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| China-Japan-Koreas |
| N. Koreans Abandon Worthless Won for Yuan |
| 2010-02-17 |
| North Koreans in the border area with China have abandoned the won since a shock currency reform, Internet broadcaster Open Radio for North Korea reported. The regime in November suddenly introduced a new won at an exchange rate of 100:1 to the old currency, a move which instead of curbing inflation sent it sky-high. The broadcaster quoted a North Korean source as saying North Korean banknotes are nothing but pieces of paper, and almost all goods are traded in yuan. "Not even cart pushers would accept won for their work," the source said. Having watched their new currency plummet in value over less than a month after the reform, North Korean residents realized that the yuan is a safer asset, the station added. |
| Posted by:Steve White |
| #1 Misleading headline, this is only happening near the border with China. |
| Posted by: gromky 2010-02-17 01:43 |