In south China police have seized 105.5 million yuan (US$ 13.4
million) of counterfeit banknotes and eight people have been
arrested.
A statement from police in Heyuan City, Guangdong Province, said all the banknotes had
a face value of 100 yuan (US$ 12.7).
The police also seized printing machinery and 31 fake banknote
negatives at a local plastic manufacturing company and a hotel
room.
The police said the notes could have flowed onto market and
disturbed financial order within three days.
Ye Yingnan, director of the anti-counterfeiting office of the
State Council, said in May last year that law enforcement officials
confiscated counterfeit banknotes with a face value of 1.16 billion
yuan (US$ 147.8 million) in 2004.
Ye, also director of the finance bureau at People's Bank of
China, said more than half of the notes were produced in
Guangdong.
(Xinhua News Agency November 28, 2006)