Policy of panda coins issuance has always being an eye-catching point, especially for the policy adjustments

made in 2001. Compared with previous years, 2001 panda coins has a great adjustment in exposure of

information, distributing policy, price set, anti-counterfeit. The concrete

procedures are:

1. PBC released the announcement of issue panda coins including the

mintage and specifications for the first time. According to the Regulations

of the People's Republic of China Governing the Renminbi, the

People's Bank of China released issuance announcement of 2001 panda

coins in Jan. 18th 2001, and start the issuance domestically and abroad in

secession. The 2001 panda coins include 170,000 oz. Domestic version and 80,000 oz. overseas version.

2. Panda coins were minted respectively as overseas version and domestic version for the first time.

Because of the tax difference between China and foreign countries, the prices of panda coins are different

domestically and abroad. To protect profits of domestic collectors, 2001 panda coins are minted with

different price. This is an interim policy, panda coins will be issued in an unified version after the elimination

of differences in gold price and tax between China and foreign countries.

3. Fixed Panda Image: According to the international practice, panda coins as one of the five biggest

investment coins will be minted with the same panda image since 2001, and only the issuing year on the

coins will be changed annually.

4. Make a public announcement about the domestic unified retail price. The price is fixed base on the

national gold price with a low premium, and fully take into account the profits of collectors.

5. According to the international practice, issuance institutions promise to retrieve 2001 domestic panda

coins under policy allowable conditions, truly realize investing function and cash function of commemorative

coins. Once China open the gold market, the national gold price will be equal to the international gold price,

and issuance institutions will publish the selling price and retrieve price of panda coins in appointed

commercial banks or distributing establishments to fulfill the retrieve.

6. Enhanced anti-counterfeit and distinguish function: (1) 2001 domestic panda coins were minted with

oblique toothed edge, and this is the first time of Chinese commemorative coins minted with this technique;

(2) 2001 domestic version panda coins were minted with a "D" ( D for domestic ) on the reverse.