Raman spectra of real and counterfeit RMB 100 banknotes excited by an infrared laser with wavelength of 785 nm were obtained in the portrait watermark, security thread, latent image for the face value and OVI printing features. Difference between the spectra of real and counterfeit RMB banknotes was found. Meanwhile, difference of counterfeit banknotes from different counterfeiters was also observed. The study shows that Raman spectroscopy could be a potential tool not only for the identification of counterfeit and altered RMB, but also for the sources of the counterfeit RMB.