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After various status changes in China history, silver played a more important role in the market and became a dominant currency in China in the 1540s. [10] The silver flow into China passed through two cycles: the Potosí /Japan Cycle, which lasted from the 1540s to the 1640s, and the Mexican Cycle, which began in the first half of the 1700s. [11]
A century earlier in the year 1567 the Spanish trade port in the city of Manila in the Philippines as part of the Spanish colonial empire was opened which until the fall of the Ming dynasty brought over forty million Kuping Taels of silver to China with the annual Chinese imports numbering at 53,000,000 pesos (each peso being 8 real) or 300,000 ...
Trade dollars were silver coins minted as trade coins by various countries to facilitate trade with countries in East Asia, especially China and Japan. They all approximated in weight and fineness to the Spanish dollar , which had set the standard for a de facto common currency for trade in the Far East .
Gordon, Peter and Morales, Juan José, The Silver Way: China, Spanish America and the Birth of Globalisation 1565–1815 (Penguin Special, 2017) Pond, Shepard (February 1941). "The Spanish Dollar: The World's Most Famous Silver Coin". Bulletin of the Business Historical Society. 15 (1). The President and Fellows of Harvard College: 12– 16.
Out of the diplomatic and foreign trade needs, he produced "Yǒng-Lè Bǎo-Tōng" in 1408. [33] Originally the "Yǒng-Lè Bǎo-Tōng" was not intended to circulate within China itself as cash coins had gradually been replaced by silver sycees and paper money, and the coin was intended for trade with countries like Japan, and the Ryukyu Kingdom ...
Tobacco also came to China via Yuegang, inaugurating the custom of smoking in China. [13] Silver traded from Spanish Philippines [14] through the Manila-Acapulco Galleon Trade, minted in New Spain , mined in Potosí circulated in China through Yuegang in the form of Spanish silver dollar coins and the influx of silver reinvigorated the Chinese ...
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East Asia trading primarily functioned on a silver standard due to Ming China's use of silver ingots as a medium of exchange. As such, goods were mostly bought with silver mined from New Spain and Potosí. [29] The cargoes arrived in Acapulco and were transported by land across Mexico.