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

2/2 © Bloomberg. Chinese one-hundred yuan banknotes are arranged for a photograph in Hong Kong, China, on Thursday, April 23, 2020. The People’s Bank of China (PBOC) has cut short- and medium-term rates recently on top of liquidity injections, loan rollovers and easier regulatory rules. Photographer: Paul Yeung/Bloomberg 2/2

(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:WB) 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. The printing of renminbi notes follows a strict process and has always been carried out in accordance with laws and regulations, the PBOC said.

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.

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

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