The photo shows the picture of two yuan published in 1960.(file photo)

BEIJING, Feb. 13 -- China has stopped issuing banknotes with face value of two yuan (US$0.247) and two jiao, officials with the People's Bank of China was quoted as saying by yesterday's Daily Sunshine.

    The banknotes currently in circulation are the fifth set of renminbi whose issuance began Oct. 1, 1999. Banknotes with a denomination of two yuan and two jiao had been left out of the fifth set with 20 yuan banknotes added to the new set of renminbi.

    The phasing out of the two yuan and two jiao banknotes would not affect the circulation of the Chinese currency as fewer people were using them, the officials with the central bank said. What's more, cancellation of the two kinds of banknotes would save printing costs and make the face-value structure of renminbi more reasonable, the officials said.

    With commodity prices rising in China, banknotes with a denomination of 10 yuan have taken on the role of change in the purchase of goods and commodities.

    Veteran collectors say the value of the phased-out banknotes has the potential to appreciate but warned that collectors must pay attention to the appearance of the banknotes. Those with the highest value are the ones that are brand new and have never been put into circulation. Those that are torn or soiled could be only worth the face value of the banknotes, experts say.

(Source: Shenzhen Daily/Agencies)