China to upgrade cash receiving machines for new bank note

BEIJING - China's central bank announced Wednesday that it will ask manufacturers of cash receiving equipment to upgrade their products for the new 100-yuan bank note.

The People's Bank of China (PBOC) said on Sunday it will issue a new 100-yuan bank note starting Nov 12.

Although the existing machines will not necessarily be replaced after the new bank notes are issued, they should be upgraded, industry insiders said.

Producers of counterfeit currency detectors, vending machines and ATMs should sign up to test their equipment to see if it requires upgrading starting on Wednesday in order to ensure effective currency recognition and protect the legitimate rights and interests of cash holders, the PBOC said.

The new bank note will have enhanced security features compared to the 2005 series, making it harder to counterfeit and easier for machines to read, the PBOC said.

The 100-yuan note is the largest denomination of the Chinese currency. The old version of the 100-yuan note will stay in circulation following the new edition, the PBOC added.