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China's Song Dynasty Pioneered Global Fiat Currency Centuries Ago

By PulseAugur Editorial · [1 sources] ·

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

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

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China's Song Dynasty Pioneered Global Fiat Currency Centuries Ago

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The article discusses historical financial practices and does not contain AI-related news.
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COVERAGE [1]

  1. SCMP — Tech TIER_1 English(EN) · Jose-Antonio Maurellet ·

    Centuries ahead of Wall Street: how China’s Song dynasty pioneered global fiat currency

    At least gold glitters. Long before the first paper banknotes fluttered through the financial houses of Europe, the bustling markets of 11th century China birthed an unprecedented financial “innovation”: the use of paper currency. In the 1020s, burdened by the shortage of bronze …

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