Telegraph Nearly 97 per cent of counterfeit Chinese banknotes are forged from templates created by an elderly painter from southern China, state media reported. By Nicola Davison
'Peng Daxiang, who is 73 and a renowned artist
in his hometown of Shantou, Guangdong province, is serving a life
sentence following his arrest in 2013 in an operation against
'According to an
analysis of fake banknotes seized in recent years by China's ministry of
public security, 96.7 per cent of notes in circulation originated from
templates drawn by Mr Peng.
was so skilled an artist he created the fake 100 yuan (£10.80)
templates without computer assistance. He profited by selling the
templates for between 50,000 yuan and 120,000 yuan to counterfeiting
'Counterfeit money is increasingly a problem in China. The value of seized fake notes rose from 329 million yuan (£36 million) in 2012 to 532 million yuan (£57 million) in 2014.
'In one case in Guangdong province last year, authorities found that
criminals could make counterfeit money worth 100 million yuan (£11
million) in one week if they worked around the clock.
'With advances in printer technology it has become easier to produce fake banknotes.
'"A factory making counterfeits is basically a small-sized printing
workshop and they can easily get printing machines, ink and
commercial-use paper from the market," said Liu Jintao, director of the
anti-counterfeiting department of the Guangdong public security
'Forgers purchase paper and then stamp on a foil
security line before printing the colours layer by layer. The finished
note is pressed to give it a realistic, textured feel. A forged 100 yuan
bank note is typically sold for six yuan.
'"Members of the
syndicate gain huge profits, with their workers doing manual work paid
at 10,000 yuan a day," Mr Liu told the South China Morning Post.
'The latest trend in counterfeiting is to forge lower-value notes, such
as those supposedly worth 20 or 10 yuan, as the public are less likely
to question their validity.'