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The New Taiwan dollar has been the currency of the island of Taiwan since 1949, when it replaced the old Taiwan dollar, at a rate of 40,000 old dollars per one new dollar. [1] The base unit of the New Taiwan dollar is called a yuan (圓), subdivided into ten chiao (角) or 100 fen (分), although in practice neither chiao nor fen are used.
The New Taiwan dollar first issued in 1949. As the defeated Nationalists fled to Taiwan, they stripped China of liquid assets including gold, silver, and the country's dollar reserves. [6] Chiang Kai-shek's mission to take gold from China was held secretly because, according to Wu Sing-yung, the entire mission was operated by Chiang himself ...
After a currency reform in 1949 created the New Taiwan dollar, the statutory exchange rate was set at 1 silver yuan = NT$3. An amendment was passed in 2000 to make the New Taiwan dollar the official legal currency of the Republic of China.
Due to the relocation of the central government to Taiwan at the end of 1949, the Bank of Taiwan had to make even more advance payments for the central government agencies. Despite the reform on Taiwan dollar, the budget deficit continued to worsen, placing even greater pressure on prices. Yet, the outbreak of the Korean War on 25 June 1950 led ...
The Old Taiwan dollar was in use from 1946 to 1949, beginning shortly after Taiwan's handover from Japan to the Republic of China. The currency was issued by the Bank of Taiwan . Hyperinflation prompted the introduction of the New Taiwan dollar in June 1949, shortly before the Nationalist evacuation from mainland China in December.
In 1946, a new currency was introduced for circulation there, replacing the Japanese issued Taiwan yen, the Old Taiwan dollar. It was not directly related to the mainland yuan. In 1949, a second yuan was introduced in Taiwan, replacing the first at a rate of 40,000 to 1. Known as the New Taiwan dollar, it remains the currency of Taiwan today.
Events in the year 1949 in Taiwan, Republic of China. Incumbents ... 15 June – The replacement of Old Taiwan dollar with New Taiwan dollar. October
And at that time, the exchange of the Golden Yuan for Taiwan Dollar $1,835 was also significantly overestimated, and the inflow of mainland China into Taiwan hedging brought Taiwan under severe vicious inflationary pressure and worsened the economic situation [11] In June 1949, Taiwan reformed its monetary system and issued New Taiwan Dollar. [7]