In Central and East Asia, there are many states that can boast of their centuries-old history. One such country is China. On the territory of the modern state, more than a billion people live. The most populous country in the world has one of the longest stories of its existence. Along with the millennia of the emergence of a sovereign system, the monetary units of China went through a long development process.
Liang, Yamb and Fyn
In the ancient state, silver was highly valued. Until the end of the twentieth century, in the territory of the modern state, this metal was not subject to minting. Instead of coins in use, the use of small ingots was common. They had their own name - Liang. At that time, these bullions were the national currency of China. One lyan had a mass of just over 31 grams. The silver bar could be exchanged for coins made of copper. They had a square hole right in the center. For one liang they gave about 1200 coins.
The reign of almost every new Chinese emperor was marked by the introduction of a new monetary system for the empire. So, during the reign of the Qing Dynasty, for one Liang they gave ten Mao. Those, in turn, could be exchanged for 100 Fyns. However, these monetary units in China were not the smallest. In those days, on the territory of the Celestial Empire (the second name of the country), one fyn could be "broken" into 10 li.
The ancient monetary system of China provided for the presence of larger means of payment than Liang. They were rather large silver ingots, the name of which is similar to the literary term - iambic. Each money nugget weighed about 1.5 kg, which by weight was approximately equal to 50 lan.
"Pioneers" in the production of paper notes
Many people know from the history of high school that the Celestial Empire is the birthplace of silk and tea. However, not many people know that this country is also the place where paper notes first appeared in the world. These monetary units of China were first used in the 2nd century BC. e. The mention of this event contains documents that have come down to us from the era of the reign of Emperor Wu Ti. According to historical manuscripts, paper bills were made from parchment obtained from deer skins. After some time, the masters of the Middle Kingdom created a technology for producing paper from the bark of a mulberry tree (mulberry). This achievement made it possible to simplify the process of manufacturing paper notes.
The introduction of paper money
A prerequisite for the appearance of paper means of payment was the low purchasing power of copper coins, which were then minted by the imperial mint. In addition, the metal round-shaped round-bore kruglya had a lot of weight. It also had a definite effect on the desire of the government to change heavy coins to lighter material.
In order not to carry a few kilograms of copper monetary elements, the country's population began to hand over metal kruglyashi to merchants. In return, they gave people receipts, which were the means of payment. However, at the beginning of the 11th century AD e. the government banned merchants from engaging in such activities. In order to facilitate market relations and settlements between the population, the imperial court began to issue receipts. Paper notes were a full replacement for copper coins. Each of the receipts had its own value.
Modern payment system
In 1835, new money began to be issued in the country. In China, the name "fresh" units sounded like "Jenminbi." In translation, this unpronounceable word means "people's money." Worldwide, the name of the new unit is known as the yuan. However, this money has become a national means of payment relatively recently - in the late 40s of the 20th century. Until this moment, the payment system of the Middle Kingdom has experienced numerous crises and innovations.
Until the beginning of the 20th century, the silver standard was in circulation in the country. The population in the countryside also used ancient Chinese coins, which were called nannies (caches). As such, a unified system of payments and settlements was absent in the country until 1949. At the hands of the population at the same time could be Chinese Liang and American dollars, Hong Kong bills and copper coins.
Unified settlement tool
In 1948, the country's government abandoned the use of silver and included the gold exchange standard in its monetary system. It was then that the yuan was recognized as the single national means of payment.
At the moment, the question of what money is called in China can be easily answered with yuan. However, in addition to this means of payment, the National Bank of the country also issues Jiao and Fien (fen). In free circulation, you can find about 22 banknotes. Jiao and Fynn are issued in denominations of 1, 2 and 5 units. The yuan has the same denominations. In addition, banknotes of 10, 50, and 100 "zhenminbi" are issued.