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Central Bank Steps up Crackdown on Counterfeiting Currency

The People's Bank of China, the central bank, said Thursday that China stepped up efforts on combating currency counterfeit in the past year, confiscating 656 million yuan and US$5.05 million US in counterfeit notes.


Meanwhile, banknote management was strengthened and a total of 9,007 financial institutions were found violating cash management regulations last year, according to background materials released Thursday by the central bank at a press conference.


The press conference was sponsored by the press center of the ongoing Second Session of 10th National People's Congress and Second Session of the 10th National Committee of the Chinese People's Political Consultative Conference.


(Xinhua News Agency March 11, 2004)



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