Due to severe domestic inflation and currency devaluation in Argentina, leading to soaring prices, the Argentine peso has gradually depreciated. The highest denomination of 2000 pesos banknotes is no longer sufficient for daily transactions.
As a result, Argentina has urgently introduced 10,000-peso banknotes. However, since Argentina lacks the capacity for printing, they had to commission China Banknote Printing and Minting Corporation to print them.
The initial order from Argentina amounted to 770 million banknotes, totaling 7.7 trillion pesos. Thanks to the high efficiency of the China Banknote Printing and Minting Corporation, these banknotes were delivered to Argentina in a short period.
Like Argentina, many countries worldwide lack the technology and equipment for currency printing and thus outsource their currency printing to other countries. According to World Bank data, more than half of the 171 currency issuing authorities globally outsource some of their currency production to other countries.
This is mainly due to the high difficulty and secrecy of currency printing technology, often referred to as "near-nuclear" technology, second only to nuclear weapons.
Historically, the international currency printing market has long been monopolized by currency printing companies from Western countries such as the United Kingdom and the United States, with the most typical being the UK's De La Rue Company.
Established in 1821, De La Rue began printing currency for the Bank of England in 1860, later expanding its business to over 140 central banks globally.
China started relatively late in the field of currency printing technology, only entering it in the early 20th century. The development of China's currency printing technology owes much to a group of outstanding scientific and technological talents, enabling China to make significant breakthroughs in currency printing technology.
China established a banknote printing machine design team, achieving breakthrough functions such as multi-color intaglio printing and simultaneous printing on both sides of banknotes.
China has developed a new type of banknote printing machine with independent intellectual property rights. China's currency printing technology has now reached a world-leading level.
China's currency printing industry not only has strong technical strength but also has a complete and efficient industrial chain. From plate-making, ink, paper to printing machinery, China has achieved localization, providing efficient solutions for other countries and reducing currency printing costs.
Khadka, Executive Director of the Nepal Rastra Bank, once stated that the 1000-rupee banknotes manufactured in China have good quality and cost-effectiveness, saving Nepal millions of dollars in expenses.
China's currency printing industry has broken free from Western monopoly and often outperforms Western currency printing companies such as those from the UK and France in international tenders.
In addition to Argentina, countries such as Vietnam, Cambodia, Cuba, Thailand, and Malaysia have also placed currency printing orders with China.
China's currency printing technology has been recognized and welcomed by countries worldwide, attributed to both China's technical strength and its complete and efficient banknote production industry chain.
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