Call for new 1,000-yuan note falls flat

A call for China to introduce a 1,000-yuan banknote has met with a mixed response from citizens and economists, with many publicly airing fears about the risk of counterfeits and inflation.

Zhu Zhengfu, a Chinese People's Political Consultative Conference (CPPCC) National Committee member for Guangdong province, raised the idea last week during a group discussion.

He suggested that high-denomination banknotes for 500 and 1,000 yuan would boost domestic consumption during the global financial crisis, as well as help protect the environment and save on labor costs.