China printing currencies for several countries including SL

14 August 2018 10:07 am - 18 - {{hitsCtrl.values.hits}}

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China is printing currencies for the governments of several countries, including Nepal, Sri Lanka, Bangladesh, Malaysia and Brazil, the Chinese media reported, quoting a top official of the state-owned banknote printer.

Liu Guisheng, Chairman of China Banknote Printing and Minting Corporation, wrote in an article in May in China Finance, a bi-monthly journal run by China's central bank, that China obtained the first international commercial order for printing money from Nepal in 2015.

The state-owned firm won the bids of 100 rupees, 1,000 rupees and 5 rupees from Nepal, Liu said.

Since then the company had "seized the opportunities brought by the initiative" and "successfully won contracts for currency production projects in a number of countries" including Thailand, Bangladesh, Sri Lanka, Malaysia, Brazil and Poland, Liu wrote.

The 'China Banknote Printing and Minting Corporation' confirmed that money production plants across the country were running at near full capacity to meet an unusually high quota set by the government this year. It said that most of the demand comes from participants in the 'Belt and Road Initiative' (BRI).

Chinese yuan bills only made "a small proportion of the orders" as most of the Chinese now got used to mobile or digital payments, it added.

The BRI focuses on improving connectivity and cooperation among Asian countries, Africa, China and Europe. China says over 60 countries have signed up for BRI investments. The BRI includes the China Pakistan Economic Corridor (CPEC), a project over which India has protested as it traverses through Pakistan-occupied Kashmir (PoK).

The 'China Banknote Printing and Minting Corporation', headquartered in Beijing, describes itself as the world's largest money printer by scale. With more than 18,000 employees, it runs more than 10 strictly guarded facilities for the production of paper notes and coins, the paper said.

The nation's largest currency paper mill in Baoding, Hebei province, sprang in to action with the sudden arrival of "big orders", according to an employee working in the 604 Factory, a subsidiary of the corporation.

"Our machines have been running at full steam for months," the paper quoted an employee working at the facility as saying. (PTI)

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Comments - 18

DULEEP Tuesday, 14 August 2018 10:26 AM

We have the facility in Biyagama FTZ ??

lkboy Tuesday, 14 August 2018 10:41 AM

Hope none are fake

ANTON Tuesday, 14 August 2018 10:43 AM

HERE IN SRI LANKA , SOME OF OUR PEOPLE SKILLED IN COMPUTER GRAPHICS , PRINT CURRENCIES DOMESTICALLY. ..... IF THEY NEED , CHINA CAN GIVE SUBCONTRACT WORK FOR THEM

BV Tuesday, 14 August 2018 12:54 PM

If we print a part of the currency might even vanish at the printing press and finally come out after some time with well duplicated fake signatures.

Antony Tuesday, 14 August 2018 02:47 PM

Bro do ypu know that a country can't print it's own currency ... Use your brain

Lord Wolfstein Tuesday, 14 August 2018 04:44 PM

Dear Antony. Every good democratic country prints its own banknotes and does not leave that sensitive work to any other country, especially not to China. UK, Germany, USA, France, Switzerland, Luxembourg, Japan and others would not even think about it.

AJ Tuesday, 14 August 2018 10:46 AM

cant we even print our own currency in our nation?Government talks of building an export economy but outsources even currency printing?

SriLankan Tuesday, 14 August 2018 11:10 AM

if we print, including the printing location will vanish like the MH 304 flight!!!!!

BuffaloaCitizen Tuesday, 14 August 2018 11:46 AM

We are a country of acute crookedness and corruption... no way.

indika Tuesday, 14 August 2018 11:07 AM

no country will print the legitimate currency in their own country. it is an accepted norm. we also print currency for some other countries in a factory in Biyagama.

BuffaloaCitizen Tuesday, 14 August 2018 12:00 PM

Wrong... De La Rue Biyagama printed LKR but their price was higher, so the printer changed. USA

Dam Tuesday, 14 August 2018 11:09 AM

Why can't we give that to Australia? They print on the best long lasting material and even Vietnam's currencies are printed in Australia

Madhawa Tuesday, 14 August 2018 11:24 AM

We have more issues to concen than looking in to those samll issues. Example, singing a free visa agreement with Thailand to allow nice girls and boys to bring millions dollars to Sri Lanka.

Unchikun Tuesday, 14 August 2018 11:28 AM

That reminds me of my childhood game “Monopoly “, who printed the money and more importantly the deeds!

Nelli Kale Buriya Tuesday, 14 August 2018 11:54 AM

Can they print some for me?

XJ Tuesday, 14 August 2018 12:00 PM

Please print the currency notes with the photo of the Chinese :resident Xi Jinping because very soon we have to mortgage OUR COUNTRY to them to pay LOAN.

Currency Tuesday, 14 August 2018 04:37 PM

Wonder who prints US dollars...

Labby Tuesday, 14 August 2018 04:41 PM

A certain amount of currency notes have to be printed. Where ever they were printed earlier, they are now printed in China. So what?

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China printing currencies for several countries including SL

Comments - 18

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