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China will stop the circulation of the 1, 2, 5-cent paper money of the second version of the Renminbi from next April 1, the People's Bank of China announced on Monday.
After the 1, 2, 5-cent paper money quitting circulation, coins will fully replace the cent paper money in circulation in China.
China issued cent money in the value of one cent, two cents and five cents.
The 1, 2, 5-cent paper money can be changed into 1, 2, 5-cent coin in commercial banks between this October 1 and next March 31, the announcement said.
Except in sectors such as banks, supermarkets, hospitals, and telecommunication, cent money is less frequently used now, said a spokesman with the central bank.
To stop the circulation of the cent paper money can also improve the tidiness of the Renminbi in circulation, the spokesman said.
The second version of the Renminbi was issued in 1953.
Five versions of the currency have been issued in China since the New China was founded in 1949, of which the first three versions have been stopped from circulation.
(Xinhua News Agency September 26, 2006)
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