Centuries ahead of Wall Street: how China’s Song dynasty pioneered global fiat currency
During the 11th century, merchants in China's Sichuan province began issuing paper promissory notes known as jiaozi due to a shortage of bronze coins and a growing economy. The Song dynasty government later adopted and issued its own paper currency, huizi, marking a transition to a state-backed fiat system. This innovation occurred centuries before similar developments in the West, influencing global financial practices. AI
