Chinese Yuan 24 Hour Spot Silver Price
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China is the globe’s second largest economy and a major consumer of natural resources. China has been taking steps in recent years to further cement its place at the table among the world’s economic elite, and the country’s economic output plays a key role in global trade.
If you are looking to purchase silver in China, you will likely see prices quoted in the local currency, the yuan, as well as other key currencies such as U.S. Dollars, euros or Great British Pounds. Silver is typically quoted in price per ounce, gram or kilo.
The renminbi is the official currency of the People’s Republic of China. The currency was introduced in 1949 and means “the people’s currency.” The yuan is a unit of renminbi, although this name is also used interchangeably when referring to China’s currency.
The yuan recently became part of the IMF’s Special Drawing Rights, or SDR. This means that the currency has officially been recognized as a global reserve currency. As the yuan gains in popularity and more trade is done using the currency, it could potentially challenge the dollar as the global reserve currency of choice.
Because China is a major global manufacturer and exporter, it could potentially have a major influence on global silver prices. Silver derives demand from investors as well as industry, and more and more potential uses for the metal may be discovered. Silver is already used in many different areas of industry such as solar energy production, chemical production and electronics.
Investors may look to buy silver as a means of added portfolio diversification. Like gold, silver may potentially provide a hedge against inflation, declining currency values and other economic issues. The white metal may also potentially increase in value over time, potentially providing investors a net positive return.
If you are interested in silver coins, the Chinese Silver Panda coin may be a great choice. These coins are released annually by the Chinese Mint and feature the iconic panda bear. These coins are available in multiple weights, so even investors on a tight budget can take advantage of their potential benefits. Chinese Panda Silver coins are considered good, legal tender and have varying face values based on weight.
The Chinese Silver Panda coin was first released in 1983 as proof coins only. In 1988, the mint began releasing regular bullion coin versions. Adding to the appeal of these coins is the fact that every year with the exception of the 2001 and 2002 releases features a new obverse design.
If you are looking to acquire as much silver as possible, bullion coins may be a better bet than proofs. The Chinese Silver Panda can be obtained in both bullion and proof versions, but proof coins may carry significantly higher premiums. Unlike bullion coins which are struck a single time, proof coins are struck multiple times giving them a very detailed, crisp finish that is very visually appealing. Due to their exquisite finish and sometimes limited mintages, proof coins may be more sought after by collectors.