The People's Bank of China has denied Internet rumors that it has released a new 500-yuan note, the People's Daily said Wednesday.

Japanese media recently claimed China was considering introducing a 500-yuan note bearing a portrait of Confucius in order to give the RMB wider international appeal.

The central bank said the rumors could affect the normal circulation of the RMB and jeopardize financial security. It called on the police to launch an investigation into the source of the rumor.