![]() ![]() ![]() Since the assumption of power by the Communist Party after the Second World War the People’s Bank of China (PBoC) has administered the nation’s mint- and currency policy. The overthrow of the Emperor and the establishment of the Republic of China were closely followed by the conversion of the currency to the silver dollar.Ĭhina. The yuan, still in use today, was first introduced in 1889. In the 17th century, in addition to the traditional Chinese copper, a silver currency based on the tael (37.78 g), divided into 10 mace (= 100 kandarin = 1,000 li), was established. However in 1644 the printing of paper money was discontinued again, following numerous monetary devaluations. With paper money, too, the Chinese were well ahead of the Europeans: as early as 1024 in China the first banknotes in the world were issued, covered by imperial gold and silver. Under the Song Emperors alone, 200 billion Chinese copper coins are said to have been minted. The currency requirements of the huge empire must have been tremendous. During the Han dynasty (206 BC until 220 AD) the value of Chinese coins was decoupled from the country’s precious metals and a denominational system was introduced. In 211 BC the Emperor Qin Shi Huangdi (247-210 BC) is said to have introduced the first round coins with a square hole in the middle (“cash”). ![]()
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