China Disinfects Banknotes - Paper Money Won't Kill You

1 min reading

Various kinds of research shows that paper money is a hotbed for a variety of bacteria. What is more, in the United States the majority of banknotes in circulation is additionally contaminated... with cocaine. A new threat connected to the use of government paper money has appeared recently - a deadly virus. China has just made an announcement in which it stated that in order to stop the spread of the coronavirus, the authorities are about to disinfect all banknotes in the country which are in use.

China "scrubs" the banknotes to stop the coronavirus epidemic

The People's Bank of China (PBOC), the Chinese central bank, stated that it has undertaken a number of measures that are supposed to stop the spread of the coronavirus in the country. On Saturday, it was revealed during a press conference that commercial banks were obliged to remove all banknotes that are in circulation and, then, disinfect them.

According to the announcement, disinfected fiat money will also have to be quarantined before its relaunch. Furthermore, the Guangzhou PBOC department added that all used banknotes retrieved from buses, hospitals and even places where meat or live animals were sold are to be annihilated as soon as possible. According to local media, piles of cash are now being stored in warehouses and are destined to be eliminated.

Moreover, Fan Yifei, deputy governor of PBOC revealed that commercial banks were given instructions so as to give their clients new banknotes instead of the used ones - whenever possible. In order to do this, the Chinese central bank began an "extraordinary issuance" of as much as four billion yuan in new banknotes. The money is supposed to be allocated to the Hubei Province, the region most affected by the epidemic. Fan claims that these steps are designed to secure public safety and health when using cash.

 

The Wuhan virus outbreak influences the Chinese economy

At least 67,000 people is already diagnosed with being infected by the coronavirus. The virus originated in Wuhan, China, and so far resulted in around 1,670 deaths, especially in the mainland China.

Apart from bringing a great number of fatalities, the spread of the virus had a strong impact on the Chinese economy as well. As a consequence of blocked cities and the reluctance of Chinese people to leave their homes, a great number of companies were severely weakened. Local stock markets have also started to collapse and because of that Chinese GDP growth will probably have to be revised downwards.

It is worth noting that because of the coronavirus, the largest crash on Chinese stock exchanges in years had taken place as almost 400 billion dollars evaporated from the exchanges in the period of just one day.

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