World Economy

China Printing Foreign Money

China Printing Foreign MoneyChina Printing Foreign Money

China is printing more foreign money as it seeks to expand its influence on the global economy. Money printing plants across the country are running at close to full capacity to meet an unusually high quota set by the government this year, multiple sources from the China Banknote Printing and Minting Corporation told the South China Morning Post, Business Insider reported. Chinese yuan notes made up “a small proportion of the orders”, with most of the demand coming from foreign countries participating in China’s Belt and Road Initiative, one source who asked not to be named said. Until recently China did not print foreign currency at all, but in 2013 Beijing launched the Belt and Road Initiative, a plan that seeks to stimulate economic growth in around 60 countries from Europe, Africa and Asia through investment and infrastructure projects. Two years later China began printing money for Nepal, and today foreign customers of China’s industry now also reportedly include Thailand, Bangladesh, Sri Lanka, Malaysia, India, Brazil and Poland and possibly many others that have not yet been disclosed, a source said.

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