The issue time of the new version of the fifth set of RMB has been very concerned. The new version of RMB has been upgraded again on the fifth set of RMB which has been issued for nearly 20 years. It is worth mentioning that the fifth set of RMB five yuan notes is absent. The following small series will introduce to you the issuing time of the fifth set of RMB and the reasons for the absence of RMB five.
Issue time of the fifth set of RMB in the new edition
The fifth set of RMB 50 yuan, 20 yuan, 10 yuan, 1 yuan banknotes and 1 yuan, 5 jiao, 1 jiao coins of the 2019 edition will be issued from August 30 this year. After the issuance of the above currencies, they will be circulated at the same value as RMB of the same denomination.
The issue of 5 yuan note will be arranged separately
For the issuance of the new version of RMB, the central bank attributed it to improving the overall anti-counterfeiting ability of RMB and maintaining the serialization of the fifth set of RMB.
According to the announcement of the central bank, so far, 50 yuan, 20 yuan, 10 yuan and 1 yuan banknotes and 1 yuan, 50 Jiao and 1 jiao coins have been issued and circulated for nearly 20 years. During this period, great changes have taken place in the cash flow situation, the rapid development of automatic cash processing equipment, the diversification of counterfeit currency forgery forms, and the acceleration of currency anti-counterfeiting technology upgrading, all of which put forward higher requirements for the design level, anti-counterfeiting technology and printing quality of RMB.
The people's Bank of China (PBOC) said that the fifth set of RMB in 2019, on the premise of keeping the current relevant elements unchanged, has adjusted the surface effect, anti-counterfeiting features and layout of the ticket (currency), adopted advanced anti-counterfeiting technology, improved the anti-counterfeiting ability and printing quality, and made it easy for the public and self-service equipment to identify. In addition, for the identification of bank cash machines and tools, the central bank has organized financial institutions and enterprises of cash machines and tools to carry out the preparatory work of upgrading, so as to ensure that the bank cash machines and tools can identify the new version of RMB after issuance.
It is worth mentioning that the reporter noticed that the 5 yuan note was absent from the issuance of the new version of RMB. In this regard, the central bank explained that in order to improve the anti-counterfeiting ability and circulation life of RMB, 5 yuan notes with low denomination and small circulation volume are currently selected for application research of relevant new technologies, and their issuance work is arranged separately.
With regard to the new technology mentioned by the central bank, Wang Hongying, President of China (Hong Kong) Institute of financial derivatives investment, told reporters that in the research of 5 yuan notes, the central bank may apply similar block chain technology for information identification and coding, which can be used for note anti-counterfeiting and flow tracking, which is conducive to the development of national anti money laundering work. In his view, the adoption of more advanced anti-counterfeiting technology and blockchain technology for RMB 5 will be an important direction for China's future currency development.
Xiao Lei, a senior financial analyst, also believes that the anti-counterfeiting technology of 5 yuan notes may be related to specific tracking and positioning, which is likely to achieve offline and online linkage identification, similar to an attempt of digital currency. Because in the relevant papers of the central bank, it has been clearly pointed out that the future digital currency is mainly to replace M0, that is, cash in circulation, which is consistent with the research on the application of new technologies related to 5-yuan notes. "Xiao Lei told reporters.
Large denomination banknotes not yet issued
In fact, since October 1, 1999, the fifth set of RMB has been issued and circulated for nearly 20 years. Wang Hongying pointed out that it is precisely because the 100 yuan note issued before was updated relatively late compared with other notes, and more advanced technology has been adopted, which makes it difficult to copy. Therefore, the new version will be absent this time. In addition, if the new 100 yuan note is issued at this time, it will cause some misunderstandings, such as the expectation of inflation.
It is worth mentioning that not only the 100 yuan note, but also the issuance of large denomination RMB such as 500 yuan and 1000 yuan in the market.
Wang Hongying believes that the issue of large denomination currency implies the escalation of inflation, and central banks are very cautious about this. 'for China, the growth scale of M2 exceeds GDP every year. Implicit inflation itself exists. If large amount of money is issued again, it will give rise to a strong hint that inflation will rise again. It is not in line with China's prudent monetary policy. '
Xiao Lei said that there are many factors to consider whether to issue large banknotes. For example, the issue is easy to convey the expectation of a devaluation of banknotes. In addition, China's cash utilization rate is actually decreasing. The market demand for large banknotes is not obvious. In addition, it is difficult to track cash. If the denomination is large, it is easy to carry huge amounts of cash for various illegal transactions.
Don't worry about inflation
As the new banknote has just been officially announced, there is a heated discussion on whether the increase in banknote supply will lead to devaluation and inflation expectations.
In Xiao Lei's view, there is no essential correlation between the issue of new banknotes and the devaluation of RMB, but there will be psychological impact. 'the new currency will stimulate people's consumption, and it will also stimulate people who are not willing to keep the old currency to exchange it for new currency as soon as possible. In this way, the liquidity of money and people's consumption desire will be stimulated in disguised form, which may lead to the rise of prices. '
Wang Hongying said that there is no need to worry about inflation and devaluation of the RMB due to the issuance of a new version of the RMB. Central banks all over the world adopt a rotational repo mode when they issue paper money. When a new version of RMB of a certain scale is issued, the old version of banknotes will be recovered and destroyed. In his view, every time we change notes, we maintain the stability of RMB and the stability of the whole price level, which is also a manifestation of China's prudent monetary policy.