随着马年新春临近，贺岁币、贺岁钞作为承载生肖文化与收藏价值的法定货币，其兑换工作备受市场关 注。 根据中国人民银行公告，2026年贺岁双色铜合金纪念币及贺岁纪念钞的全国统一集中兑换时间为1月20 日至1月26日。截至1月26日集中兑换期正式结束，全国范围内仍有部分已预约成功的贺岁币钞未完成兑 换。 《金融时报》记者获悉，近期，北京、深圳、内蒙古、山西、黑龙江等多地陆续宣布延长贺岁币、贺岁 钞的兑换期限，工商银行（601398）、建设银行（601939）、交通银行（601328）等承办银行纷纷发布 公告，明确延期安排及兑换规则，配合央行做好兑换保障工作。 "为进一步做好2026年贺岁普通纪念币和2026年贺岁纪念钞发行工作，经中国人民银行北京市分行研究 决定，开展延期兑换工作。"工商银行北京市分行公告显示，符合条件的客户可于2026年1月27日至1月 31日网点正常营业时间，前往已成功预约的该行网点办理兑换业务。 1月26日，建设银行北京市分行也发布了2026年贺岁普通纪念币、2026年贺岁纪念钞延期兑换的公 告。"本次办理延期兑换工作安排仅限于在2026年1月13日至1月14日期间预约成功（预约并通过核 查） ...

Core Viewpoint - The launch of the 2026 New Year commemorative coins and banknotes has sparked a rush among consumers, leading to significant demand and difficulties in the reservation process, highlighting the growing trend of viewing these items as investment opportunities rather than mere collectibles [1][7]. Group 1: Reservation Process - The People's Bank of China announced the issuance of 10 yuan commemorative coins (1 billion pieces) and 20 yuan commemorative banknotes (1 billion pieces), with a reservation limit of 20 pieces per person [1][7]. - On January 13, the reservation system faced significant traffic, with many banks experiencing crashes and slow response times, resulting in rapid depletion of available quantities [2][4]. - Consumers reported difficulties in the reservation process, including system lag and unreceived verification codes, indicating a high level of competition for these items [4][7]. Group 2: Market Dynamics - The secondary market for these commemorative items is already showing significant price increases, with listings for a 10 yuan coin and a 20 yuan banknote reaching prices of 55 yuan, nearly doubling their face value [1][8]. - Investors are actively seeking to profit from these items, with some offering "thank you fees" of 300 to 500 yuan for successful reservations [1]. - The trend of viewing commemorative coins and banknotes as investment opportunities is driven by cultural significance, scarcity expectations, and the ease of online reservations, attracting both casual collectors and investors [7][8]. Group 3: Historical Context and Future Outlook - Previous commemorative issues, such as the "snake banknote" and "snake coin," have shown significant price fluctuations, with current resale prices reflecting a decline from initial peaks, indicating a volatile market influenced by consumer sentiment [14]. - The cultural significance of zodiac-themed items tends to enhance their desirability, suggesting that future releases may continue to attract strong interest and investment potential [14].

Core Viewpoint - The Central Bank of Malaysia will begin online reservations for the 2026 Year of the Horse commemorative coins and banknotes from January 13 to January 14, 2026, with a limited reservation policy for individuals [1][4]. Group 1: Reservation Process - Public can register for reservations through the official websites of the designated banks or visit the designated exchange points during business hours [4]. - Each individual is allowed to make one reservation for the commemorative coin and one for the banknote [4]. Group 2: Issuance and Collectibility - The commemorative coins and banknotes are available for reservation at designated banks, including Industrial and Commercial Bank of China and China Construction Bank in Beijing [8]. - The issuance volume for the 2026 Year of the Horse is 100 million coins and 100 million banknotes, making them accessible for ordinary citizens to collect [8]. - The popularity of zodiac commemorative coins and banknotes among collectors is noted, with some investors considering completing zodiac collections as a form of investment [8]. Group 3: Market Outlook - Due to the large issuance volume, there may be short-term price fluctuations, but the long-term appreciation potential is limited, making them more suitable for public collection as a cultural memento [9].

Group 1: Core Views - The People's Bank of China is issuing the 2026 New Year commemorative banknotes and coins starting from December 22, 2023, including one banknote, one dual-color copper alloy coin, one gold coin, and one silver coin, all of which are legal tender in the People's Republic of China [1]. Group 2: Commemorative Banknote - The front design of the commemorative banknote features a horse motif, the national emblem, the words "People's Bank of China," and the character "马" (horse) in seal script, along with a holographic number "20" and the Chinese characters for "twenty yuan" [3]. - The back of the banknote depicts children celebrating with drums, complemented by Mongolian decorative patterns, and includes the year "2026," the bank's name in multiple ethnic languages, and a holographic design [5]. - The banknote has a face value of 20 yuan, dimensions of 145mm by 70mm, is made of plastic, and has an issuance quantity of 100 million pieces, including 20,000 for historical archives [7]. Group 3: Dual-Color Copper Alloy Coin - The front of the dual-color copper alloy coin features the words "People's Bank of China" and "10 yuan," along with the year "2026" and a floral pattern [9]. - The back design combines traditional Chinese paper-cut art with decorative elements, showcasing a horse motif [9]. - The coin has a face value of 10 yuan, a diameter of 27mm, is made of dual-color copper alloy, and has an issuance quantity of 100 million pieces, including 10,000 for historical archives [12]. Group 4: Gold and Silver Commemorative Coins - The People's Bank of China is officially issuing a set of gold and silver commemorative coins for 2026, which includes a 1-gram round gold coin and an 8-gram diamond-shaped silver coin, both featuring traditional auspicious patterns on the front [15]. - The back of the 1-gram gold coin features a design of the character "福" (fortune) and a pouch, with a face value of 10 yuan, a diameter of 10mm, and a maximum issuance of 150,000 pieces [16]. - The back of the 8-gram silver coin features a design of the character "福" and a scene of dancing fish lanterns, with a face value of 3 yuan, a side length of 23mm, and a maximum issuance of 1,000,000 pieces [20]. Group 5: Distribution Channels - The dual-color copper alloy coin and commemorative banknote can be reserved for exchange on January 13 and 14, 2026, through designated banks, including major Chinese banks [12]. - Each individual can only reserve one of each item during the exchange period [12].

Core Viewpoint - The People's Bank of China has begun issuing the 2026 New Year commemorative banknotes and coins, which include one banknote, one bimetallic coin, one gold coin, and one silver coin, all recognized as legal tender in the People's Republic of China [1][15]. Commemorative Banknote - The front design of the banknote features a horse motif, the national emblem, the words "People's Bank of China," and the character "马" (horse) in seal script, along with a holographic denomination of "20" and the Chinese characters for "twenty yuan" [2][15]. - The back of the banknote showcases a celebratory scene with children and traditional Mongolian decorative patterns, including the denomination "20" and the year "2026" [4][17]. - The banknote has a face value of 20 yuan, dimensions of 145mm by 70mm, is made of plastic, and has a total issuance of 100 million pieces (including 20,000 for historical archives) [6][19]. Bimetallic Commemorative Coin - The front of the bimetallic coin displays "People's Bank of China," the denomination "10 yuan," and the year "2026," with a floral pattern as the background [6][19]. - The reverse side features a horse design inspired by traditional Chinese paper-cutting art, complemented by lanterns and daylily patterns, with the inscription "丙午" [9][19]. - The bimetallic coin has a face value of 10 yuan, a diameter of 27mm, is made of bimetallic material, and has an issuance of 100 million pieces (including 10,000 for historical archives) [9][22]. Gold and Silver Commemorative Coins - The People's Bank of China has officially issued a set of gold and silver commemorative coins, which includes a 1-gram round gold coin and an 8-gram diamond-shaped silver coin, both featuring traditional auspicious patterns on the front [11][24]. - The back of the 1-gram gold coin features a design of the character "福" (fortune) and a pouch, with a face value of 10 yuan, a diameter of 10mm, and a maximum issuance of 150,000 pieces [13][26]. - The back of the 8-gram silver coin features a design of the character "福" and a scene of dancing fish lanterns, with a face value of 3 yuan, a side length of 23mm, and a maximum issuance of 1,000,000 pieces [13][26]. Distribution Channels - The bimetallic commemorative coin and banknote can be reserved for exchange on January 13 and 14, 2026, through designated banks, including major Chinese banks [9][22]. - Each individual can only reserve one of each item, and reservations can be made online or at specified bank locations [22][23].

Core Viewpoint - The People's Bank of China is issuing the 2026 New Year commemorative coins and banknotes, which include a copper alloy coin, a banknote, a gold coin, and a silver coin, all recognized as legal tender in the People's Republic of China [1] Group 1: Commemorative Coin and Banknote Details - The copper alloy commemorative coin features "People's Bank of China" and "10 Yuan" on the front, with a design combining traditional Chinese paper-cut art and decorative elements on the back [1] - The commemorative banknote has a main design of a horse, with the national emblem and denomination details, and features celebratory patterns on the back [1] Group 2: Issuance and Distribution - The issuance includes 100 million pieces of the copper alloy commemorative coin and 100 million pieces of the banknote [2] - Major banks, including Industrial and Commercial Bank of China and Agricultural Bank of China, will handle the reservation and exchange of the commemorative coin and banknote from January 13 to 14, 2026 [2] Group 3: Gold and Silver Coin Designs - The gold and silver commemorative coins feature traditional auspicious patterns on the front, with specific designs on the back: the gold coin has a "Fu" character and a pouch design, while the silver coin features a "Fu" character and a dancing fish lantern scene [2]

Core Viewpoint - The People's Bank of China has begun issuing the 2026 New Year commemorative currency, including a banknote and various commemorative coins, which are all legal tender in the People's Republic of China [1]. Commemorative Banknote - The front of the banknote features a horse design, the national emblem, and the denomination in both numeric and Chinese characters, along with various security features [2][4]. - The back of the banknote depicts children celebrating with drums, along with floral and holographic designs, and includes the denomination in multiple languages [4]. - The banknote has a face value of 20 yuan, dimensions of 145mm by 70mm, is made of plastic, and has a total issuance of 100 million pieces, including 20,000 for historical archives [6]. Commemorative Coins - The front of the dual-color copper alloy commemorative coin displays the People's Bank of China and the denomination of 10 yuan, with a floral background [7]. - The back features a horse design inspired by traditional Chinese paper-cutting art, with additional decorative elements [7]. - The coin has a face value of 10 yuan, a diameter of 27mm, is made of dual-color copper alloy, and has a total issuance of 100 million pieces, including 10,000 for historical archives [10]. Issuance and Reservation Process - The reservation for the commemorative banknote and coins will take place on January 13 and 14, 2026, through designated banks [11][13]. - A list of participating banks across various regions has been provided for the public to make reservations [12]. Gold and Silver Commemorative Coins - The People's Bank of China has also issued a set of gold and silver commemorative coins, including a 1-gram round gold coin and an 8-gram diamond-shaped silver coin, both featuring traditional auspicious designs [14]. - The 1-gram gold coin has a face value of 10 yuan, a diameter of 10mm, and a maximum issuance of 150,000 pieces, with a purity of 99.9% [14]. - The 8-gram silver coin has a face value of 3 yuan, dimensions of 23mm on each side, and a maximum issuance of 1,000,000 pieces, also with a purity of 99.9% [18].

Core Viewpoint - The People's Bank of China will issue the 2026 New Year commemorative coins and banknotes starting from December 22, 2025, as legal tender of the People's Republic of China [1] Group 1: Commemorative Banknotes - The commemorative banknote has a face value of 20 yuan and a total issuance of 100 million pieces [1] - The front design features a horse motif, while the back showcases children celebrating with drums [1] Group 2: Commemorative Coins - The commemorative coin is made of bimetallic copper alloy with a face value of 10 yuan, also with an issuance of 100 million pieces [1] - The front of the coin displays the "10 yuan" inscription, and the back features a horse image along with lantern designs [1] Group 3: Public Participation - From January 13 to 14, 2026, the public can make reservations through the official websites and branches of the participating banks, with a limit of one reservation per person [1] Group 4: Gold and Silver Commemorative Coins - The gold and silver commemorative coins are scheduled for release on December 22, 2025, featuring traditional Chinese auspicious patterns on the front [1]

Core Points - The People's Bank of China is issuing the 2026 New Year commemorative banknotes and coins starting from December 22, 2023, which includes one banknote and three types of coins, all recognized as legal tender in the People's Republic of China [1][7]. Commemorative Banknote - The commemorative banknote features a horse design on the front, along with the national emblem, the name of the bank, and various security features such as a holographic pattern and a transparent window. The denomination is 20 yuan [1][3]. - The back of the banknote showcases a festive scene with children celebrating, accompanied by Mongolian decorative patterns, and includes the denomination in multiple languages [3]. - The banknote has a face value of 20 yuan, dimensions of 145mm by 70mm, is made of plastic, and has a total issuance of 100 million pieces, including 20,000 for historical archives [5]. Commemorative Coins - The commemorative coins include a 10 yuan dual-color copper alloy coin, which features traditional Chinese paper-cut art and a horse image on the back, with a total issuance of 100 million pieces, including 10,000 for historical archives [6]. - The dual-color copper alloy coin has a diameter of 27mm and will be available for reservation from January 13 to 14, 2026, through designated banks [6]. - Additionally, a set of gold and silver commemorative coins is being issued, which includes a 1-gram round gold coin and an 8-gram diamond-shaped silver coin, both featuring traditional auspicious designs [7][9]. - The 1-gram gold coin has a face value of 10 yuan, a diameter of 10mm, and a maximum issuance of 150,000 pieces, while the 8-gram silver coin has a face value of 3 yuan, a side length of 23mm, and a maximum issuance of 1 million pieces [8][9]. Sales Channels - The sales channels for these commemorative coins and banknotes will be detailed on the China Gold Coin website and the "China Gold Coin" WeChat official account [10].

Core Viewpoint - The People's Bank of China has begun issuing the 2026 New Year commemorative currency, including a banknote and various commemorative coins, which are all legal tender in the People's Republic of China [1]. Commemorative Banknote - The front of the banknote features a horse design, the national emblem, and the denomination in both numeric and Chinese characters, along with various security features [2][4]. - The back of the banknote depicts children celebrating with drums, accompanied by Mongolian decorative patterns, and includes the denomination in multiple languages [4]. - The banknote has a face value of 20 yuan, dimensions of 145mm by 70mm, is made of plastic, and has a total issuance of 100 million pieces, including 20,000 for historical archives [6]. Commemorative Coins - The front of the dual-color copper alloy commemorative coin displays the People's Bank of China and the denomination of 10 yuan, with a floral background [7]. - The back features a horse design inspired by traditional Chinese paper-cutting art, with additional decorative elements [7]. - The coin has a face value of 10 yuan, a diameter of 27mm, is made of dual-color copper alloy, and has a total issuance of 100 million pieces, including 10,000 for historical archives [10]. Gold and Silver Commemorative Coins - The People's Bank of China has issued a set of gold and silver commemorative coins, including a 1-gram round gold coin and an 8-gram diamond-shaped silver coin, both featuring traditional auspicious designs [14]. - The 1-gram gold coin has a face value of 10 yuan, a diameter of 10mm, and a maximum issuance of 150,000 pieces, with a purity of 99.9% [14]. - The 8-gram silver coin has a face value of 3 yuan, a side length of 23mm, and a maximum issuance of 1,000,000 pieces, also with a purity of 99.9% [18]. Appointment and Exchange Process - The appointment for the exchange of the commemorative banknote and coins will take place on January 13 and 14, 2026, through designated banks [11][13]. - A list of participating banks across various regions has been provided for the public to make appointments [12].