Report Says China Is Printing Currency For Several Countries Including Sri Lanka
2018-Aug-15 | By News Admin

A report published in South China Morning Post revealed that China is printing money for several countries, including Sri Lanka. 

The report said 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.

Hu Xingdou, a professor of economics at the Beijing Institute of Technology told the South China Morning Post that a nation must have considerable trust in the Chinese government to allow it to print its banknotes.

"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," Xingdou said.

"Currency is a symbol of a country's sovereignty. This business helps build trust and even monetary alliances."

Leverage over currency can also be a powerful weapon. During the destruction of Libya and Muammar Gaddafi by the West seven years ago, the British government seized $1.5 billion Libyan dinars originally produced for the the dictator by British currency printer De La Rue, which sparked shortages in the country and put pressure on the regime.

Beijing has been concerned that its enemies could use fake notes to disrupt its economy and has viewed the money printing capability being as important as it's atomic bomb programme. (With inputs from SCMP)

Sources : asianmirror