Cash forgers hit Shanghai as Expo approaches
“If I had 100 kuai for every time I’d spotted a fake 100 kuai note…”As the Expo approaches, Shanghai is seeing an influx of fake bills from China’s Southern provinces.
This week in Washington, Chinese President Hu Jintao and U.S. President Barack Obama discussed China’s controversial practice of artificially devaluing the yuan, keeping it pegged to roughly seven yuan to the dollar.
On the ground here in Shanghai, the yuan is facing devaluation of a more black-market variety. The Shanghai Daily reports that the city is being flooded with counterfeit RMB in the lead-up to the Expo.
With the city receiving an influx of international visitors who may not know how to spot a fake bill, counterfeiters are stepping up their hoodwinking efforts.
Local banks have confiscated RMB 2.25 million in the first quarter of 2010, according to the article. While it says this is down from RMB 6.15 million last year, as the Expo approaches the fake money presses are obviously being put through their paces: on April 5 Shanghai police confiscated RMB 4.86 million in phony cash from a counterfeiting gang.
There’s no way to guarantee you won’t find get duped by a fake RMB 100 note at some point. You might even get one from an ATM.
To protect yourself from being conned, local police suggest shopping at big department stores that have counterfeit detectors so are less likely to give you counterfeit change.
The best defense is to give Mao a scratch on the head if you’re having any doubts. If you can’t feel the texture of Mao’s hair on the bill, then you’ve probably got a fake on your hands.
