HK police seizes 5,930 fake RMB notes in 2006

Hong Kong police said Wednesday that it has seized 5,930 fake Renminbi (RMB) notes in 2006, 16.3 percent higher than 2005, and most of them are 100 yuan notes.

Hong Kong's Secretary for Security Ambrose Lee told legislators that police have spared no effort in combating counterfeiting crime, though the techniques for fake RMB notes are now in higher standards.

He said Hong Kong police has regularly cooperation with their counterparts in Guangdong, the Monetary Authority and the banking industry to jointly attack counterfeiting syndicates.

Besides, the People's Bank of China has started issuing new RMB notes bearing additional security features, making them easier to authenticate.

Hong Kong is expected to sell RMB-dominated bonds this year and further enlarge its RMB business.

Source: Xinhua