Chinese authorities seize fake ‘gold’ yuan banknotes from jewellery stores that were being sold as gifts for Lunar New Year
Banknotes discovered in Shenzhen as officials hunted for counterfeit goods
Chinese authorities have seized fake “gold” 100 yuan (HK$120) banknotes being sold as gifts for Lunar New Year, according to a newspaper report.
The fake banknotes, made of plastic, were seized from at least four jewellery stores in Shenzhen, the Southern Metropolis Daily reported. The bogus bills were discovered during a spot check by local government officials on Tuesday. The report did not say how much was seized.
The notes, which were being advertised as gifts for the Lunar New Year, came with documents certifying that the bills had the government’s stamp of quality approval and that their gold content was of extremely high purity of 999 parts per 1,000. But a close check showed that they were in fact made of polyurethane plastic.
READ MORE: Gang of 20 busted in China for making and selling fake 20-yuan bank notes
It is not uncommon for counterfeit renminbi products to be sold on the mainland, though the production and sale of replica banknotes is illegal in China. Permits from the central bank, the People’s Bank of China, are required before any renminbi-related products can be produced and sold.
Anyone who breaks the law can be given an official warning, fined up to three times the amount earned from the sale of the goods, and also have the products confiscated.
Distributors were quoted as saying that the product had gained popularity from the start of the year and that they bought them from manufacturers for 2 yuan per note. The report did not say how much the bills were being sold for.
Chinese people love gold as it is often regarded as a symbol of wealth, good fortune and prosperity.
Apple, the American consumer electronics giant, has included a gold edition for its popular smartphone since the launch of its iPhone 5S series in 2013. The gold iPhone was tailored to meet demand from mainland consumers. Mainland demand for gold has helped push up gold prices around the world.