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CIRCULAR OF THE STATE COUNCIL FOR APPROVING AND TRANSMITTING THE REPORT SUBMITTED BY THE PEOPLE'S BANK OF CHINA REQUESTING INSTRUCTIONS ON STRENGTHENING THE ADMINISTRATION OF THE ISSUANCE OF GOLD AND SILVER COINS (OR BADGES) FOR SALES TO FOREIGN COUNTRIES

    The State Council has approved the Report Requesting Instructions on
Strengthening the Administration of the Issuance of Gold and Silver Coins
(or Badges) for Sales to Foreign Countries, which was submitted by the
People's Bank of China, and hereby transmits it to you for implementation.
Report Requesting Instructions on Strengthening the Administration of the
Issuance of Gold and Silver Coins (or Badges) for Sales to Foreign Countries
(Excerpts)

    The following suggestions are put forward with a view to strengthening
currency control and control of gold and silver and maintaining China's
reputation in issuing commemorative coins (or souvenir badges):

    1. The People's Bank of China shall be exclusively responsible for the
designing, manufacture and issuance of gold and silver commemorative coins.
No other departments or units shall be permitted to mint or issue such
coins (including coins made of other substances).

    2. The Bank of China (and its branches abroad) shall be exclusively
responsible for the distribution of gold and silver commemorative coins (or
souvenir badges) to foreign countries in order to facilitate the unified
control of foreign exchange revenues.(Note 1.)

    3.Gold and silver souvenir badges shall be exclusively manufactured by the
China Coins-Minting Corporation affiliated to the People's Bank of China.
Units that need to have gold (or silver) badges made may approach and consult
with the China Coin-Minting Corporation. Measures for the sharing of profit
in foreign exchange earned from selling gold and silver badges shall be
submitted to the State Planning Commission for approval and be implemented
accordingly.(Note 2.)

Notes:

    Note 1., 2.  With respect to the business operations in gold and silver
souvenir badges, the relevant provisions in Document (82) Jin Chu (Chu) Zi
No.44 issued by the former State Import and Export Commission shall prevail
instead. -- The Editor.