10 Yuan – People's Republic of China
Non-circulating coins
Commemoration: Completion of China's Space Station
China
Context
Year: 2022
Country: China 
Issuer: People's Republic of China
Period:
(since 1949)
Currency:
(since 1955)
Total mintage: 50,000
Material
References
Numista: #374859
Value
Exchange value: 10 CNY = $1.46
Bullion value: $84.78
Inflation-adjusted value: 10.19 CNY
Obverse
Reverse
Description:
Two astronauts conduct a spacewalk: one on the robotic arm, the other at an airlock. To the left, three icons depict China's crewed spaceflight strategy: launching crewed spacecraft, deploying single-module labs, and assembling the current multi-module station. The Chinese Manned Spaceflight Project (CMS) logo is shown.
Inscription:
10元
Translation:
Ten Yuan
Script: Chinese
Language: Chinese
Edge
Reeded
Categories
| Space |
Mints
| Name | Mark |
|---|---|
| Shenzhen Mint | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2022 | — | 50,000 | Proof |
Historical background
In 2022, the People's Republic of China's currency, the renminbi (RMB), experienced significant volatility against a surging US dollar, driven by divergent monetary policies. While the US Federal Reserve aggressively raised interest rates to combat inflation, the People's Bank of China (PBOC) maintained an accommodative stance to support a domestic economy weakened by strict COVID-19 lockdowns and a property sector crisis. This policy divergence led to sustained capital outflow pressures and a sharp depreciation of the RMB, which weakened past the psychologically important 7-per-dollar level in September for the first time in two years.
Authorities responded with a multi-pronged approach to stabilize the currency and manage expectations. The PBOC utilized its toolkit, including setting stronger-than-expected daily midpoint fixings, lowering the foreign exchange reserve requirement ratio for financial institutions, and issuing verbal warnings against speculative trading. Crucially, China's substantial foreign exchange reserves, strict capital controls, and state-dominated financial system provided the authorities with powerful levers to prevent a disorderly decline, prioritizing stability over market-driven fluctuations.
The currency's weakness presented a complex trade-off for policymakers. A weaker RMB benefited export competitiveness, a critical economic pillar during weak domestic demand. However, it also raised the cost of imports, exacerbated dollar-denominated debt burdens for Chinese firms, and risked triggering further capital flight. Ultimately, 2022 highlighted the RMB's managed float regime in action, where market forces were allowed to express directional pressure, but within strict boundaries set by the state to ensure financial stability and align with broader macroeconomic goals.
Authorities responded with a multi-pronged approach to stabilize the currency and manage expectations. The PBOC utilized its toolkit, including setting stronger-than-expected daily midpoint fixings, lowering the foreign exchange reserve requirement ratio for financial institutions, and issuing verbal warnings against speculative trading. Crucially, China's substantial foreign exchange reserves, strict capital controls, and state-dominated financial system provided the authorities with powerful levers to prevent a disorderly decline, prioritizing stability over market-driven fluctuations.
The currency's weakness presented a complex trade-off for policymakers. A weaker RMB benefited export competitiveness, a critical economic pillar during weak domestic demand. However, it also raised the cost of imports, exacerbated dollar-denominated debt burdens for Chinese firms, and risked triggering further capital flight. Ultimately, 2022 highlighted the RMB's managed float regime in action, where market forces were allowed to express directional pressure, but within strict boundaries set by the state to ensure financial stability and align with broader macroeconomic goals.
✨ Legendary