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After a blistering year of gold imports ending 2013 (at a gross 1,506.7mt) up 19% over 2011 & 2012 combined, the People’s Bank of China in January one-quarter ounce gold and 1oz silver “commemorative coins issued ordinary push forward the reform of RMB [renminbi].” Or at least in the of People’s Bank of China Party Committee Assistant Governor Jin Qi.
Price inflation in China is not set to abate anytime soon as he also committed to “further improve the cash supply levels… according to the target orderly development of the second generation of the currency.” As well, Zerohedge how this printing will be accomplished by the most profligate central bank post-crisis.
The party member spoke a bit more on their ideas and requirements for implementation of the ‘second generation’ renminbi, stating he urged financial institutions into social mobilization that encourages grassroots innovation. The 3 steps: First, do the work necessary to further transition to a market; Second, refine management measures in the transition; Third, serve the focus to the masses. Precisely what this means we will not know for sure, until it begins to unfold further, however the in the same breath as these announcements came the new bullion coins, and the Chinese government was careful to state, like in Utah, the coins are “the lawful currency of the People’s Republic of China”, ie; legal tender money.
We do need to bear in mind transacting with a teller, over the counter at Chinese commercial banks, physical bullion is commonly available. Perhaps this is where the recent proliferation of vending machines in bank lobbies, and the urged ‘social media, grassroots promotion’ by financial institutions comes into play?
Note the run details by the Shenzhen Guobao Mint are very small, however, the point here is, this continued issuance of precious metal coins specifically noted by the central bank as adding to “lawful currency” (and towards some currency phase transition) is notable while imports of the metal into the nation concurrently soar.
(A) 1/4 oz round gold coins commemorative coins for refining, containing gold 1/4 oz, diameter 22 mm, 100 yuan denomination, fineness of 99.9%, the largest circulation of 10,000.
(B) one ounce silver commemorative coins for refining round coins, including silver 1 ounce, 40 mm in diameter, $ 10 par value, purity 99.9%, the largest circulation of 20,000.
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After a blistering year of gold imports ending 2013 (at a gross 1,506.7mt) up 19% over 2011 & 2012 combined, the People’s Bank of China in January one-quarter ounce gold and 1oz silver “commemorative coins issued ordinary push forward the reform of RMB [renminbi].” Or at least in the of People’s Bank of China Party Committee Assistant Governor Jin Qi.
Price inflation in China is not set to abate anytime soon as he also committed to “further improve the cash supply levels… according to the target orderly development of the second generation of the currency.” As well, Zerohedge how this printing will be accomplished by the most profligate central bank post-crisis.
The party member spoke a bit more on their ideas and requirements for implementation of the ‘second generation’ renminbi, stating he urged financial institutions into social mobilization that encourages grassroots innovation. The 3 steps: First, do the work necessary to further transition to a market; Second, refine management measures in the transition; Third, serve the focus to the masses. Precisely what this means we will not know for sure, until it begins to unfold further, however the in the same breath as these announcements came the new bullion coins, and the Chinese government was careful to state, like in Utah, the coins are “the lawful currency of the People’s Republic of China”, ie; legal tender money.
We do need to bear in mind transacting with a teller, over the counter at Chinese commercial banks, physical bullion is commonly available. Perhaps this is where the recent proliferation of vending machines in bank lobbies, and the urged ‘social media, grassroots promotion’ by financial institutions comes into play?
Note the run details by the Shenzhen Guobao Mint are very small, however, the point here is, this continued issuance of precious metal coins specifically noted by the central bank as adding to “lawful currency” (and towards some currency phase transition) is notable while imports of the metal into the nation concurrently soar.
(A) 1/4 oz round gold coins commemorative coins for refining, containing gold 1/4 oz, diameter 22 mm, 100 yuan denomination, fineness of 99.9%, the largest circulation of 10,000.
(B) one ounce silver commemorative coins for refining round coins, including silver 1 ounce, 40 mm in diameter, $ 10 par value, purity 99.9%, the largest circulation of 20,000.
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