Core Viewpoint - The People's Bank of China has announced an extension for the exchange period of the 2026 Year of the Horse commemorative coins and notes, with various regions extending the deadline to early February 2026 to accommodate public demand [1][2][3]. Group 1: Exchange Period and Regions - The nationwide unified exchange period for the 2026 Year of the Horse commemorative coins and notes is set from January 20 to January 26, 2026 [2]. - Regions such as Beijing, Ningxia, Shenzhen, Chongqing, Inner Mongolia, Heilongjiang, and Shanxi have extended the exchange deadline, with some areas allowing exchanges until February 2, 2026 [1][2][3]. Group 2: Bank Participation and Procedures - Major banks including Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), and Bank of Communications have issued announcements regarding the extension and exchange rules [3][4]. - Customers who successfully reserved the commemorative coins and notes but did not exchange them during the initial period can now do so from January 27 to January 31, 2026, at their designated bank branches [4][3]. Group 3: Current Exchange Status - As of January 25, 2026, the exchange progress for the 2026 Year of the Horse commemorative coins was 80.8%, with 80.8 million coins reserved, while the commemorative notes had a progress of 89.47% with 89.45 million notes reserved [7]. - Specific regions reported varying exchange rates, with Beijing achieving a 95.34% exchange rate for coins and 98.02% for notes by January 26, 2026 [7]. Group 4: Market Trends - The secondary market for the commemorative coins and notes has seen a decline in prices, with many sellers reducing their asking prices below 1,000 yuan, contrasting with previous high prices [8][12]. - However, the price for sequentially numbered commemorative notes has increased, with some listings showing prices that have doubled compared to their face value [14].

Core Insights - The final day for the centralized exchange of the Year of the Horse commemorative coins and notes was January 26, with significant progress reported in various regions [1][3] - The exchange rate for commemorative notes is notably higher than that for coins, indicating a public preference for notes [5][10] Exchange Progress - As of January 26, the exchange progress for commemorative notes in major cities like Beijing, Shanghai, Hebei, and Tianjin reached 98.02%, 97.80%, 95.56%, and 96.33% respectively, while the exchange progress for coins was lower [3][8] - In Chongqing, the exchange progress for coins was 67.81%, whereas the notes reached 89.37%; in Qinghai, coins were at 73.89% and notes at 90.84% [3][8] Market Demand and Pricing - The public's preference for commemorative notes is reflected in their resale prices, with notes being sold at a premium in the secondary market [5][10] - On January 20, the first day of exchange, the buyback price for coins was reported at 13 yuan each, while notes were priced at around 33 yuan depending on the serial number [10] - Listings on platforms like Xianyu show that a set of 20 notes with a face value of 400 yuan is being sold for between 1000 yuan and 3000 yuan, depending on the serial number [10] Extension of Exchange Period - Several regions, including Beijing, Shenzhen, Inner Mongolia, Shanxi, and Heilongjiang, announced extensions for the exchange deadline for the commemorative coins and notes [5][10] - The Shenzhen branch of the People's Bank of China extended the exchange deadline to February 1, 2026, while the Inner Mongolia branch extended it to February 2, 2026 [11]

Group 1 - The first day of exchanging the "Year of the Horse" commemorative coins and banknotes saw long queues at bank branches, similar to previous years [1] - At the Shanghai Pujiang High-tech Park branch of Bank of Communications, approximately thirty people were waiting in line to exchange [3] - The presence of "scalpers" was noted, with one offering to buy commemorative coins at 13 yuan each and banknotes at around 33 yuan, depending on the serial number [5] Group 2 - The bank branch had posted notices in multiple prominent locations, advising customers to prepare cash and confirm exchange locations, and had set up two cash windows specifically for the exchange [7] - Customers were informed via SMS by the Industrial and Commercial Bank of China that they could exchange commemorative coins and banknotes by presenting their ID, cash, or bank card at designated branches, or use online payment options [9] - The commemorative coins have a face value of 10 yuan and the banknotes 20 yuan, with a total issuance of 100 million pieces each, including 10,000 pieces for historical records, and the exchange period is from January 20 to January 26, 2026 [9]