Guangdong Produces 90% of Counterfeit RMB

Update:10 Feb 2007

A provincial legislator says that southern China's Guangdong province produces 90 percent of the country's counterfeit RMB. The deceived victims are mainly farmers.

The Information Times reports Ma Jing, governor of the Guangzhou branch of the People's Bank of China and a deputy of the local provincial People's Congress, suggests local legislature measures to combat against counterfeit money be included in a mechanism of special supervision in 2007.

Ma Jing also proposes stronger regulations be drafted to replace the present ones, which are not powerful enough.

The official revealed the statistics: 540 million yuan in counterfeit money, was seized in Guangdong province in 2006, a 20% increase over 2005. Provincial police dealt with 12 cases involving over 10 million yuan in counterfeit money last year.

Workshops for making this huge amount of fake paper money are located in areas such as Shantou, Shanwei and Jieyang and extend to some adjacent areas as police beef up crackdowns on fake money.

What's more, as the public become more aware of how to recognize fake money in higher denominations, an increasing number of fake coins, most of which have 1 yuan in face value, have been discovered recently in some areas.

In light of this trend, Ma Jing said the production of counterfeit money has damaged Guangdong's image on the financial stage and resulted in instability in society since the farming population has suffered huge economic losses.

He added particular attention should be devoted to educating the public to raise people's awareness of detecting counterfeit money in the countryside, urban-rural border areas and rural trade markets.

Source: CRI

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