China’s financial authorities enhanced its war on the coronavirus outbreak by targeting a lesser considered aspect in the sector: the dirtiness of physical cash.
The People’s Bank of China (PBoC) said in a conference that ultraviolet light or high temperatures would be applied to disinfect yuan bills and store cash for seven to 14 days before recirculation. The duration for storage would depend on the severity of the affected region from which the banknote was obtained.
The PBoC made a unique but necessary announcement about the hygiene of physical cash amidst a coronavirus outbreak that has infected over 70,000 individuals and claimed 1,770 lives in mainland China.
New Notes
PBoC deputy governor of Fan Yifei said over the weekend that banks were urged to provide new notes to customers whenever possible, adding that an «emergency issuance» of four billion yuan ($570 million) was made in Hubei province, the outbreak’s origin, before the Lunar New Year holiday.
The move was made to «secure the public’s safety and health when using cash,» Fan reiterated in a report by the «The Guardian».
Whilst undoubtedly a move welcomed by the public, its contributions to combating the spread of the outbreak may very much be capped due to the rapidly increasing usage of digital payments in China. According to an Ispos survey in 2017, nearly three-quarters of Chinese respondents said they could last a full month on 100 yuan or less in physical cash.
