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
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RANK_REASON The article discusses historical financial practices and does not contain AI-related news.
