China’s central bank will issue a set of commemorative coins on September 16 to commemorate the 70th anniversary of the diplomatic ties between China and Pakistan.
The set will contain one gold coin and one silver coin, both legal tenders, according to a statement from the People’s Bank of China (PBC). Both coins feature the national emblem, the country name and year of issuance on the obverse.
The reverse is inscribed with combinations of different pictures, denominations, a logo for activities to mark the 70th anniversary of the diplomatic ties between China and Pakistan, “1951-2021”, and a line that reads ‘the 70th anniversary of the diplomatic relations between the People’s Republic of China and the Islamic Republic of Pakistan’ in both Chinese and English, China Economic Net (CEN) reported on Monday.
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The gold coin, contains eight grams of pure gold and has a face value of RMB 100 (about $15.43). The silver coin, contains 30 grams of pure silver and has a face value of RMB 10.
Its reverse side features the Temple of Heaven in China and the Lahore Castle in Pakistan. It is lined with a combination of decorative shapes such as ginkgo trees and Himalayan cedar branches and leaves.
The maximum issuing limit of the gold and silver coins will be 3,000 and 10,000 respectively.
China's central bank will issue a set of commemorative coins on Sep16 #70thanniversary of the of diplomatic ties b/t🇨🇳🇵🇰.
one gold coin & one silver coin,@StateBank_Pak issued a commemorative coin of Rs 70 to mark #70thanniversary #diplomatic relations b/t🇵🇰🇨🇳 June 2021.#CPEC pic.twitter.com/BsNhHn2an3
— Syed kamal hussain shah 🇵🇰 (@shahsabg) September 13, 2021
The State Bank of Pakistan (SBP) issued a commemorative coin of Rs 70 to mark the 70th anniversary of the establishment of diplomatic relations between Pakistan and in June 2021.
China: An attractive market for foreign banks?
China is fast becoming an attractive market for foreign banks and financial institutions. And there are several reasons for that. In recent years a number of measures have been taken by the Chinese Regulators to open the sector.
For instance: In case of the establishment of foreign bank branches, the requirement to have a representative office in the same city as the intended branch has been done away with.
Read more: HBL: Pakistani Bank with a China Vision
Now a foreign bank can have a representative office in one city and a branch in another city. Similarly, the requirement of getting a domestic currency license after 3 years of operations has been changed to one year.
APP with additional input by GVS News Desk