Cultural incomprehension
|
Quote:
|
China Net March 11 reports, the largest denomination of RMB is too small, 100 yuan notes can no longer meet the rapid growth of economy. CPPCC national Committee member, Chairman of the Board at Hong Kong Yu Zhen Holding Group Co. Ltd. Chen Zhendong (陈振东) submitted a proposal at the CPPCC National Committee yesterday that the time for issuing 500 yuan RMB notes has come.
Currently, the largest denomination of China’s yuan is too small; one hundred yuan has been issued for 23 years which is difficult to adapt to the economic development needs.
“Cash denominations are too small for the significant increasing cash transactions in the society, which is a waste of time for the financial institution and the people.” Chen Zhendong used bank Automatic Teller Machine (ATM) as an example. “The machine cash box normally holds hundreds of the largest denomination of the notes, during a normal business day on average there are 50 to 60 withdrawals, and an ATM can only supply money for half of a day. If the bank ATM needs to be refilled twice a day, it potentially increases human and material resources.”
He said issuing 500 yuan large note not only can save time on the socioeconomic operation, but also can reduce the production costs on printing currency.
Chen Zhendong made clear that the size of the denomination in currency is not necessarily connected with inflation. According to China’s economic growth, residences’ income, cost of living and to compare with developed counties’ large denomination bank notes, China can first issue RMB 500 yuan face value notes, then issue 1,000 yuan face value notes accordingly.
“When launching the 500 yuan large denomination notes, the volume can be properly controlled, first start with the southeast coastal areas then circulate into the whole country.” Chen Zhendong said.
Netizen’s comments on Netease:
网易广西玉林网友 ip：218.21.*.*： 2010-03-12 18:39:14 发表
Wa, one month only getting two pieces of paper, getting one counterfeit means working a month for nothing, the other one is for living cost.
网易河南郑州网友 ip：202.196.*.*： 2010-03-12 18:14:17 发表
Really stupid, anybody can be a member of the national Committee?
网易中国网友 ip：218.207.*.*： 2010-03-12 18:38:19 发表
The beginning of the inflation, no matter how you say it, it won’t do any good.
网易湖北十堰网友 ip：119.101.*.*： 2010-03-12 16:00:48 发表
I think we should issue 250 yuan face value notes. If I take couple of 500 yuan bills to go out, I would be robbed! How can he think of such thing? If human lives are not guaranteed, then there are no environmental issues. It reminded me of T. V. Soong era driving a car with a bag of money in order to buy a box of matches, if we go with what he proposed, later we need a truck of money to buy an ox. This pig is really awesome…
网易火星网友 ip：unknown： 2010-03-12 18:57:42 发表
Inflation starts exactly like this, when large bills are issued, smaller face valued bills will slowly become worthless ~ absolutely oppose the issuing!
网易河南郑州网友 ip：123.15.*.*： 2010-03-12 18:41:09 发表
This guy said saving cost, it is really saving labor costs, but China has so many people, do not need to save, more saving means unemployment! Typical capitalists proposal.
Members always propose these stupid suggestions, but the real issues no one dares to mention, no one is willing to mention.
网易美国网友 ip：192.9.*.*： 2010-03-12 18:52:32 发表
Really there is no need, people use credit cards more now days.
网易北京网友 [haoke]： 2010-03-12 21:18:53 发表
Firmly opposed the 500 yuan large note for the following reasons: first, fear of robbery, with large valued bills it is easier to lead to life-threatening situations; second is not convenient for people getting their wages, many people can only receive two 500 yuan bills a month; third is putting large valued money at home is unsafe, once it is stolen, lost is too much; fourth is inconvenient for the public servants at all levels when consuming them, it is too much trouble for the ladies (Xiao Jie) to give them changes.
7 Responses:
Samuel says:
2010/03/14 at 12:43 am
wait how will this mean you lose more when you get robbed? i believe when these larger bills are put into use, the smaller bills (like the current 100) will still be in use. if you’re carrying 1000, regardless of whether it’s 10x 100s or 2x 500s, you’ll still lose 1000 if you get robbed. doesn’t make sense
GuoBao says:
2010/03/14 at 6:06 am
Logic isn’t Chinese peoples strongest trait. Not trying to bash anyone,, it just isn’t.
Carl says:
2010/03/14 at 1:03 am
should just make the largest bill 10 dollars then. that way, you’ve to to be either carrying gold bars or bags of cash, both are easily detectable and when illegal, easily comprehended.
haha
but really, why don’t we just cut values of everything by a factor of ten? wouldn’t that be even easier?
plus, i don’t think the article mentioned this: there are still a very large wealth gap between the rich and poor in China. They say that issuing 1000$ bill a possiblity. Now can you imagine a life when you can almost never be able to hold ten of your countries largest value bill in your hands for an entire lifetime? wow. (i think there are bad wording in my sentences, but it’s getting late, so bear with me)
On the other hand, moderate inflation is neither a good nor bad thing, it’s a natural process of a market economy. As long as government control on wages and absurd prices are present, moderate inflation is not even mentioned as a problem.
Now back to the bill thing, ummm… not nessesary, as there are other ways to solve this problem
Pytisma says:
2010/03/14 at 1:07 am
@Samuel: you’re so right… they’re acting as if it would mean, you can’t use any small bills anymore….
LaoshiSuan says:
2010/03/14 at 4:05 am
I make an average foreign teacher wage in China and I hate getting handed a huge stack of bills worth about $13 US each. It doesn’t fit in my pocket, which means I have to put my salary in my handbag where it is much more likely to be stolen by a pickpocket or purse-snatcher. I would very much prefer to get part of my salary in 500s and I know many Chinese (in education, IT, accounting, etc type jobs, earning 4000-8000 a month) who feel the same.
When I’m at the bank and I see people walk out with huge plastic bags of cash it seems they are just advertising to thieves. A 500 bill would be useful now, but I suspect in 10 years it will be like the $100 in the US – rarely used because people use credit and debit cards.
Eason says:
2010/03/14 at 5:55 am
This is a good idea. A country which needs this waaaay more than China though is Korea. Koreans earn on average much more money, not to mention things are more expensive, but the largest bill is 10,000 krw (~10 usd normally)
GuoBao says:
2010/03/14 at 6:10 am
It’s long overdue tbh. Wonder what the (few) remaining hardcore communists would say to Deng being on the highest note and Mao on the second highest. It kinda reflects modern China very well.
|
Proposal of issuing RMB 500 yuan bills | ChinaHush
I liked this not just because having Chairman Deng on some notes would be cool, but for the depth of the gulf between the translated Chinese netizens' responses and the white guys' (who are still supposed to be totally into China) reactions.
FWIW, the Chinese guys are right.
1. It's worse to get robbed when you're carrying a lot of cash in 500s than in 100s. You can distribute 100s around your person and they'll probably miss some. If it's in 500s you're pobably going to lose more. If I had any common sense this is what I'd do rather than just shoving it all in one pocket and trusting to Providence.
2. Getting paid in 500s would be horrible for an average Chinese person. For a start there's the risk of getting robbed, and then as they point out if you get a fake note as one of them you're completely screwed. For white guys working in China (like LaoshiSuan) it's not so bad as 500 RMB is only $50 - it's a pain but not life threatening, unlike for the Chinese. Also, they're less likely to get robbed anyway. Also, you're just going to use it for food and stuff - going to the supermarket with a 500 RMB note would be the equivalent of going to the supermarket in the US with a $500 bill. Basically you're going to need change anyway, so what's the point.
__________________
Standard disclaimer: the disgusting statements contained in this post are the views of the poster, and unless specified do not represent the views of the moderators or the site's owners.
|
Linear Mode
