N.Koreans Abandon Worthless Won for Yuan (botched policy leads to Yuanization)

Chosun Ilbo ^ | 02/17/10

[TigerLikesRooster]

N.Koreans Abandon Worthless Won for Yuan

North Koreans in the border area with China have abandoned the won since a shock currency reform, Internet broadcaster Open Radio for North Korea reported.

The regime in December suddenly introduced a new won at an exchange rate of 100:1 to the old currency, a move which instead of curbing inflation sent it sky-high.

The broadcaster quoted a North Korean source as saying North Korean banknotes are nothing but pieces of paper, and almost all goods are traded in yuan. "Not even cart pushers would accept won for their work," the source said.

Having watched their new currency plummet in value over less than a month after the reform, North Korean residents realized that the yuan is a safer asset, the station added.

[TigerLikesRooster]

P!

[BuffaloJack]

A look into Obama’s fiscal policy and what it will do to the Dollar.

[TigerLikesRooster]

P!

[realpatriot]

Yep, coming to a dollar near you!

[JohnLongIsland]

Which “Dear Leader”’s picture is on the won, Kims or Obamas?

[pointsal]

Well, is this paper good art for an elevator wall?

[TigerLikesRooster]

It would have some novelty value.:-)

[Wolfie]

Won thing leads to another.