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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 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.
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.
Currency of Taiwan can refer to any of the following: Taiwanese yen issued by the colonial government of Taiwan under Japanese rule from 1895 to 1945; Old Taiwan dollar used from 1946 to 1949; New Taiwan dollar the currency of Taiwan since 1949.
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]
1949 (in Taipei) Ownership: Executive Yuan of the Central Government of the ROC [1] Governor: Yang Chin-long: Central bank of Republic of China (Taiwan) Currency: New Taiwan Dollar TWD Bank rate: 2.0% (13 June 2024) [2] Succeeded by: People's Bank of China (on the mainland) Website: cbc.gov.tw (in English)
Events in the year 1949 in Taiwan, Republic of China. Incumbents ... 15 June – The replacement of Old Taiwan dollar with New Taiwan dollar. October