A new fifth version of Chinese banknotes and coins has been in circulation since 30 August 2019. This new edition includes the following banknotes and coins:
– 50-Yuan banknote
– 20-Yuan banknote
– 10-Yuan banknote
– 1-Yuan banknote
– 1-Yuan coin
– 5-Jiao coin
– 1-Jiao coin

It is worth mentioning that there are no changes for the 100-yuan and 5-yuan notes, because the new banknotes for that two amounts were only issued in November 2015. The printing quality and security features were already noticeably improved at that time. The new banknotes and coins issued in 2019 will be in equivalent circulation with the old ones. The “old money” remains valid. Additional security features have been added to the new banknotes to make counterfeiting more difficult and to facilitate the recognition of genuine banknotes.

What’s new?

The main changes include graphical adjustments to the design, such as the head of Mao Zedong, and the implementation of new security features. In addition, the numbers on the front are now horizontal. Furthermore, the font style on both sides has been adapted and the year on the banknotes has been changed to the new version “2019”.

For the 1-yuan and 5-Jiao coins, graphic adjustments were also made. Also, the diameter has been reduced. Instead of 25mm, the diameter of the 1-yuan coin is now only 22.25mm. The material has also changed. Whereas the coins from the year 2000 were still made of a copper alloy, the new coins consist of a nickel-plated steel core.

Here is an overview of the new banknotes and coins. By scanning the QR code you can get further information.

Do ATMs recognize the new banknotes?

All necessary upgrades have been carried out at the ATMs to ensure that the banknotes issued on 30 August 2019 are recognized. In order to become familiar with the new banknotes and coins, the People’s Bank of China published comprehensive information about the design and the new security features.

Official websites and social media accounts such as www.pbc.gov.cn, Weibo (@央行微播) and the WeChat Public Account (中国印钞造币, ID:yinchaozaobi) provide further information. English Information by the People’s Bank of China about the new banknotes and coins can be found here.

About ECOVIS Beijing

Ecovis Beijing is the trusted tax and legal advisor to several embassies and official institutions in China. We are specialized in advising mid-sized international companies and focused on tax and legal advisory, accounting and auditing. We frequently publish articles on new regulations and recent developments in China and Germany on our website.

With our monthly newsletter we will keep you informed about newly published articles and upcoming events. Do you have a question we can help you with? We will quickly find the right contact person to answer it. Call us (+86-10-65616609) or send us an e-mail to service@ecovis-beijing.com.