RESIDENTS rushed to a store in Bao an District on Tuesday where a 100-yuan (US$15) bank note with a number ending with 38 was accepted for double its face value. But authorities said it was illegal to use renminbi bank notes for more than their face value.
The maternity & baby clothing and accessories store was using the strategy for sales promotion on International Women s Day, Shenzhen Economic Daily reported.
A 10-meter line had already been formed outside the store on Defeng Road in Fuyong Subdistrict before it opened at 10 a.m. Tuesday. Most of the clients were women, but some male clients carrying children could also be seen in the line. Security guards patrolled in front of the store to maintain order.
A woman surnamed Liu said the store opened less than a year ago. As a holder of the store s membership card, Liu said she received a text message a few days ago informing her that she could use a 100-yuan bank note with a number ending with 38 as a 200-yuan note Tuesday to celebrate International Women s Day.
Another woman surnamed Zhu said her husband found two eligible notes with the help of his company s accountants.
Some residents who learnt of the promotion Tuesday made phone calls to their relatives and friends to ask for their help while stood in the line.
Staff with the central bank s Shenzhen branch said it is illegal for the store to launch such a promotion. Renminbi can only be used for their face value, according to Chinese law.
A hotel on Shennan Road Central resorted to similar promotion strategy in 2001, allowing patrons to enjoy a 50-percent discount if they used 100-yuan bank notes with numbers ending with 88 to pay for meals and rooms, the Daily report said. The practice was halted by authorities immediately. (SD News)
