Counterfeit banknote seizures spike

The Public Security Ministry said it has so far seized RMB 500 million (US$60 million) in fake banknotes this year, two and a half times the amount seized over the whole of 2003. Most fakes are produced on the mainland, particularly in Guangdong province, and sold for up to 40% of their face value, authorities said. Police said they knew of cases involving people using automatic teller machines to make deposits of fake notes and later withdrawing genuine notes.