Business bites

Big denomination notes

A Chinese lawmaker has proposed that the central bank should issue banknotes with a nominal value of 500 yuan and 1,000 yuan to save on costs. Bigger banknotes will be convenient for the circulation of the currency and will reduce printing costs, said He Daxin, deputy to the National People's Congress, or the top legislative body. The biggest yuan banknote now has a nominal value of 100 yuan. "With rapid economic development, it is common for people to pay more than 1,000 yuan in one daily transaction. Chinese people still prefer cash to bank cards in their daily life," the lawmaker said.

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