Family suffer a devaluation of their own
Print Edition
As global investors get used to the sudden depreciation of the yuan, one Chinese family are reeling from a more irreversible devaluation.
A man in Suqian, a city in east China’s Jiangsu Province, took a bag of damaged bills worth 100,000 yuan (US$15,700) to a local bank in the hope of getting them replaced. The notes were reduced to rotten, clumped-together lumps, which would have disintegrated at a single touch.
According to the man, surnamed Zhang, his mother buried the money under the kitchen floor after wrapping it in a plastic bag and sealing it in an iron box over four years ago. Not until this summer, when Zhang was preparing to get married, did his mother recall the stash.
The family dug the money out, only to find it had been severely damaged. “My parents froze on the spot. It was their life savings from years of hard work. They just can’t accept the loss,” said Zhang.
Why his mother decided to bury the money instead of putting it in the bank is unknown.
A currency specialist at a local branch of the People’s Bank of China said: “Under current regulations, the bills can’t be redeemed.”
But he said he would send photographs to a provincial-level branch and ask if it can help.
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