DJ China's Ctrl Bk Adjusts Face Value Of Gold Coins
BEIJING (Dow Jones)--China's central bank has announced it is adjusting the face value of commemorative gold coins to reflect changes in the exchange rate and international bullion prices, state media reported Wednesday.
People's Bank of China said the face value of 5 yuan coins weighing one twentieth of a troy ounce is to be increased from next year by four times, to 20 yuan, the official Xinhua News Agency reported.
Similarly, one ounce coins, previously with a face value of 100 yuan, will be issued with a new face value of 500 yuan, the report said.
China's central bank retains a monopoly on the sale and purchase of gold, but regularly releases gold coins on commemorative occasions. However, the face value of the coins hasn't been altered since the 1980s, when the exchange rate was pegged at two yuan to the dollar.
China's currency, which is only convertible on the current account, currently trades around 8.3 yuan to the dollar.
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