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China will start destroying cash collected in areas with high exposure to the coronavirus | Markets Insider

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The People's Bank of China announced it will begin destroying notes collected by hospitals, buses, and markets in coronavirus-addles locales, financial news outlet Caixin reported. China's central bank will also disinfect some bills and store them for 14 days before putting them back into circulation. Banks in Guangzhou will require customers to tell where their deposited notes originated from, though an unnamed deputy bank chief told Caixin "it would be difficult for such a measure to be completely effective." Visit the Business Insider homepage for more stories.

China's central bank in Guangzhou announced it will destroy cash collected by hospitals, buses, and markets in coronavirus-afflicted areas to curb the outbreak's contagion, financial news outlet Caixin reported Saturday.

The People's Bank of China ordered all paper currency with high exposure to the outbreak withdraw cash for either destruction or disinfection, according to Caixin. Commercial banks were told to place banknotes from infected areas aside, clean them, and hand them to the central bank. 

The coronavirus continues to spread around the world and most heavily hit China's population. The outbreak is responsible for 1,670 deaths with nearly 70,000 infected as of Sunday afternoon. Coronavirus has already prompted economists to lower their expectations for global growth, and major corporations have warned that the drag on global supply chains will likely hit quarterly results.

The People's Bank of China will use high temperatures or ultraviolet light to disinfect bills and store the cash for more than 14 days before placing it back into circulation. Central banks around the world frequently destroy old notes to balance out the supply with new cash. The practice doesn't affect the money supply, though the coronavirus-related action is separate from such regular measures.

An unnamed deputy chief at a...

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