, and would be worth about 2% of China’s 2020’s gross domestic product.

©2021 Bloomberg L.P.

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