25 Yuan Silken Fabric, Platinum Bullion

China's platinum panda-adjacent bullion program of the 1990s occupied an awkward commercial position — priced above gold equivalents by weight, with a collector base far smaller than the silver or gold panda series. The "Silken Fabric" designation refers to the frosted, textile-like finish applied to the fields, a technique Chinese mints were refining aggressively during this period to differentiate proof-adjacent issues from standard bullion.

Mintages for the platinum issues in this series were never large, and 1994 saw reduced production runs across the Chinese precious metals program. KM#634 remains one of the more quietly scarce entries in the broader panda bullion canon.