Terming Prime Minister Narendra Modi's demonetisation move as "very

bold", China's official media today said it was a "gamble" that would
create a precedent irrespective of whether it succeeds or fails and
China will draw lessons from its impact on corruption, according to
the news agency.
"Modi's move is very bold. We cannot imagine what would happen in
China if the country bans its 50 and 100 yuan notes," said an editorial
in the state-run Global Times titled 'Modi takes a gamble with money
reform'. 100 yuan is China's highest currency note.
"To prevent a leak of information jeopardising the implementation of
the demonetisation reform, the roll out of the plan had to be kept
confidential. Modi is in a dilemma as the reform aims to render the
black money useless but the process goes against the governance
principle of winning support of the public before initiating a new
policy," the editorial said.
"As more than 90 per cent of transactions in India are made with cash,
banning 85 per cent of the currency in circulation brings a lot of
trouble to people's daily life" sparking fierce criticism including from
"former Prime Minister Manmohan Singh who termed it as organised
loot", it said.