100 Yuan Just Too Much? Guangzhou ATM Now Dispenses 10 Kuai NotesPosted: 09/29/2014 9:10 am
China’s largest paper denomination is 100, which has long caused problems when people need to make big cash purchases. Hong Kong, on the other hand, has both 500 and 1000 Hong Kong dollar denominations, and many have suspected the Mainland will eventually follow suit.
But banks in Guangzhou are going the opposite direction, and will soon be dispensing bills as low as RMB 10 ($1.50) at their ATMs, reports CCTV. The service is now available in half of Guangzhou’s banks, and will be available throughout the city by the end of the year.
Not surprisingly, despite onscreen message promoting the new service, CCTV found most people still withdrew 100s.