DescriptionThe Central Bank of China was established in 1924. In 1928 it took over the central bank role from the Bank of China. The bank went over to Taiwan with the Guomintang and is now the central bank of that government.The Chinese invented paper around 200 AD, says one article I read. They started making paper money during the Song dynasty, 1100s maybe. I think there are some Song banknotes in existance.Aside from China, other governments started using circulating “banknotes” starting in the 17th century AD. The practice became general in the 19th century. In the 20th century value of paper money in circulation far surpassed the value of coinage. In the 21st century paper money is fading and credit transactions are growing.Paper money, meaning the promise of a government to pay a set amount, and the paper promise allowed to circulate at will, was probably first used in China in the 12th century AD. At that time the merchants and governments of Europe were just writing letters to each other about what they owed.
