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The history of Chinese currency spans more than 3000 years. Currency of some type has been used in
China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...
since the
Neolithic age The Neolithic period, or New Stone Age, is an Old World archaeological period and the final division of the Stone Age. It saw the Neolithic Revolution, a wide-ranging set of developments that appear to have arisen independently in several pa ...
which can be traced back to between 3000 and 4500 years ago.
Cowry Cowrie or cowry () is the common name for a group of small to large sea snails, marine gastropod mollusks in the family Cypraeidae, the cowries. The term ''porcelain'' derives from the old Italian term for the cowrie shell (''porcellana'') d ...
shells are believed to have been the earliest form of currency used in
Central China Central China () is a geographical and a loosely defined cultural region that includes the provinces of Henan, Hubei and Hunan. Jiangxi is sometimes also regarded to be part of this region. Central China is now officially part of South Cent ...
, and were used during the Neolithic period. Around 210 BC, the first
emperor of China ''Huangdi'' (), translated into English as Emperor, was the superlative title held by monarchs of China who ruled various imperial regimes in Chinese history. In traditional Chinese political theory, the emperor was considered the Son of Heav ...
Qin Shi Huang Qin Shi Huang (, ; 259–210 BC) was the founder of the Qin dynasty and the first emperor of a unified China. Rather than maintain the title of " king" ( ''wáng'') borne by the previous Shang and Zhou rulers, he ruled as the First Empero ...
(260–210 BC) abolished all other forms of local currency and introduced a uniform copper coin.
Paper money A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued ...
was invented in China in the 9th century, but the base unit of currency remained the copper coin. Copper coins were used as the chief denomination of currency in China until the introduction of the yuan. Currently, the ''
renminbi The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 202 ...
'' is the official currency of the
People's Republic of China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...
(PRC). It is the
legal tender Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in ...
in
mainland China "Mainland China" is a geopolitical term defined as the territory governed by the China, People's Republic of China (including islands like Hainan or Chongming Island, Chongming), excluding dependent territories of the PRC, and other territorie ...
, but not in
Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a List of cities in China, city and Special administrative regions of China, special ...
or
Macau Macau or Macao (; ; ; ), officially the Macao Special Administrative Region of the People's Republic of China (MSAR), is a city and special administrative region of China in the western Pearl River Delta by the South China Sea. With a pop ...
. The special administrative regions of
Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a List of cities in China, city and Special administrative regions of China, special ...
and
Macau Macau or Macao (; ; ; ), officially the Macao Special Administrative Region of the People's Republic of China (MSAR), is a city and special administrative region of China in the western Pearl River Delta by the South China Sea. With a pop ...
use the
Hong Kong dollar The Hong Kong dollar (, sign: HK$; code: HKD) is the official currency of the Hong Kong Special Administrative Region. It is subdivided into 100 cents or 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong ...
and the
Macanese pataca The Macanese pataca or Macau pataca (; pt, pataca de Macau; sign: $; abbreviation: P; ISO code: MOP) is the currency of the Macau Special Administrative Region of the People's Republic of China. It is subdivided into 100 ''avos'' (; ''sin'' ...
, respectively. In the
Republic of China Taiwan, officially the Republic of China (ROC), is a country in East Asia, at the junction of the East and South China Seas in the northwestern Pacific Ocean, with the People's Republic of China (PRC) to the northwest, Japan to the northeas ...
(ROC), the ''
New Taiwan dollar The New Taiwan dollar (code: TWD; symbol: NT$, also abbreviated as NT) is the official currency of Taiwan. The New Taiwan dollar has been the currency of Taiwan since 1949, when it replaced the Old Taiwan dollar, at a rate of 40,000 old dol ...
'' is the official legal tender in Taiwan since 2000.


Ancient currencies

The use of
shell money Shell money is a medium of exchange similar to coin money and other forms of commodity money, and was once commonly used in many parts of the world. Shell money usually consisted of whole or partial sea shells, often worked into beads or otherwi ...
is attested to in the
Chinese writing system Written Chinese () comprises Chinese characters used to represent the Chinese language. Chinese characters do not constitute an alphabet or a compact syllabary. Rather, the writing system is roughly logosyllabic; that is, a character generally rep ...
. The traditional
characters Character or Characters may refer to: Arts, entertainment, and media Literature * ''Character'' (novel), a 1936 Dutch novel by Ferdinand Bordewijk * ''Characters'' (Theophrastus), a classical Greek set of character sketches attributed to The ...
for 'goods' (), 'buy/sell' (), and 'monger' (), in addition to various other words relating to 'exchange', all contain the
radical Radical may refer to: Politics and ideology Politics * Radical politics, the political intent of fundamental societal change *Radicalism (historical), the Radical Movement that began in late 18th century Britain and spread to continental Europe an ...
, which is the
pictograph A pictogram, also called a pictogramme, pictograph, or simply picto, and in computer usage an icon, is a graphic symbol that conveys its meaning through its pictorial resemblance to a physical object. Pictographs are often used in writing and g ...
for shell ( simplified to ). The extent of the circulation of shell money is unknown, and barter trade may have been common. However, copies of
cowry shell Cowrie or cowry () is the common name for a group of small to large sea snails, marine gastropod mollusks in the family Cypraeidae, the cowries. The term '' porcelain'' derives from the old Italian term for the cowrie shell (''porcellana' ...
s made out of
bone A bone is a rigid organ that constitutes part of the skeleton in most vertebrate animals. Bones protect the various other organs of the body, produce red and white blood cells, store minerals, provide structure and support for the body, ...
,
wood Wood is a porous and fibrous structural tissue found in the stems and roots of trees and other woody plants. It is an organic materiala natural composite of cellulose fibers that are strong in tension and embedded in a matrix of lignin ...
, stone,
lead Lead is a chemical element with the symbol Pb (from the Latin ) and atomic number 82. It is a heavy metal that is denser than most common materials. Lead is soft and malleable, and also has a relatively low melting point. When freshly cut, ...
and
copper Copper is a chemical element with the symbol Cu (from la, cuprum) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pink ...
were common enough to presume that they were used in trade. The Chinese may have invented the first metal coins, coins found in
Anyang Anyang (; ) is a prefecture-level city in Henan province, China. The northernmost city in Henan, Anyang borders Puyang to the east, Hebi and Xinxiang to the south, and the provinces of Shanxi and Hebei to its west and north respectively. It ...
date to before 900 BC. At that time, the coin itself was a mock of more earlier used cowry shells, so it was called the Bronze shell. Bronzed shells were found in the ruins of Yin, the old capital of the
Shang dynasty The Shang dynasty (), also known as the Yin dynasty (), was a Chinese royal dynasty founded by Tang of Shang (Cheng Tang) that ruled in the Yellow River valley in the second millennium BC, traditionally succeeding the Xia dynasty a ...
(1500–1046 BC).
Bronze Bronze is an alloy consisting primarily of copper, commonly with about 12–12.5% tin and often with the addition of other metals (including aluminium, manganese, nickel, or zinc) and sometimes non-metals, such as phosphorus, or metalloids suc ...
became the universal currency during the succeeding
Zhou dynasty The Zhou dynasty ( ; Old Chinese ( B&S): *''tiw'') was a royal dynasty of China that followed the Shang dynasty. Having lasted 789 years, the Zhou dynasty was the longest dynastic regime in Chinese history. The military control of China by th ...
. During the
Warring States period The Warring States period () was an era in History of China#Ancient China, ancient Chinese history characterized by warfare, as well as bureaucratic and military reforms and consolidation. It followed the Spring and Autumn period and concluded ...
, from the 5th century BC to 221 BC, Chinese money was in the form of bronze objects that were of three main types. The Zhou, the Wei (), the Han () and the Qin () all used coins shaped like a spade (''bu''). The Qi () used money in the shape of a
knife A knife ( : knives; from Old Norse 'knife, dirk') is a tool or weapon with a cutting edge or blade, usually attached to a handle or hilt. One of the earliest tools used by humanity, knives appeared at least 2.5 million years ago, as evid ...
(''dao''). The Zhao () and the Yan () used knife money before switching over to spade money roughly halfway through the Warring States period. The Chu () used money in the forms of " ant nose" coins (''yibi'').


Unification

As part of the Unification of China,
Qin Shi Huang Qin Shi Huang (, ; 259–210 BC) was the founder of the Qin dynasty and the first emperor of a unified China. Rather than maintain the title of " king" ( ''wáng'') borne by the previous Shang and Zhou rulers, he ruled as the First Empero ...
(, 260 BC – 210 BC) introduced a uniform copper coin with the inscription "
Ban Liang The Ban Liang (Traditional Chinese: ; Pinyin: ''bàn liǎng'') was the first unified currency of the Chinese empire, first minted as early as 378 BCE and introduced by the first emperor Qin Shi Huang as China's first unified currency around 210 ...
" based on the coins previously used by Qin. All other forms of local currency were abolished. The coins were round with a square hole in the middle which was the common design for most Chinese copper coins until the 20th century. Due to the low value of an individual coin, the Chinese have traditionally strung a nominal thousand copper coins onto a piece of string. Government taxes were levied on both coins and products such as rolls of silk. Salaries were paid in "stones" (, ''dàn'') of grain during the Qin and Han dynasties.


Tang

Tang merchants rapidly adopted forms of paper currency starting with promissory notes in
Sichuan Sichuan (; zh, c=, labels=no, ; zh, p=Sìchuān; alternatively romanized as Szechuan or Szechwan; formerly also referred to as "West China" or "Western China" by Protestant missions) is a province in Southwest China occupying most of t ...
called "flying money" (''feiqian''). These proved so useful the state took over production of this form of paper money with the first state-backed printing in 1024. By the 12th century, various forms of paper money had become the dominant forms of currency in China and were known by a variety of names such as ''
jiaozi ''Jiaozi'' (; ; pinyin: jiǎozi) are Chinese dumplings commonly eaten in China and other parts of East Asia. ''Jiaozi'' are folded to resemble Chinese sycee and have great cultural significance attached to them within China. ''Jiaozi'' are ...
'', '' huizi'', '' kuaizi'', or '' guanzi''.


Song

During the early
Song dynasty The Song dynasty (; ; 960–1279) was an imperial dynasty of China that began in 960 and lasted until 1279. The dynasty was founded by Emperor Taizu of Song following his usurpation of the throne of the Later Zhou. The Song conquered the res ...
( Chinese: , 960–1279), China again reunited the currency system displacing coinages from ten or so independent states. Among pre-Song coins, the northern states tended to prefer copper coins. The southern states tended to use lead or iron coins with
Sichuan Sichuan (; zh, c=, labels=no, ; zh, p=Sìchuān; alternatively romanized as Szechuan or Szechwan; formerly also referred to as "West China" or "Western China" by Protestant missions) is a province in Southwest China occupying most of t ...
with its own heavy iron coins which continued to circulate for a short period into the
Song dynasty The Song dynasty (; ; 960–1279) was an imperial dynasty of China that began in 960 and lasted until 1279. The dynasty was founded by Emperor Taizu of Song following his usurpation of the throne of the Later Zhou. The Song conquered the res ...
. By 1000 CE, unification (south of the Liao) was complete and China experienced a period of rapid economic growth. This was reflected in the growth of coining. In 1073—the peak year for minting coins in the Northern Song—the government produced an estimated six million strings containing a thousand copper coins each. The Northern Song is thought to have minted over two hundred million strings of coins which were often exported to
Inner Asia Inner Asia refers to the northern and landlocked regions spanning North, Central and East Asia. It includes parts of western and northeast China, as well as southern Siberia. The area overlaps with some definitions of 'Central Asia', mostly the ...
,
Japan Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the n ...
, and
South-East Asia Southeast Asia, also spelled South East Asia and South-East Asia, and also known as Southeastern Asia, South-eastern Asia or SEA, is the geographical south-eastern region of Asia, consisting of the regions that are situated south of mainland ...
, where they often formed the dominant form of coinage.


Yuan

The Mongol-founded
Yuan dynasty The Yuan dynasty (), officially the Great Yuan (; xng, , , literally "Great Yuan State"), was a Mongol-led imperial dynasty of China and a successor state to the Mongol Empire after its division. It was established by Kublai, the fif ...
( Chinese: , 1271–1368) also attempted to use paper currency. Unlike the Tang dynasty, they created a unified, national system that was not backed by
silver Silver is a chemical element with the symbol Ag (from the Latin ', derived from the Proto-Indo-European ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical ...
or
gold Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile ...
. The currency issued by the Yuan was the world's first
fiat currency Fiat money (from la, fiat, "let it be done") is a type of currency that is not backed by any commodity such as gold or silver. It is typically designated by the issuing government to be legal tender. Throughout history, fiat money was some ...
, known as
Jiaochao Jiaochao () is a Chinese word for banknote first used for the currency of the Jurchen-led Jin dynasty and later by the Mongol-led Yuan dynasty of China. Jin dynasty The Jurchens swept control over northern China, conquering the Liao dynasty ...
. The Yuan government attempted to prohibit all transactions in or possession of silver or gold, which had to be turned over to the government. Inflation in 1260 caused the government to replace the existing paper currency with a new one in 1287, but
inflation In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduct ...
that resulted from undisciplined printing remained a problem for the Yuan court until the end of the Yuan dynasty.


Ming

The early
Ming dynasty The Ming dynasty (), officially the Great Ming, was an Dynasties in Chinese history, imperial dynasty of China, ruling from 1368 to 1644 following the collapse of the Mongol Empire, Mongol-led Yuan dynasty. The Ming dynasty was the last ort ...
(, 1368–1644) also attempted to use paper currency in the early re-unification period. This currency also experienced rapid inflation and issues were suspended in 1450 although notes remained in circulation until 1573. It was only in the very last years of the
Ming dynasty The Ming dynasty (), officially the Great Ming, was an Dynasties in Chinese history, imperial dynasty of China, ruling from 1368 to 1644 following the collapse of the Mongol Empire, Mongol-led Yuan dynasty. The Ming dynasty was the last ort ...
when
Li Zicheng Li Zicheng (22 September 1606 – 1645), born Li Hongji, also known by the nickname, Dashing King, was a Chinese peasant rebel leader who overthrew the Ming dynasty in 1644 and ruled over northern China briefly as the emperor of the short-li ...
threatened
Beijing } Beijing ( ; ; ), Chinese postal romanization, alternatively romanized as Peking ( ), is the Capital city, capital of the China, People's Republic of China. It is the center of power and development of the country. Beijing is the world's Li ...
in 1643 and 1645 that printing took place again. For most of the Ming China had a purely private system of currency for all important transactions. Silver, which flowed in from overseas, began to be used as a currency in the Far South province of
Guangdong Guangdong (, ), alternatively romanized as Canton or Kwangtung, is a coastal province in South China on the north shore of the South China Sea. The capital of the province is Guangzhou. With a population of 126.01 million (as of 2020 ...
where it spread to the lower Yangtze region by 1423 when it became legal tender for payment of taxes. Provincial taxes had to be remitted to the capital in silver after 1465, salt producers had to pay in silver from 1475 and
corvée Corvée () is a form of unpaid, forced labour, that is intermittent in nature lasting for limited periods of time: typically for only a certain number of days' work each year. Statute labour is a corvée imposed by a state for the purposes of ...
exemptions had to be paid in silver from 1485. The Chinese demand for silver was met by traditional
maritime silk road The Maritime Silk Road or Maritime Silk Route is the Maritime history, maritime section of the historic Silk Road that connected Southeast Asia, China, the Indian subcontinent, the Arabian peninsula, Somalia, Egypt and Europe. It began by the 2n ...
trade links, from either
Quanzhou Quanzhou, alternatively known as Chinchew, is a prefecture-level port city on the north bank of the Jin River, beside the Taiwan Strait in southern Fujian, China. It is Fujian's largest metropolitan region, with an area of and a popul ...
,
Zhangzhou Zhangzhou (), alternately romanized as Changchow, is a prefecture-level city in Fujian Province, China. The prefecture around the city proper comprises the southeast corner of the province, facing the Taiwan Strait and surrounding the prefect ...
,
Guangzhou Guangzhou (, ; ; or ; ), also known as Canton () and Chinese postal romanization, alternatively romanized as Kwongchow or Kwangchow, is the Capital city, capital and largest city of Guangdong Provinces of China, province in South China, sou ...
, or
Macau Macau or Macao (; ; ; ), officially the Macao Special Administrative Region of the People's Republic of China (MSAR), is a city and special administrative region of China in the western Pearl River Delta by the South China Sea. With a pop ...
, with
Manila Manila ( , ; fil, Maynila, ), officially the City of Manila ( fil, Lungsod ng Maynila, ), is the capital of the Philippines, and its second-most populous city. It is highly urbanized and, as of 2019, was the world's most densely populated ...
in the
Philippines The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republ ...
as part of the
Spanish East Indies The Spanish East Indies ( es , Indias orientales españolas ; fil, Silangang Indiyas ng Espanya) were the overseas territories of the Spanish Empire in Asia and Oceania from 1565 to 1898, governed for the Spanish Crown from Mexico City and Madri ...
who traded
Philippine peso The Philippine peso, also referred to by its Tagalog name ''piso'' ( Philippine English: , , plural pesos; tl, piso ; sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 ''sentimo'', also called ...
( Spanish silver dollars) for
chinaware Chinese ceramics show a continuous development since Chinese Neolithic, pre-dynastic times and are one of the most significant forms of Chinese art and ceramics globally. The first pottery was made during the List of Palaeolithic sites in China, ...
and other trade goods, after the
Spanish colonial empire The Spanish Empire ( es, link=no, Imperio español), also known as the Hispanic Monarchy ( es, link=no, Monarquía Hispánica) or the Catholic Monarchy ( es, link=no, Monarquía Católica) was a colonial empire governed by Spain and its predece ...
became established at
Manila Manila ( , ; fil, Maynila, ), officially the City of Manila ( fil, Lungsod ng Maynila, ), is the capital of the Philippines, and its second-most populous city. It is highly urbanized and, as of 2019, was the world's most densely populated ...
in 1571. The Spanish silver dollar were minted and mined from the Spanish Americas, in particular
Potosí Potosí, known as Villa Imperial de Potosí in the colonial period, is the capital city and a municipality of the Department of Potosí in Bolivia. It is one of the highest cities in the world at a nominal . For centuries, it was the location o ...
in
Peru , image_flag = Flag of Peru.svg , image_coat = Escudo nacional del Perú.svg , other_symbol = Great Seal of the State , other_symbol_type = National seal , national_motto = "Firm and Happy f ...
and
Mexico Mexico (Spanish language, Spanish: México), officially the United Mexican States, is a List of sovereign states, country in the southern portion of North America. It is borders of Mexico, bordered to the north by the United States; to the so ...
. The trade of Spanish silver dollars with chinaware and other trade goods flowed through the
Manila-Acapulco Galleon Trade fil, Galyon ng Maynila , english_name = Manila Galleon , duration = From 1565 to 1815 (250 years) , venue = Between Manila and Acapulco , location = New Spain (Spanish Empire) ...
from the
Philippines The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republ ...
to
Mexico Mexico (Spanish language, Spanish: México), officially the United Mexican States, is a List of sovereign states, country in the southern portion of North America. It is borders of Mexico, bordered to the north by the United States; to the so ...
and vice versa within the
Spanish colonial empire The Spanish Empire ( es, link=no, Imperio español), also known as the Hispanic Monarchy ( es, link=no, Monarquía Hispánica) or the Catholic Monarchy ( es, link=no, Monarquía Católica) was a colonial empire governed by Spain and its predece ...
. It circulated as minted
Spanish dollars The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
sometimes stamped with Chinese characters known as "chop marks" which indicated that they were verified by a merchant and determined to be genuine. Spanish silver also circulated as ingots (known as
sycee A sycee (;.. from Cantonese , , ). or yuanbao () was a type of gold and silver ingot currency used in imperial China from its founding under the Qin dynasty until the fall of the Qing in the 20th century. Sycee were not made by a central ...
or ''yuanbao'') which weighed a nominal ''liang'' (about 36 grams) although purity and weight varied from region to region. The ''liang'' was often referred to by Europeans by the Malay term ''
tael Tael (),"Tael" entry
at the ...
''. The first Chinese yuan coins had the same specification as a
Spanish dollar The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
, leading to a continuing equivalence in some respects between the names "yuan" and "dollar" in the Chinese language.


Qing

Late Imperial China The earliest known written records of the history of China date from as early as 1250 BC, from the Shang dynasty (c. 1600–1046 BC), during the reign of king Wu Ding. Ancient historical texts such as the ''Book of Documents'' (early chapter ...
maintained both a silver and a copper currency system. The copper system was based on the copper
cash In economics, cash is money in the physical form of currency, such as banknotes and coins. In bookkeeping and financial accounting, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-im ...
(wen). The silver system had several units which by the
Qing dynasty The Qing dynasty ( ), officially the Great Qing,, was a Manchu-led imperial dynasty of China and the last orthodox dynasty in Chinese history. It emerged from the Later Jin dynasty founded by the Jianzhou Jurchens, a Tungusic-speak ...
were: 1
tael Tael (),"Tael" entry
at the ...
= 10 mace = 100
candareen A candareen (; Accessed from OED Online. ; Singapore English usage: hoon) is a traditional measurement of weight in East Asia. It is equal to 10 cash and is of a mace. It is approximately 378 milligrams. A troy candareen is approximately ...
s = 1000 (silver cash). In 1889, the
Chinese yuan The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 2022. ...
was introduced at par with the
Spanish dollar The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
or
Mexican peso The Mexican peso ( symbol: $; code: MXN) is the currency of Mexico. Modern peso and dollar currencies have a common origin in the 16th–19th century Spanish dollar, most continuing to use its sign, "$". The current ISO 4217 code for the ...
or
Philippine peso The Philippine peso, also referred to by its Tagalog name ''piso'' ( Philippine English: , , plural pesos; tl, piso ; sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 ''sentimo'', also called ...
and was subdivided into 10 jiao (, not given an English name, cf. '' dime''), 100 fen (, ''cents''), and 1000 wen (, ''cash''). The yuan was equivalent to 7 mace and 2 candareens (or 0.72 tael) and, for a time, coins were marked as such in
English English usually refers to: * English language * English people English may also refer to: Peoples, culture, and language * ''English'', an adjective for something of, from, or related to England ** English national ...
. The earliest issues were silver coins produced at the Kwangtung mint in denominations of 5 fen, 1, 2 and 5 jiao and 1 yuan. Other regional mints were opened in the 1890s producing similar coins. Copper coins in denominations of 1, 2, 5, 10 and 20 wen were also issued. The central government began issuing its own coins in the yuan currency system in 1903. Banknotes were issued in yuan denominations from the 1890s by several local and private banks, along with the "Imperial Bank of China" and the "Hu Pu Bank" (later the "Ta-Ch'ing Government Bank"), established by the imperial government.


Republic of China


Silver coins

The
Republic of China Taiwan, officially the Republic of China (ROC), is a country in East Asia, at the junction of the East and South China Seas in the northwestern Pacific Ocean, with the People's Republic of China (PRC) to the northwest, Japan to the northeas ...
was founded after the
Xinhai Revolution The 1911 Revolution, also known as the Xinhai Revolution or Hsinhai Revolution, ended China's last imperial dynasty, the Manchu-led Qing dynasty, and led to the establishment of the Republic of China. The revolution was the culmination of ...
toppled the
Qing dynasty The Qing dynasty ( ), officially the Great Qing,, was a Manchu-led imperial dynasty of China and the last orthodox dynasty in Chinese history. It emerged from the Later Jin dynasty founded by the Jianzhou Jurchens, a Tungusic-speak ...
. The
Nanjing Nanjing (; , Mandarin pronunciation: ), Postal Map Romanization, alternately romanized as Nanking, is the capital of Jiangsu Provinces of China, province of the China, People's Republic of China. It is a sub-provincial city, a megacity, and t ...
-based Provisional Government of the Republic of China urgently needed to issue military currency for use in place of the previous Qing currency. Successively, each province declared independence from the Qing and issued their own military currency. In 1914, the National Currency Ordinance established the silver dollar as the national currency of the Republic of China. Although designs changed compared with imperial era coins, the sizes and metals used in the coinage remained mostly unchanged until the 1930s. The majority of regional mints closed during the 1920s and 1930s, although some continued until 1949. From 1936, the central government issued copper , 1 and 2 fen coins, nickel (later
cupronickel Cupronickel or copper-nickel (CuNi) is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. The copper content typically varies from 60 to 90 percent. ( Monel is a nickel-copper alloy that contains a mi ...
) 5, 10 and 20 fen and yuan coins. Aluminium 1 and 5 fen pieces were issued in 1940. The 1920s and 1930s saw the price of silver appreciate in the international market, increasing the purchasing power of the Chinese currency and leading to a massive efflux of silver out of China. It became evident to the Chinese government that it could not retain the
Silver Standard The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. Silver was far more widespread than gold as the monetary standard worldwide, from the Sumerians 3000 BC until 1873. Following ...
without debt defaults increasing, and so chose to abandon it. The situation was exacerbated by the multitude of commercial, provincial and foreign banks issuing currencies all at different values.


Fabi

In 1935, the Central Government enacted currency reforms to limit currency issuance to four major government controlled banks: the
Bank of China The Bank of China (BOC; ) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world. The Bank of China was founded in 1912 by the Republican government as China's central bank, rep ...
,
Central Bank of China Central is an adjective usually referring to being in the center of some place or (mathematical) object. Central may also refer to: Directions and generalised locations * Central Africa, a region in the centre of Africa continent, also known a ...
,
Bank of Communications Bank of Communications Limited (BoComm) (; often abbreviated as ), is the fifth-largest bank in mainland China. Established in 1908, the Bank of Communications claims a long history in China and is one of the banks to have issued banknotes in m ...
and later the
Farmers Bank of China A farmer is a person engaged in agriculture, raising living organisms for food or raw materials. The term usually applies to people who do some combination of raising field crops, orchards, vineyards, poultry, or other livestock. A farmer mig ...
. The circulation of silver dollar coins was prohibited, and private ownership of silver was banned. A new currency issued in its place was known as fabi (), literally "
legal tender Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in ...
".


Customs gold units

Customs gold units (,
pinyin Hanyu Pinyin (), often shortened to just pinyin, is the official romanization system for Standard Mandarin Chinese in China, and to some extent, in Singapore and Malaysia. It is often used to teach Mandarin, normally written in Chinese fo ...
: ''guānjīnyuán'') were issued by the
Central Bank of China Central is an adjective usually referring to being in the center of some place or (mathematical) object. Central may also refer to: Directions and generalised locations * Central Africa, a region in the centre of Africa continent, also known a ...
to facilitate payment of duties on imported goods. Unlike the national currency which suffered from
hyperinflation In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as t ...
, the CGUs were pegged to the
U.S. dollar The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
at 1 CGU = US$0.40. Unfortunately, the peg was removed in 1935 and the bank allowed CGUs to be released for general use. Already awash with excessive paper currency, the CGUs only added to rampant hyperinflation.


1945–1948

After the defeat of Japan in 1945, the
Central Bank of China Central is an adjective usually referring to being in the center of some place or (mathematical) object. Central may also refer to: Directions and generalised locations * Central Africa, a region in the centre of Africa continent, also known a ...
issued a separate currency in the northeast to replace those issued by puppet banks. Termed "" (
pinyin Hanyu Pinyin (), often shortened to just pinyin, is the official romanization system for Standard Mandarin Chinese in China, and to some extent, in Singapore and Malaysia. It is often used to teach Mandarin, normally written in Chinese fo ...
: ''Dōngběi jiǔ shěng liútōngquàn''), it was worth approximately 10 times more than fabi circulating elsewhere. It was replaced in 1948 by the gold yuan. The Northeastern Provinces yuan was an attempt to isolate certain regions of China from the hyperinflation that plagued the fabi currency.


Gold yuan

The onset of
World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the World War II by country, vast majority of the world's countries—including all of the great power ...
saw a sharp devaluation of the fabi currency. This was largely due to the unrestrained issuance of the currency to fund the war effort. After the defeat of
Japan Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the n ...
and the return of the
Kuomintang The Kuomintang (KMT), also referred to as the Guomindang (GMD), the Nationalist Party of China (NPC) or the Chinese Nationalist Party (CNP), is a major political party in the Republic of China, initially on the Chinese mainland and in Ta ...
Central Government, a further reform was instituted in August 1948 in response to hyperinflation. The Gold Yuan Certificate replaced the fabi at the rate of 1 gold yuan = 3 million yuan fabi = US$0.25. The gold yuan was nominally set at of gold. However, the currency was never actually backed by gold and hyperinflation continued.


1949–2001

Finally, in 1949, the
Kuomintang The Kuomintang (KMT), also referred to as the Guomindang (GMD), the Nationalist Party of China (NPC) or the Chinese Nationalist Party (CNP), is a major political party in the Republic of China, initially on the Chinese mainland and in Ta ...
again announced a reform with the introduction of the Silver Yuan Certificate, returning China to the
silver standard The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. Silver was far more widespread than gold as the monetary standard worldwide, from the Sumerians 3000 BC until 1873. Following ...
. The silver yuan would be exchanged at 1 silver yuan = 100 million gold yuan, and was backed by silver dollars minted by the
Central Mint of China The Central Mint is a subsidiary company of the Central Bank of the Republic of China (Taiwan). The major activities of the mint are minting and melting circulation and commemorative coins, and producing commemorative medals and other kind of c ...
. This currency was short-lived, as the
Chinese Communist Party The Chinese Communist Party (CCP), officially the Communist Party of China (CPC), is the founding and sole ruling party of the People's Republic of China (PRC). Under the leadership of Mao Zedong, the CCP emerged victorious in the Chinese Ci ...
soon gained control of the Mainland provinces. It was replaced by currency issued by the
People's Bank of China The People's Bank of China (officially PBC or informally PBOC; ) is the central bank of the People's Republic of China, responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by ...
which was less prone to inflation. After the retreat of the
Kuomintang The Kuomintang (KMT), also referred to as the Guomindang (GMD), the Nationalist Party of China (NPC) or the Chinese Nationalist Party (CNP), is a major political party in the Republic of China, initially on the Chinese mainland and in Ta ...
to
Taiwan Taiwan, officially the Republic of China (ROC), is a country in East Asia, at the junction of the East and South China Seas in the northwestern Pacific Ocean, with the People's Republic of China (PRC) to the northwest, Japan to the no ...
, the silver yuan remained the
de jure In law and government, ''de jure'' ( ; , "by law") describes practices that are legally recognized, regardless of whether the practice exists in reality. In contrast, ("in fact") describes situations that exist in reality, even if not legall ...
legal currency of account of the
Republic of China Taiwan, officially the Republic of China (ROC), is a country in East Asia, at the junction of the East and South China Seas in the northwestern Pacific Ocean, with the People's Republic of China (PRC) to the northwest, Japan to the northeas ...
, although only Taiwan dollars issued by the
Bank of Taiwan The Bank of Taiwan (BOT, , see below) is a commercial bank headquartered in Taipei, Taiwan. It is owned by the government of Taiwan. History The Bank of Taiwan was established as Taiwan's central bank in 1899, during Japanese rule. ...
were circulating in areas controlled by the ROC. After a currency reform in 1949 created the
New Taiwan dollar The New Taiwan dollar (code: TWD; symbol: NT$, also abbreviated as NT) is the official currency of Taiwan. The New Taiwan dollar has been the currency of Taiwan since 1949, when it replaced the Old Taiwan dollar, at a rate of 40,000 old dol ...
, the statutory exchange rate was set at 1 silver yuan = NT$3. An amendment was passed in 2000 to make the New Taiwan dollar the official legal currency of the Republic of China.


Taiwan dollar

The
Bank of Taiwan The Bank of Taiwan (BOT, , see below) is a commercial bank headquartered in Taipei, Taiwan. It is owned by the government of Taiwan. History The Bank of Taiwan was established as Taiwan's central bank in 1899, during Japanese rule. ...
was originally established by the Japanese in 1899 whilst Taiwan was under Japanese administration. The bank issued
Taiwanese yen The was the currency of Japanese Taiwan from 1895 to 1946. It was on a par with and circulated alongside the Japanese yen. The yen was subdivided into 100 . It was replaced by the Old Taiwan dollar in 1946, which in turn was replaced by the Ne ...
which were pegged to the
Japanese yen The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (US$) and the euro. It is also widely used as a third reserve currency after the US dollar and the ...
. After the retrocession of Taiwan to the
Republic of China Taiwan, officially the Republic of China (ROC), is a country in East Asia, at the junction of the East and South China Seas in the northwestern Pacific Ocean, with the People's Republic of China (PRC) to the northwest, Japan to the northeas ...
, the new
Bank of Taiwan The Bank of Taiwan (BOT, , see below) is a commercial bank headquartered in Taipei, Taiwan. It is owned by the government of Taiwan. History The Bank of Taiwan was established as Taiwan's central bank in 1899, during Japanese rule. ...
was allowed to continue issuing its own currency. Called the "Taiwan dollar", it replaced the Taiwanese yen at par. This was an attempt by the
Kuomintang The Kuomintang (KMT), also referred to as the Guomindang (GMD), the Nationalist Party of China (NPC) or the Chinese Nationalist Party (CNP), is a major political party in the Republic of China, initially on the Chinese mainland and in Ta ...
to prevent the hyperinflation affecting the mainland from affecting Taiwan. However, mismanagement by the governor-general
Chen Yi Chen Yi may refer to: * Xuanzang (602–664), born as Chen Yi, Chinese Buddhist monk in Tang Dynasty * Chen Yi (Kuomintang) Chen Yi (; courtesy names Gongxia (公俠) and later Gongqia (公洽), sobriquet Tuisu (退素); May 3, 1883 – June ...
meant that the Taiwan dollar also suffered depreciation. It was replaced by the
New Taiwan dollar The New Taiwan dollar (code: TWD; symbol: NT$, also abbreviated as NT) is the official currency of Taiwan. The New Taiwan dollar has been the currency of Taiwan since 1949, when it replaced the Old Taiwan dollar, at a rate of 40,000 old dol ...
in 1949 at the rate of 40,000 to 1.


Japanese occupation money

The Japanese Imperial Government issued currency through several means during their occupation of China.


Manchuria

At the time of invasion of China's northeast in 1931, multiple currencies were circulating. These included local provincial issues, the
Kuomintang The Kuomintang (KMT), also referred to as the Guomindang (GMD), the Nationalist Party of China (NPC) or the Chinese Nationalist Party (CNP), is a major political party in the Republic of China, initially on the Chinese mainland and in Ta ...
fabi and yen currencies issued by the
Bank of Chosen A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...
and the
Bank of Taiwan The Bank of Taiwan (BOT, , see below) is a commercial bank headquartered in Taipei, Taiwan. It is owned by the government of Taiwan. History The Bank of Taiwan was established as Taiwan's central bank in 1899, during Japanese rule. ...
. After the puppet state of
Manchukuo Manchukuo, officially the State of Manchuria prior to 1934 and the Empire of (Great) Manchuria after 1934, was a puppet state of the Empire of Japan in Manchuria from 1932 until 1945. It was founded as a republic in 1932 after the Japanese ...
was created, the Japanese founded the
Central Bank of Manchou The Central Bank of Manchou (; Japanese Hepburn: ''Manshū Chūō Ginkō''), was the central bank of the Japan- sponsored state of Manchukuo. The bank was established by the ''Bank of Manchukuo Act'' at Hsinking (today Changchun) on 11 June 1932 ...
on July 1, 1932, in
Changchun Changchun (, ; ), also romanized as Ch'angch'un, is the capital and largest city of Jilin Province, People's Republic of China. Lying in the center of the Songliao Plain, Changchun is administered as a , comprising 7 districts, 1 county and 3 ...
(), then known as
Hsinking Changchun (, ; ), also romanized as Ch'angch'un, is the capital and largest city of Jilin Province, People's Republic of China. Lying in the center of the Songliao Plain, Changchun is administered as a , comprising 7 districts, 1 county and 3 ...
(). While the bank provided commercial functions, it also acted as a
central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a centra ...
and issuer of currency. The
Manchukuo yuan The Manchukuo yuan ( zh, 滿洲國圓, ''Mǎnzhōuguóyuán'') was the official unit of currency of the Empire of Manchuria, from June 1932 to August 1945. The monetary unit was based on one basic pure silver patron of 23.91 grams. It replaced ...
was initially set at 1 Manchukuo yuan = 23.91 g silver, but became pegged to the
Japanese yen The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (US$) and the euro. It is also widely used as a third reserve currency after the US dollar and the ...
at 1:1 in 1935 after Japan left the
gold standard A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from th ...
. The currency lasted until the end of
World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the World War II by country, vast majority of the world's countries—including all of the great power ...
. It was replaced by the Northeastern Provinces Yuan issued by the
Central Bank of China Central is an adjective usually referring to being in the center of some place or (mathematical) object. Central may also refer to: Directions and generalised locations * Central Africa, a region in the centre of Africa continent, also known a ...
.


Inner Mongolia

Before Japanese occupation, the predominant bank of China's northern provinces (including
Suiyuan Suiyuan () is a ''de jure'' province of the Republic of China according to the ROC law, as the ROC government formally claims to be the legitimate government of China, with its capital located Guisui (now Hohhot). The abbreviation was ( pinyi ...
, Chahar and
Shanxi Shanxi (; ; formerly romanised as Shansi) is a landlocked province of the People's Republic of China and is part of the North China region. The capital and largest city of the province is Taiyuan, while its next most populated prefecture-leve ...
) was the Charhar Commercial Bank. When the Japanese invaded, the bank evacuated the area taking all of its capital and all unissued currency. The Japanese military government quickly established the
Channan Commercial Bank (; ; Okinawan pronunciation: ) is a martial art developed in the Ryukyu Kingdom. It developed from the indigenous Ryukyuan martial arts (called , "hand"; ''tii'' in Okinawan) under the influence of Chinese martial arts, particularly Fuji ...
to replace its note issuing functions. With the formation of
Mengjiang Mengjiang, also known as Mengkiang or the Mongol Border Land, and governed as the Mengjiang United Autonomous Government, was an autonomous area in Inner Mongolia, formed in 1939 as a puppet state of the Empire of Japan, then from 1940 being ...
puppet state, the authorities established the Bank of Mengjiang which amalgamated the
Channan Commercial Bank (; ; Okinawan pronunciation: ) is a martial art developed in the Ryukyu Kingdom. It developed from the indigenous Ryukyuan martial arts (called , "hand"; ''tii'' in Okinawan) under the influence of Chinese martial arts, particularly Fuji ...
with three other smaller regional banks. The Bank of Mengjiang issued
Mengjiang yuan , image_1 = File:Mengjiang banknote 1 yuan.jpg , image_title_1 = Central Bank of Mengjiang 1 yuan , image_2 = , image_title_2 = , iso_code = , using_countries = Mongol Military Government (1936-1937) Mongol United Autonomous Government ...
from 1937 which was pegged to the Japanese military yen and Japanese yen at par.


Collaborationist governments

The Japanese managed to establish two collaborationist regimes during their occupation in China. In the north, the " Provisional Government of China" () based in
Beijing } Beijing ( ; ; ), Chinese postal romanization, alternatively romanized as Peking ( ), is the Capital city, capital of the China, People's Republic of China. It is the center of power and development of the country. Beijing is the world's Li ...
established the Federal Reserve Bank of China (,
pinyin Hanyu Pinyin (), often shortened to just pinyin, is the official romanization system for Standard Mandarin Chinese in China, and to some extent, in Singapore and Malaysia. It is often used to teach Mandarin, normally written in Chinese fo ...
: ''Zhōngguó Liánhé Zhǔnbèi Yínháng''). The FRB issued notes in 1938 at par with
Kuomintang The Kuomintang (KMT), also referred to as the Guomindang (GMD), the Nationalist Party of China (NPC) or the Chinese Nationalist Party (CNP), is a major political party in the Republic of China, initially on the Chinese mainland and in Ta ...
fabi. Although initially equivalent, the Japanese banned the use of Nationalist currency in 1939 and set arbitrary exchange rates in favour of the FRB yuan. The FRB yuan was replaced by
Kuomintang The Kuomintang (KMT), also referred to as the Guomindang (GMD), the Nationalist Party of China (NPC) or the Chinese Nationalist Party (CNP), is a major political party in the Republic of China, initially on the Chinese mainland and in Ta ...
fabi in 1945 at 5 FRB yuan = 1 fabi. The
Wang Jingwei Wang Jingwei (4 May 1883 – 10 November 1944), born as Wang Zhaoming and widely known by his pen name Jingwei, was a Chinese politician. He was initially a member of the left wing of the Kuomintang, leading a government in Wuhan in oppositi ...
government in
Nanjing Nanjing (; , Mandarin pronunciation: ), Postal Map Romanization, alternately romanized as Nanking, is the capital of Jiangsu Provinces of China, province of the China, People's Republic of China. It is a sub-provincial city, a megacity, and t ...
established the collaborationist Nanjing Reformed Government () in 1938. This was later reorganized into the Nanjing National Government () in 1940. They established the
Central Reserve Bank of China Central is an adjective usually referring to being in the center of some place or (mathematical) object. Central may also refer to: Directions and generalised locations * Central Africa, a region in the centre of Africa continent, also known a ...
(,
pinyin Hanyu Pinyin (), often shortened to just pinyin, is the official romanization system for Standard Mandarin Chinese in China, and to some extent, in Singapore and Malaysia. It is often used to teach Mandarin, normally written in Chinese fo ...
: ''Zhōngyāng Chǔbèi Yínháng'') which began issuing CRB yuan in 1941. Although initially set at par with the Nationalist fabi, it also was arbitrarily changed to equal 0.18 Japanese military yen. In 1945, it was also replaced by the Nationalist fabi at 200 CRB yuan = 1 fabi.


Japanese military yen

The
Japanese military yen Japanese may refer to: * Something from or related to Japan, an island country in East Asia * Japanese language, spoken mainly in Japan * Japanese people, the ethnic group that identifies with Japan through ancestry or culture ** Japanese diaspor ...
was distributed in many regions throughout
East Asia East Asia is the eastern region of Asia, which is defined in both geographical and ethno-cultural terms. The modern states of East Asia include China, Japan, Mongolia, North Korea, South Korea, and Taiwan. China, North Korea, South Korea ...
under Japanese occupation. Initially, these were issued as payment to soldiers. The intention was the payout of an indefinite amount of Japanese military yen which could not be converted into Japanese yen and therefore could not cause inflation in Japan. However, the destructive effects on local East Asian economies was not a major concern. The currency became legal tender in China commencing in 1937. It was later replaced by issues from puppet banks. However, the currency remained in force in
Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a List of cities in China, city and Special administrative regions of China, special ...
between 1941 and 1945. Initially set at HK$2 = JMY1, the
Hong Kong dollar The Hong Kong dollar (, sign: HK$; code: HKD) is the official currency of the Hong Kong Special Administrative Region. It is subdivided into 100 cents or 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong ...
was largely preferred by locals and hoarded away. In order to address this, the Japanese government made possession of Hong Kong dollars illegal in 1943 and required a conversion to JMY at 4 to 1.


People's Republic of China


Renminbi

The
Chinese Communist Party The Chinese Communist Party (CCP), officially the Communist Party of China (CPC), is the founding and sole ruling party of the People's Republic of China (PRC). Under the leadership of Mao Zedong, the CCP emerged victorious in the Chinese Ci ...
gained control of large areas of the northeast of China during 1948 and 1949. Although several regional banks were established, they were united in December 1948 as the
People's Bank of China The People's Bank of China (officially PBC or informally PBOC; ) is the central bank of the People's Republic of China, responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by ...
. Established in
Shijiazhuang Shijiazhuang (; ; Mandarin: ), formerly known as Shimen and romanized as Shihkiachwang, is the capital and most populous city of China’s North China's Hebei Province. Administratively a prefecture-level city, it is about southwest of Beijin ...
, the new bank took over currency issuance in areas controlled by the Communist Party. After the promulgation of the
People's Republic of China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...
, there was a brief period where 100,000 gold yuan could be exchanged for 1 yuan
Renminbi The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 202 ...
.
Renminbi The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 202 ...
notes were issued in 12 denominations: 1, 5, 10, 20, 50, 100, 200, 500, 1000, 5000, 10,000, and 50,000 yuan. These denominations were subdivided into 62 styles. After adjusting the currency value with ratio 1:10,000 in March 1955, the second edition of Renminbi were issued in 12 denominations, including 1 fen, 2 fen, 5 fen, 1 jiao, 2 jiao, 5 jiao, 1 yuan, 2 yuan, 3 yuan, 5 yuan and 10 yuan. The People's Republic of China began issuing aluminum coins in December 1957, in denominations of 1, 2 and 5 fen. From 1961, China outsourced the printing of 3, 5 and 10 yuan notes to the Soviet Union. The fifth and latest editions of the currency of the People's Republic of China have been produced since 1 October 1999. Notes have been produced in 8 denominations: old types of 1 fen, 2 fen and 5 fen, as well as new issues depicting Mao Zedong: 5 yuan, 10 yuan, 20 yuan, 50 yuan and 100 yuan. In 2004, a 1 yuan note depicting
Mao Zedong Mao Zedong pronounced ; also Romanization of Chinese, romanised traditionally as Mao Tse-tung. (26 December 1893 – 9 September 1976), also known as Chairman Mao, was a Chinese communist revolutionary who was the List of national founde ...
first came into production. Since 1999, coins have been produced in denominations of 1 fen, 2 fen, 5 fen, 1 jiao, 5 jiao and 1 yuan.


Foreign Exchange Certificates

The
Bank of China The Bank of China (BOC; ) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world. The Bank of China was founded in 1912 by the Republican government as China's central bank, rep ...
on the Mainland was chartered as the main foreign trade and exchange bank. Foreign visitors to the People's Republic of China were required to conduct transactions with Foreign Exchange Certificates issued by the Bank of China between 1979 and 1994. These have been abolished, and all transactions now occur in Renminbi.


See also

* Chinese Silver Panda *
Economic history of China The economic history of China is covered in the following articles: * Economic history of China before 1912, the economic history of China during the ancient China and imperial China, before the establishment of the Republic of China in 1912. ** ...
*
List of Chinese cash coins by inscription Chinese cash coins were first produced during the Warring States period, and they became standardised as the Ban Liang (半兩) coinage during the Qin dynasty which followed. Over the years, cash coins have had many different inscriptions, and t ...


References


Citations


Sources

* Hartill, David. CAST CHINESE COINS. Trafford Publishing 2005. * Chang, H.: The Silver Dollars and Taels of China. Hong Kong, 1981 (158 pp. illus.). Including Subsidiary Notes on “The Silver Dollars and Taels of China” Hong Kong, 1982 (40 pp. illus.). * Cribb, Joe: A Catalogue of Sycee in the British Museum. Chinese Silver Currency Ingots c. 1750 – 1933. British Museum Press, London, 1992. * Dong Wenchao: An Overview of China's Gold & Silver Coins of Past Ages – the Gold and Silver Coins and Medals of Modern China. Beijing 1992, , * Kann, Edward: Illustrated Catalog of Chinese Coins. Second edition. Mint Productions, Inc., New York, 1966 (476 pp. and 224 plates). * Lu, W.H. (editor): Paper Money Catalogue of the People's Republic of China (1948–1998). Paper Money Catalogue of Macau (1907–1998). International Stamp and Coin Sdn. Bhd., Kuala Lumpur, n.d. (50 plus 32 pp., colour illus.). * Peng Xinwei: A Monetary History of China (Zhongguo Huobi Shi). Translated by Edward H. Kaplan. Two volumes. Western Washington University, Bellingham, 1993. *
Shanghai Museum The Shanghai Museum is a museum of ancient Chinese art, situated on the People's Square in the Huangpu District of Shanghai, China. Rebuilt at its current location in 1996, it is considered one of China's first world-class modern museums and fa ...
: Chinese Coin Gallery. Shanghai, n.d. (1990s). In Chinese and English. * Shanghai Museum: Chinese Numismatic Gallery. Shanghai, n.d. (1990s). In Chinese and English (44pp., colour illus.) * * Ting Fu-Pao: A Catalog of Ancient Chinese Coins (Including Japan, Forra & Annan). Taipei, n.d. (no pagination, illus.). * White, Byron R. and White, Marjorie: A Comprehensive Finding List of Chinese Cash 618 AD to 1912 AD. Together with Lochhart's Listing of the Chinese Dynasties. Bai Publications, USA, n.p., 1976. (no pagination).


External links


Historical and current banknotes of China
{{Economy of China Chinese numismatics Economic history of China