China’s ¥1 banknotes will soon be phased out of circulation, it has been announced. The People’s Bank of China Deputy Governor, Chen Yulu, said the paper notes would be discontinued after a successful pilot project phasing the notes out in Shandong province.

A ¥1 banknote.
A ¥1 banknote. <span class="media-attribution">Image by <a href="https://www.flickr.com/photos/nayukim/3827179640/in/photolist-6QciaS-egkhku-a2YaDD-6bud1K-a2Y6J8-a2Y6Xx-7CizgP-8XpVsY-8XUQAb-m18Qqs-a2Y8A8-6TfKKJ-7WAEm8-dev5sK-k2Zz4-aVWAbT-3dVi9E-aVWAnr-he9RBj-k5NSf-kaazy-89Fr2V-89JFdJ-89JFHs-mj3RWW-9VzCaq-a32GE9-m9qsQk-9VzDbs-9VzJDQ-m17UvH-oyZBKF-m18PuE-99n2oE-hk3LXd-oyJewD-9vNRp5-ohvbQL-6XoZee-a321Gq-89QY8B-c7MSRo-4bLTVn-89UdHL-2EUERq-qj74Ls-7g5zvv-89JFEh-89Q8pA-ohv6c2" target="_blank" rel="external">Nayuki</a> / <a href="http://creativecommons.org/licenses/by/2.0/uk/" target="_blank" rel="external">CC BY 2.0</a></span>

The country’s ¥1 coins, currently also in circulation, will be kept. China has in recent years phased out other small-denomination banknotes, including its ¥0.1, ¥0.2, ¥0.5 (1, 2, and 5 jiao) and ¥2 bills. Currently, ¥1 is worth around US$.15 cents. Proponents of phasing out the bills say that coins are more hygenic and last longer, while critics say coins seem ‘cheap’ and ‘inferior’. Read more: thenanfang.com

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