RMB500 note rumors trigger denial
7 June 2006
In response to online reports of a new RMB500 bill, the People's Bank of China reiterated that the 100-yuan note is China's largest bill. Reports of the alleged new bill have spread through the Internet, some with pictures, triggering a strong denial from the bank, which said rumors of this kind are irresponsible and may have wider implications. State media said issuing a 500-yuan note could trigger inflationary fears and noted that China's inflation index had climbed by 1.2% in the first quarter of the year while the broad money supply surged by 18.8% in the first quarter from the same period a year earlier. The central bank also warned people to be on the alert for fake bills.