Spratly Islands RMB

Posted by Reading Time: 2 minutes

The Spratly Islands are a group of more than 100 small islands and reefs in the South China Sea. The islands, which are claimed in whole or in part by China, Taiwan, Vietnam, Philippines, Malaysia and Brunei, sit atop potentially large oil and gas deposits, are surrounded by rich fishing grounds and are located on major shipping lanes. Various islands are occupied from time to time by fisherman, military forces of the various claimants and oil exploration crews. China calls the islands the Nansha Islands and bases their claim on fact that some old Chinese coins and pottery have been found there. Recently some banknotes have appeared that re-enforces their claim on the islands. They are current, regular issue Chinese Jiao and Yuan notes that are overprinted in English on the reverse and Chinese on the obverse “FOR USE ONLY IN NANSHA ISLANDS”. Each of the notes also bears a large red chop that refers to the South China Sea Fleet – a division of the Chinese Navy.

This China cultural article is one of a regular series we are running at China Briefing. Conducting business in China is more than just legal and tax advise, one has to “feel” the country and its rhythms as well in order to properly advice clients on conducting business in this massive country. These China cultural articles are intended to assist with a greater business understanding of the background to doing business in China, and are provided by the research team at Dezan Shira & Associates. To view the China business cultural archives please click here.