Enterprising traders have taken to offering counterfeit renminbi online, many using the advertising tag line “Made in Taiwan”, the self-governing island that China regards as a renegade province.
The Chinese government has attempted to clamp down on the trade, with little success. It used state-controlled media this week to publicise the conviction of a Shanghai trader and a police raid on a counterfeiting ring based in southern China.
The timing of the clampdown is not accidental. The Chinese new year holiday, which begins on January 26, usually triggers a surge in consumer spending as people buy gifts for friends and family and travel home.
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