April 26 (Xinhua) -- The People's Bank of China, the central bank, has adopted new regulations on use of Chinese currency Renminbi that will take effect on May 1.

Today's China Daily commented that the Renminbi Administration Regulations, in which the legal status, unit, design, printing and circulation of the Renminbi are defined, will further standardize the issue and management of the Chinese currency.

The central bank said yesterday that the new regulations will help address a variety of problems like counterfeiting, illegal trade and damaging of the Renminbi.

The regulations entitles the central bank and public security bureaux to confiscate counterfeit Renminbi notes and remove them from circulation.

The code also imposes a ban on underground market trading of Renminbi.