In the country where the world’s maximum currency is printed, notes are made from many countries
Many countries get their currency printed in other countries. The list of such countries includes Thailand, Nepal, Sri Lanka, Poland and Bangladesh. After all, why don’t these countries print their own currency? At the same time, what can be its impact on the economy of the currency printing country and the global economy?
Many countries get their currency printed from other countries. For this, it is necessary to have solid trust between the two countries.
Currency Printing: Many countries of the world get their currency printed in other countries. The name of China is also included in the currency printing countries. At this time, China is printing the currency of many countries with full force. The list of countries that have printed their currency from China is very long. These include many countries including Poland, Nepal, Sri Lanka, and Bangladesh. China is trying to increase its influence on the global economy by printing the currency of many countries. On the one hand, he is earning handsomely from this. On the other hand, its own economy is getting stronger. At the same time, its impact on the global economy is also increasing.
According to the China Banknote Printing and Minting Corporation, money-printing plants across China are operating at near total capacity to meet an unusually large currency printing order set by the government this year. The work is so much that no plant is printing less than its capacity. In this order of currency printing, only a small part of China’s currency Yuan is. Most of the orders to China are coming from countries participating in China’s Belt and Road Initiative.
Until recently, China did not print foreign currency at all, but in 2013, Beijing started the Belt and Road Initiative. It is a plan to encourage economic development in about 60 countries in Europe, Africa and Asia through investment and infrastructure projects. Two years after the start of the scheme, China started printing money for Nepal. Today, foreign customers of China’s money printing industry include Thailand, Bangladesh, Sri Lanka, Malaysia, Brazil and Poland as well as many countries.
Why is China printing its currency Yuan less?
The headquarters of China Banknote Printing and Minting Corporation, owned by the Chinese government, is in the Xicheng District of Beijing. The company describes itself as the world’s largest currency printing company with 18,000 employees and 10 plants for printing paper notes and coins. The Bureau of Engraving and Printing Company of America comes equivalent to this company in China. US company employing less than 2,000 people. Less printing of Yuan indicates that the demand for currency in China has reduced. Now people have started using their phones instead of currency notes or coins.
How will money printing increase China’s power?
Hu Jingdu, an economics professor at the Beijing Institute of Technology, told the South China Morning Post that for a country to be allowed to print its own banknotes, there must be a lot of trust in the Chinese government. He said that the world economic scenario is going through some major changes. As China becomes bigger and more powerful, it will challenge the value system of the West. Printing money for other countries is an important step. Currency is the symbol of the sovereignty of a country. It helps in the building business, trust and monetary alliances.
How powerful a weapon will this work prove to be?
The hold of any one country on the currency of other countries can prove to be a powerful weapon for it. During the fall of Libyan ruler Muammar Gaddafi seven years ago, the British government confiscated $1.5 billion worth of Libyan dinars printed for the dictator by the country’s money printer company De La Rue. This increased the shortage of currency in Libya and put pressure on the Gaddafi regime. Beijing worries that its enemies could use counterfeit notes to disrupt its economy. China considers its ability to print money to be as important as its nuclear bomb program.