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The New Taiwan dollar [I] ( code: TWD; symbol: NT$, also abbreviated as NT) is the official currency of the Republic of China. 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 ...
The Taiwan dollar was replaced by the New Taiwan dollar on 15 June 1949, at the rate of 1 new dollar to 40,000 old dollars. The Nationalists were defeated by the Communists in December of the same year and retreated to Taiwan.
This became the sole currency of mainland China at the end of the civil war. A new yuan was introduced in 1955 at a rate of 10,000 old yuan = 1 new yuan, known as the renminbi yuan. It is the currency of the People's Republic of China to this day. The term yuan is also used in Taiwan.
The various currencies called yuan or dollar issued in mainland China as well as Taiwan, Hong Kong, Macau and Singapore were all derived from the Spanish American silver dollar, which China imported in large quantities from Spanish America from the 16th to 20th centuries.
Listed below is a table of historical exchange rates relative to the U.S. dollar, at present the most widely traded currency in the world. [1] An exchange rate represents the value of one currency in another. An exchange rate between two currencies fluctuates over time. The value of a currency relative to a third currency may be obtained by dividing one U.S. dollar rate by another. For example ...
Along with the introduction of this series of banknotes, the New Taiwan dollar became the official currency of the ROC and is no longer secondary to the silver yuan. For the first time, the Central Bank of the Republic of China began the issuing authority of the banknotes directly, rather than the Bank of Taiwan. [1] This series also ends a four-decade tradition of including Chiang Kai-shek in ...
Currently, the renminbi is the official currency of the People's Republic of China (PRC). It is the legal tender in mainland China, but not in Hong Kong or Macau. The special administrative regions of Hong Kong and Macau use the Hong Kong dollar and the Macanese pataca, respectively. In the Republic of China (ROC), the New Taiwan dollar is the official legal tender in Taiwan since 2000.
The Bank of Taiwan issued the New Taiwan dollar until 2000 when the Central Bank of China finally took over the task. [citation needed] In 2007 the English name of the Central Bank of China was renamed the Central Bank of the Republic of China (Taiwan) along with a host of other renamings under the Chen Shui-bian administration of state-owned ...