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China to Readjust Face Value of Gold Coins
The People's Bank of China (PBOC) announced November 22 that it will make a minor readjustment to the face value of gold coins issued in China as of 2001.
A spokesman for the PBOC said that the readjustment will be carried out in accordance with international practices, and continue to use US$50 as the base value for the face value of a one ounce gold coin. Therefore, the new basic face value of one ounce gold coin is defined at 500 yuan Renminbi according to the present exchange rate of one US dollar for 8.3 yuan RMB.
Generally speaking, the readjusted face value of gold coins is four times that of the old face value, the spokesman added.
He said that the major reason for the readjustment is the marked change of the exchange rate between US dollar and RMB, which has changed from one US dollar for two yuan RMB to one US dollar for 8.3 yuan RMB. The readjusted face value will better reflect the real value of the gold coins.
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