Posted on 01/14/2009 7:22:38 PM PST by TigerLikesRooster
Fake cash hits the mainland
Created: 2009-1-8 1:00:31
Author:Cyril Li
A BATCH of high-quality fake 100 yuan (US$14.50) bank notes is in circulation on the mainland, state media reported.
The fake money, which cannot be identified by older counterfeit-cash detectors may be from Taiwan, as police on the island cracked a six-member counterfeiting ring, seizing 100 million yuan in fake notes on October 8, according to Fujian-based Southeast TV.
The ring was reported to have been producing the notes for some time. An unidentified source said fake bank notes had already made their way on to the mainland.
Most of the fake notes were reported to have serial numbers starting "HD90."
They have been discovered in a dozen mainland provinces, including Hunan, Hubei, Zhejiang, Sichuan, Guangdong, Fujian, Henan and Yunnan.
People's Bank of China, China's central bank, notified banks in Chongqing Municipality in October to upgrade their detectors to pick up the fake notes.
Southeast TV said the fake notes had been sold online for 18 yuan each. The price for a bundle of 10,000 yuan was 1,500 yuan.
Previous buyers had left messages on the Website saying the quality of the notes was good and there was no problem using them.
A Netizen who received some six months ago said even experienced cashiers could not tell they were fakes.
http://finance.yahoo.com/news/China-cracks-down-on-apf-14055054.html
.... Last summer, a factory worker reportedly testified that he bombed a bus in the southern Chinese city of Guangzhou because he was angry about, among other indignities, finding that 500 yuan of the 600 yuan ($73 of the $88) he had withdrawn from an automatic teller machine was fake. ....
http://www.shanghaidaily.com/sp/article/2009/200901/20090108/article_387382.htm
Central bank says 12 ways to identify fake 100 yuan notes
Created: 2009-1-8 17:04:18
Author:Li Xinran
CHINA'S central bank has denied that most counterfeit-cash detectors in the country can not identify a batch of so called "high quality" fake 100 yuan (US$14.5) banknotes with serial numbers starting with "HD90."
State media reported the fake banknotes are in circulation on the mainland and that some have been seized by police in Hong Kong. Panic occurred after people were told that those fake banknotes could easily pass undetected by counterfeit detectors or ATMs.
The Shanghai headquarters of the central bank said no reports have surfaced about the fake notes being used in the city.
The People's Bank of China said the fake notes could be indentified with the naked eye as the quality was not as good as media reports said.
A dozen ways, including via ink or water marks, could be used to identify the fake bills, PBOC officials said.
It also said that a 100 yuan banknote with a serial number starting with "HD90" doesn't necessarily mean it is fake.
People on Tianya.cn, China's most popular online forum, said that banknotes with serial numbers starting with HB90, WJ135, FA, AB77, AB88 or AB99 may also be counterfeit.
Police in the Hong Kong Special Administration admitted that they had seized fake banknotes starting with the serial number HD. All could be indentified by counterfeit detectors, Hong Kong police said.
Early media reports said the fake money may be from Taiwan as police on the island cracked a six-member counterfeiting ring. They seized 100 million yuan in fake notes on October 8, according to Fujian-based Southeast TV. Most of the fake notes were reported to have serial numbers starting with "HD90."
The ring was reported to have been producing the notes for some time. An unidentified source said fake bank notes had already made their way on to the mainland.
http://www.shanghaidaily.com/sp/article/2009/200901/20090108/article_387382.htm
Taiwan? Why don’t they suspect N Korea?
Ping!
You have a point.
Taiwan is their Bush.
I was dating a girl who was a supervisor for B of A and I asked her about counterfit money. I always thought that the $20.00 was the number one bill counterfitted but she said no it’s the $100.00.
Domestically, $20 could make the best candidate, but internationally, $100 is the overwhelming choice. Ask N. Koreans.:-)
I used to work for the company that makes the US currency paper, this girl is right. However there are some caveats.
Outside the US most of the counterfited currency is in denominations of 100.00$ US, in the US however the bills tend to be smaller, 5-10$ US.
There used to be an issue with 50.00$ US Bills being counterfited, however with those not in circulation as much they are easier to identify.
Outside the US you are more likely to run into counterfit bills than in the US. Still the Treasury reports total global counterfits, if I remember correctly, at being less than 1% of total outstanding currency.
don’t china use polymer notes? If counterfiet were made, then its a serious issue. Polymer notes are alot harder to copy than paper ones. It require national state production facilities to make them
China will not take this lightly. Economic crimes are one of the worst things you can be convicted of in a communist state. Families of the accused will be receiving a bill for one pistol cartridge. Because once they are accused, the guilty verdict is all but assured.
Who cares who did it? Payback is fun especially if it undercuts the Communists economy. It’s about time that we fought back against a tactic that the communists have been using for decades.
Dunno. The only reasons I think of N Korea is that they are well known to be in the counterfeiting business, at least of US$100 notes, and they do have a longish border with the PRC.
As to where our ink comes from? I don’t know that either.
I don’t think it would be beyond the ability of a nation state to duplicate a recipe. Or perhaps bribe/blackmail someone who knows it.
Anything that costs less to produce than it’s nominal value can be counterfited.
I have read that it is very difficult for counterfeiters to reproduce the look and feel of the Crane paper used in American currency. Is that correct?
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