Coronavirus: China tries to bolster confidence in banknotes as fears of contamination mount

China’s central bank has stepped up efforts to assure the public that handling cash is safe amid the coronavirus pandemic

Concern the virus can be transmitted by banknotes and coins has led to a surge in online search activity about safety

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As the coronavirus has spread in China, the central bank has begun disinfecting cash. Photo: Reuters

Published: 6:30am, 15 Apr 2020Updated: 6:53am, 15 Apr 2020

The coronavirus outbreak has further discouraged cash use in China’s increasingly cashless society over fears it can be transmitted by banknotes and coins, discomforting the country’s only money issuer, the People’s Bank of China.

China’s central bank has been increasingly vocal in assuring the public that banknotes are safe from Covid-19, and that the nation’s banking system has taken sufficient precautionary measures to prevent the spread of the disease.

In one extreme case, a Chinese citizen in Jiangsu recently tried to “disinfect” cash by putting it into a microwave oven, burning the banknotes in the process.

During a video conference this month, Fan Yifei, a deputy governor at the People’s Bank of China, said efforts had been made to improve “the level of cleanliness” of cash in circulation and it would continue to punish merchants who refused to accept banknotes and coins.

“Since the outbreak of the novel coronavirus epidemic, the security system has been strengthened to ensure the safety of cash supply and its use,” the bank said.

The public assurances follow a decision in February to disinfect banknotes with ultraviolet light to stop the virus from spreading. The Guangzhou branch of the central bank has gone as far as destroying banknotes collected from places with high exposure to the coronavirus such as hospitals, wet markets and buses.

Concerns about the safety of carrying cash amid the virus are not limited to China alone.