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Paper money and letters of credit

By |2018-04-19T11:11:40+00:00June 12th, 2017|China, Economy|

Chinese paper money For almost two thousand years, people used metal coins for money, or they used letters of credit (like a check today). But there was a big change around 1150 AD in China, under the Song Dynasty, when people first started to use paper money (a promise to pay gold or [...]