• Monday, Sep 24, 2018
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China prints money for Bangladesh

  • Published at 12:32 pm August 22nd, 2018
taka Mehedi Hasan/ Dhaka Tribune
Stacks of Bangladeshi takaMehedi Hasan/ Dhaka Tribune

Bangladesh is among many countries that China prints money for

China has been printing bank notes for the governments of different countries as Beijing offers secured money printing facilities at low costs, reports South China Morning Post. 

According to the South China Morning Post, this year money printing plants in China are running in full swing to meet the high demands.

State owned company “China Banknote Printing and Minting Corporation” is headquartered in Beijing’s Xicheng district. 

The company is printing money for other countries on massive scale with more than 18,000 employees, and, it has more than 10 strictly guarded facilities for the production of paper notes and coins.

According to Liu Guisheng, Chairman of China Banknote Printing and Minting Corporation China first attained international order to print money from Nepal in 2013.  

China won the bids of NPR100, NPR1000 and NPR5 from Nepal, Liu wrote in an article published in China Finance. 

China also produced a total of 200 million in NPR1000 notes last year. Most of the orders come from the countries which signed for Belt and Road Initiative (BRI) project.

Chinese President Xi Jinping launched the BRI in 2003, which  is a global development blueprint involving 60 countries from Asia, Europe and Africa to fuel up economic growth through capital investments and infrastructure projects. 

So far China has won contracts for money production projects from countries from different parts of the world including Bangladesh, Thailand, Sri Lanka, Malaysia, India, Brazil and Poland.

China provides embedded thread, metallic ribbon and colour-shifting ink at a relatively low cost compared with their Western rivals. Currency paper varies also from country to another and each client has their own requirements. China also performs Intaglio, or “raised” printing simultaneously on both sides of a banknote.

For their invention called “Color Dance ,” a new holographic feature that can significantly increase a paper currency's security , Chinese researchers won an international innovation award in 2015.

Hu Xingdou, a professor of economics at the Beijing Institute of Technology told the South China Morning Post: “A country must have considerable trust in the Chinese government to allow it to print its banknotes.” 

More and more countries are depending on China for their money productions at lower cost which is increasing China’s influence on global economy.