The international money printing market has been dominated by Western companies for more than a century, the move is seen as a reflection of Beijing’s desire to increase its influence on the world economy and geopolitics.
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New Delhi: Forced to produce marriage certificates and driving licences to keep the Chinese money production plants from rusting, the country is witnessing a sudden arrival of “big orders” for currency production projects from a number of countries, including India, reported South China Morning Post.
According to Liu Guisheng, president of the China Banknote Printing and Minting Corporation, China did not print foreign currency until recently.
But in 2013, Beijing launched the belt and road plan with an aim to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes.
Since then the company had “seized the opportunities brought by the initiative” and “successfully won contracts for currency production projects in a number of countries including Thailand, Bangladesh, Sri Lanka, Malaysia, India, Brazil and Poland,” he said.
According to South China Morning Post, that could be just the tip of the iceberg.
Taking note of the development, Congress leader Shashi Tharoor expressed fears that it could make it easier for Pakistan to counterfeit notes and “could have disturbing national security implications”.
Some governments have asked Beijing not to publicise the deal because they are worried such information could compromise national security or trigger “unnecessary debates at home”, said the Chinese paper.
Shashi Tharoor
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@ShashiTharoor
If true, this has disturbing national security implications. Not to mention making it easier for Pak to counterfeit. @PiyushGoyal @arunjaitley please clarify!
Debasish R Chowdhury
@Planet_Deb
Very interesting. SCMP is reporting that China is printing banknotes for Nepal, India, Thailand, Bangladesh, Sri Lanka, Malaysia, Brazil and Poland. @RBI, is that so? https://sc.mp/2B2Hhzw via @SCMPNews https://sc.mp/2B2Hhzw via @SCMPNews
“The world economic landscape is undergoing some profound changes. As China becomes bigger and more powerful, it will challenge the value system established by the West. Printing money for other countries is an important step,” said Liu Guisheng.
The international money printing market has been dominated by Western companies for more than a century, the move is seen as a reflection of Beijing’s desire to increase its influence on the world economy and geopolitics.