NEW 100元 NOTE HITS CHANGSHA: about the process
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Original article by 长沙地铁
Translated by Ben Wilkinson (WNIC)
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The new 100元 Renminbi has now hit Changsha, people are reporting. A CCTV news reporter visited a national mint and uncovered the mystery behind the new 100 yuan note's printing process.
To make a Renminbi note, the note has to go through four processes, adding lots of anti-counterfeiting techniques to the new notes before distributing.
At the Beijing mint, the CCTV reporter underwent strict identity verification checks before being allowed into the main printing area. Within the warm and humid workshop, the reporter saw robots take each case of notes, whether it be half finished or fully finished notes, and send them on to the next manufacturing stage, they have a set path and therefore do not need any interference from people. The workers explained to the reporter that from when the paper first comes into the mint, up to the time that the finished notes leave the mint the notes have to go through; offset printing, gravure printing, code imprinting and sealing, these four processes before they're ready for distribution. The whole process from start to finish takes approximately one month.
The ceiling of the warehouse is filled with security cameras, ensuring that there is full coverage with absolutely no blind spots.
The seal imprinting warehouse is approximately five meters high, the ceiling is completely covered with security cameras, they are distributed with a space of about three meters between each one ensuring full coverage of the warehouse without leaving any blind spots. According to reports, as soon as the paper leaves its original container, all the way up to when the finished notes reach the safe at the other side, the notes are continuously checked and counted; at every stage, the notes will be counted. The amount of notes that leave the original container are the amount which must end up in the safe by the end of the process. The mint ensures that they count very strictly and with 100% accuracy.
China currently has six of these types of mints in total, distributed across the four corners of China. The mints are all under the jurisdiction of the Chinese banknote printing and minting corporation. In accordance with the Bank of China's note printing policy, all notes which pass inspection must be transported to the People's bank's distribution vault.
How do they transport Renminbi over such long distances?
The Reminbi sent from the mint to the People's bank's distribution vault can't actually yet be called money in true, it's still just the funds of the People's bank's distribution vault.
So what exactly needs to happen to these notes for them to be turned into normal everyday Renminbi?
At the people's bank distribution vault in Xilin Gol league, Inner Mongolia, the note transportation truck stops at the first gate, personnel are only allowed to enter the second gate on foot, and people on the outside of the gate are strictly forbidden to look in. According to the Xilin Gol league central sub-branch distribution and allocation of fund's manager Jiang Yan Qi, the allocation programme and transportation plans are all confidential. All the funds from the distribution vault are sealed in special plastic containers, workers told the reporter that if one of the containers are opened, there's no way to restore the money contained within to its original condition.
After the trucks have been loaded, the two trucks then start on their journey to transport the money. During their journey, the two trucks maintain a distance of one truck between them, and maintain a steady, middle-paced speed.
By the evening, the trucks had arrived at their next destination, the People's bank's Erlianhaote branch's distribution vault, and under the same strict conditions brought the new funds into the distribution vault. When a commercial bank needs new cash, they can take some of the funds from the distribution vault. Once the funds reach a commercial bank and enter regular circulation, they become everyone's normal, everyday used Renminbi.
Old and worn-out Renminbi notes can be exchanged at a bank free of charge, however if there's only less than half of the note remaining then it can't be exchanged
How long can a new note withdrawn straight from a bank last for?
According to experts, the average circulation life of a note is around 3-4 years.
Lots of people have experienced the problem of obtaining an old, worn-out note which they can't use anywhere, if they encounter this kind of situation what should they do?
The Beijing branch of Zheshang bank's employees expressed that all financial organizations who deal with Renminbi during their daily services are able to exchange old and worn-out notes from the public free of charge
According to the Bank of China's requirements, any note which is over 30% worn is viable to be exchanged for a new one. This is mainly as a way to ensure that all the anti-counterfeiting marks on the note are still visible and distinguishable. Older notes will often lose markings, the holographic image may disappear, or the inks ability to change colors in the light may decrease and so on.
Then is there a set standard and criteria for returning worn-out notes?
According to the rules set by the central bank, worn-out or damaged notes are able to be exchanged under two different types of circumstances; these two different circumstances are distinguished as full value exchanges, and half value exchanges. The Beijing branch of Zheshang bank's employees expressed that if the note is missing up to a quarter of its entirety then it is able to be exchanged for its face value, if it's missing up to a half of its entirety then it can be exchanged for half of its face value. If there is less than half of the note remaining then it is unable to be exchanged.
Once the Renminbi have been returned where do they go next?
Once one renminbi note has been exchanged through countless numbers of hands it will already be covered in dirt and grease and will have accumulated countless tears, rips and scratches etc. Upon receiving old or worn-out notes, commercial banks will take any notes which are not fit for recirculation and will reclaim them. This is in order to ensure that the notes in circulation are clean and in good form. Then once the notes have been reclaimed by the bank where do they go next?
According to reports, after all of the old notes are collected and ordered at the commercial banking establishments, they're then sent to the People's bank's distribution vaults where they are then gathered and sent to the note processing center.
At Nanjing's note processing center, the old and worn notes are picked out by the workers. According to the bank of Nanjing processing centre's assistant head Dou Nan, before the notes are destroyed, the notes all need to be checked and counted one more time in order to ensure that the amounts are all correct. After this they are sent to the inspection warehouse, the notes that are fit for recirculation will be picked out, the notes that are not up to circulation standards will be destroyed.
The last station: How are renminbi notes destroyed?
After being checked and inspected, the notes which meet the criteria for destruction will finally be sent through to enter the final phase of a renminbi note's lifespan.
According to the bank of Nanjing processing centre's assistant head Dou Nan, the renminbi notes will go through a machine which will shred the notes and then crush the shredded material into cubes. For the purpose of convenience during the transportation process, the cubes are then packed into a truck according to a 1:7 ratio. The next stop is the bio power plant.
The shredded notes are then mixed with straw, branches and other pure biological materials before being sent to the burner. According to workers at the plant, this mixture increases the burning efficiency of the furnace.
Apparently, at Yancheng bio power plant in Jingsu province, approximately every 30 tonnes of shredded renminbi can produce around 30,000 kilowatt hours. An average household will use around 100 kilowatt hours a month, therefore one tonne of shredded renminbi is able to supply enough electricity to last one household 300 months.
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Original article here