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China banks to stay open on national day
1999-09-21
BEIJING - Banks will stay open on the 50th anniversary of the People's Republic of China on October 1 to issue new banknotes, one of which will feature a solo portrait of Chairman Mao Zedong, a central bank official said on Tuesday. The new banknotes will be in denominations ranging from 100 yuan ($12) to 10 fen, or a tenth of a yuan. The Beijing Youth Daily said the 100 yuan note, now bearing profiles of Mao, the late Premier Zhou Enlai, late President Liu Shaoqi and the late Marshal Zhu De, will feature Mao alone. The newspaper did not give details of the designs of the other new banknotes, but said Mao's portrait on the 100 yuan note would be embossed, making them more difficult to counterfeit. The other side of the note would feature the Great Hall of the People, where parliament meets and major state occasions are held, it said. China has intensified a crackdown on the printing and trading of fake money. Officials have given no indication of how much bogus money is in circulation. Old bills and coins would continue to be valid.
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