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The E-Sylum:  Volume 11, Number 6, February 10, 2008, Article 33

TAIWAN RESIDENTS SNAP UP NEW BANKNOTES FOR CHINESE NEW YEAR GIVING

[The China Post reports a run on new banknotes in Taiwan.
-Editor]

The upcoming Chinese New Year has prompted a rushed on
freshly minted banknotes islandwide, Chinese-language media
reported yesterday, amid concerns that some banks and ATMs
had already been out of new bills earlier that afternoon.

Taiwan-based news network TVBS claimed, however, that half
of ATMs were unable to deliver cash, stressing that new
NT$1,000 bills caused the machines to malfunction as they
were thicker and stick together more easily.

"We have handled a lot of new banknotes from the Central
Bank in prevision of the Chinese New Year, but so far we
haven't had any problems with the new bills," an employee
from The Shanghai Commercial & Savings Bank, Ltd., told
The China Post.

"It's just that lots of people want to change their old
bills," she added.

Seven commercial banks islandwide started Jan. 31 to
exchange old bank notes with newly minted paper currency
to people, who wish to give out red envelopes for Chinese
New Year.

NT$100 notes are hot items before the Lunar New Year
holidays because red is considered a lucky color in
Chinese culture.

The Central Bank of China (CBC) said it has made available
nearly NT$400 billion for the public to exchange old
NT$1,000, NT$500, and NT$100 bank notes.

To read the complete article, see:
Full Story

  Wayne Homren, Editor

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