What currency is used in Taiwan?
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New Taiwan dollar (; code: TWD; symbol: NT$, also abbreviated as NT) is the official currency of the Republic of China (ROC) used in Taiwan Area. Formally, one dollar () is divided into ten dimes (), and to 100 cents (), although cents are never used in practice. The New Taiwan dollars has been the currency of Taiwan since 1949, when it replaced the Old Taiwan dollar, at a rate of 40,000 old dollars per one new dollar. There are a variety of alternative names to the units in Taiwan. The unit of dollar is usually written in simpler form as . Colloquially, the currency unit usually called (kuài, literally "piece") in Mandarin, (kho͘, literally "hoop") in Taiwanese Hokkien, and (ngiùn, literally "silver") in Hakka.
New Taiwan dollar
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The official currency of Taiwan is the New Taiwan dollar (TWD). The motifs used are:
List of motifs on banknotes
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In 1946, a new currency was introduced for circulation in Taiwan, replacing the Japanese issued Taiwan yen. Known as the Old Taiwan dollar. It was not directly related to the mainland yuan.
Yuan (currency)
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After the retreat of the Kuomintang to Taiwan, the silver yuan remained the de jure legal currency of account of the Republic of China, although only Taiwan dollars issued by the Bank of Taiwan were circulating in areas controlled by the ROC. After a currency reform in 1949 created the New Taiwan dollar, the statutory exchange rate was set at 1 silver yuan = NT$3.
History of Chinese currency
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The Bank of Taiwan was originally established by the Japanese in 1899 whilst Taiwan was under Japanese administration. The bank issued Taiwanese yen which were pegged to the Japanese yen. After the retrocession of Taiwan to the Republic of China, the new Bank of Taiwan was allowed to continue issuing its own currency. Called the "Taiwan dollar", it replaced the Taiwanese yen at par. This was an attempt by the Kuomintang to prevent the hyperinflation affecting the mainland from affecting Taiwan.
History of Chinese currency
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After the Japanese surrender in 1945, the ROC government (led by the Chinese Nationalist Party, or KMT) took over the Bank of Taiwan and began issuing "Taiwan dollars", also known as "Taiwan Nationalist Yuan", through the Bank of Taiwan. This currency is now referred to as the "old Taiwan dollar." Severe inflation of this currency during the Chinese Civil War led the Bank of Taiwan to issue the "New Taiwan Dollar" in 1949. After the loss of mainland China in the Chinese Civil War by the KMT and its subsequent retreat to Taiwan, the Bank of Taiwan took on a more central role as the central bank of the ROC until the Central Bank of China was reestablished in 1961. The Bank of Taiwan was governed under the Taiwan Provincial Government until 1998 when governance was transferred to the ROC Finance Ministry. In 2001 the Central Bank of China took over the task of issuing the New Taiwan Dollar.
Bank of Taiwan
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After a period of hyperinflation in the late 1940s when the Kuomintang (KMT) military regime of Chen Yi overprinted the new Taiwan Yuan against the previous Japan Taiwan Yen, it became clear that a new and stable currency was needed. Along with the $4 billion in financial aid and soft credit provided by the US (as well as the indirect economic stimulus of US food and military aid) over the 1945–1965 period, Taiwan had the necessary capital to restart its economy. Further, the KMT government instituted many laws and land reforms that it had never effectively enacted on mainland China.
Taiwan Miracle
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In 1895, as a result of the First Sino-Japanese War, Qing China ceded Taiwan to Japan in the Treaty of Shimonoseki. The Japanese yen then became the currency of Taiwan, with distinct banknotes denominated in yen issued by the Bank of Taiwan from 1898. Only banknotes and stamp currency were issued.
Taiwanese yen
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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.
Yuan (currency)
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Fen (), is a unit of currency used in Greater China, including People's Republic of China, Republic of China (Taiwan), One fen is equal to one-hundredth of a yuan or tenth of a Chinese jiao.
Fen (currency)