Chinese state-owned firm winning contracts to print foreign currencies as country seeks to expand global reach and influence

Yuan Dynasty bank note

 

This appears to be a works program/diplomacy initiative/monetary power play. Money factories in China are running overtime printing paper currencies for Nepal, Thailand, India, Brazil, even Poland. A strange deal.

The printing of currency whether via a keystroke or literally, as in this case, is always for the benefit of cronies on one type or another. That the colossal belt and road program is attached to this effort should surprise no one.

(From The South China Morning Post)

But in 2013, Beijing launched the belt and road plan, a global development blueprint involving about 60 countries from Asia, Europe to Africa to stimulate economic growth with large-scale capital investment and infrastructure construction projects.

Two years later, China started printing 100-rupee notes for Nepal, Liu wrote in an article in China Finance, a bi-monthly journal run by China’s central bank in May.

Click here for the article.