Free Silver Price Widget For Your Website
This feature is only supported in the desktop browsers. Please visit this page in your desktop browser to retrieve the widget.
Share live silver prices with your website followers or on your blog, using our free silver price widget. To get started, please select one of the size dimensions from the drop-down menu below, and copy the code from the Widget Code text box and paste it into the desired position in your page. If you have any trouble, please contact us at email@example.com.
Silver Prices in Chinese Yuan Renminbi
Although silver is often traded and quoted in U.S. Dollars, the white metal can be transacted in any currency. In China, for example, silver is likely quoted in Yuan Renminbi and possibly some other currencies as well such as dollars or euros. Silver prices may also be quoted and traded in various weights such as the ounce, gram and kilo.
The Chinese Yuan Renminbi is growing in popularity, and China is the world’s second largest economy. 2016 marked a major milestone for China and its currency, as the Chinese Yuan Renminbi was admitted to the IMF’s Special Drawing Rights, or SDR. The acceptance of the Renminbi as a global reserve currency gives China a seat at the table among the global economic elite. The Chinese currency could potentially see increasing popularity among central banks, and in time the currency could become a reserve currency of choice.
The terms “Yuan” and “Renminbi” are often confused. The currency of the People’s Republic of China is the Renminbi while the Yuan is simply a unit of the currency.
The Renminbi was pegged to the U.S. Dollar until 2005. The currency was thereafter allowed to float in a narrow, fixed base rate using a basket of currencies.
Silver Pricing In Renminbi
The price of silver in China can be affected by numerous potential inputs just as it can anywhere else on the globe. Some of the primary drivers of the silver market may include:
- Investment demand
- Industrial demand
- Interest rates
- Currency markets
- Risk appetite or aversion
Unlike gold, silver has considerable demand from both investors and industrial users. Although silver and gold can often times exhibit a close correlation, this industrial demand for silver may potentially cause divergences between the silver and gold markets.
Some of the current uses for silver in industry include:
- X-ray film
- Implants and prosthetics
- Water purification
- Door handles
- Circuit board contacts
And much, much more.
More uses for silver will likely be discovered, and as need for the metal grows, prices could potentially rise. As the number of industrial applications for silver rises, any issues in the silver supply due to mining problems or other issues could potentially fuel a sharp rise in the price of the metal.
A Popular Chinese Silver Coin
The 2017 30 Gram Chinese Silver Panda Coin is a great example of the beauty and craftsmanship produced by the Chinese Mint. The panda is one of the most widely recognized animals in the world, and the Chinese silver panda coin was first produced in 1983 in proof form. Standard bullion mintage of the coin began in 1988.
The Chinese Panda coin series is a sovereign coin series, much like the Canadian Gold and Silver Maple Leaf and the American Gold and Silver Eagle coins.
The Chinese Panda coin series has used a different obverse design every year since inception, with 2001 and 202 being the only exception.
This coin’s obverse features the newest panda design from the Chinese Mint. The obverse also features a bamboo wall in the background, with the panda handling a branch. The obverse also contains the coin’s weight, purity (.999) and face value in Yuan.
The coin’s reverse features the outer facade of the Temple of Heaven, the coin’s mint year and “People’s Republic of China” in Mandarin.
Silver demand in China could potentially grow significantly in the coming years as the country makes new technological advances and as investment demand also increases.
The Chinese currency may become more and more popular in the coming years, and foreign investment in the country could continue. This could potentially make the Renminbi more valuable, and thus make silver relatively less expensive for holders of the currency.
China is reportedly one of the world’s largest producers of silver. The country produced 3,600 MT of silver in 2016, according to an article from Investingnews.com. Silver production in China has reportedly been on the rise, and this could be due to silver being a by-product of other mining projects.