Xiao Zhang is the owner of a cake shop. He says he needs a large quantity of small value notes every day to give to customers as change, but it's always hard to receive such notes from customers, especially one mao notes.
He has tried to get low-denomination notes at the banks, but his requests have always been refused.
"When I tried to exchange larger notes for small change at the bank, I was told that they didn't have enough smaller value notes or change for me."
Generally speaking, banks are obliged to exchange money for customers, but why have most of them failed to meet their obligations? Here is a customer service representative from the Bank of China.
"We don't offer this particular service. if you have this request, our banks are obliged to change money for you, unless we don't have enough change."
And this Agriculture Bank of China clerk suggests customers to try several more branches to have their money exchanged rather than sticking to one branch.
Banks say they just don't have enough change. Where have all the change and small value notes gone?
Many people say it's not convenient to bring small change with them, and they usually put this money in saving boxes at home.
In order to put more low-denominations of currency back into circulation, the Tianjin Rural Commercial Bank has made some special effort. Bai Ju from the bank says each customers can exchange 200 one mao notes a day at her bank.
"There is very large demand for the one mao notes in the market, for example, hospitals and supermarkets need lots of one mao notes or coins as small change. With this measure, we are able to offer more low denominations notes."
Exchanging small value notes sounds very simple, but the procedure is actually labour intensive and time consuming. Some banks have had to enlist more clerks who are only engaged in counting small value notes.
Yang Hao is one of them. He says his major job every day is counting small value notes. Compared with counting 100 yuan notes, it's harder to count one mao notes. Like him, each one of the clerks in the bank must count 25,000 notes a day. It's really a tough job.
Low denominations notes may have small value, but they can be big problems.
For CRI, I am Zhang Wan.
