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China’s central bank to recall fourth set of RMB

Parts of the fourth set of renminbi (RMB), the Chinese currency, will stop circulation on May 1, the People’s Bank of China (PBC) announced Thursday.

Banknotes in denominations of 0.2, 1, 2, 5, 10, 50 and 100 and the 0.1-yuan coins of the fourth series will be recalled. People can go for currency exchange at any bank branch within a year from May 1, 2018, according to the PBC.

The fourth set of RMB was introduced in late 1980s, depicting portraits of the national top leaders and various images of Chinese people on the obverse sides, and various images of scenery on the reverse sides.

The 100-yuan note features four key founders of the People’s Republic of China, namely Mao Zedong, Zhou Enlai, Liu Shaoqi and Zhu De. The 50-yuan note shows the portraits of an intellectual, a farmer and a worker, while the lower denomination notes carry portraits of people from 14 different ethnic groups such as Hui, Yi, Dong and so on.

Some media reported that parts of the portraits on banknotes are derived from the images of real persons. However, these images are fictitious with no reference to any specific person, said Hou Yimin, who was in charge of designing the human portraits for the fourth set currency.

Years ago, Hou and his wife went around the minority areas along the border area in southwest China’s Yunnan province to collect materials for designing. During their visit, they carefully observed the features, clothes and accessories of local people. They then drew sketches and finished the design in three years after many revisions and recreations, Hou said.

The images on the fourth set of banknotes may be mistaken for some specific figures as the design was based on the characteristics and high features of local people, he added.

Now the country mainly uses the fifth series of the renminbi as the current coin and banknotes.

Sources : en.people.c

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