Time Period: 1931-1937 - Chinese Soviet Republic and "Long March"

Timeline

  • 21.11.1931
  • Resolution of the First People's Congress on the unification of the currency in the individual areas under Communist control and on the establishment of the State Bank of the Chinese Soviet Republic as central bank; effective upon constitution of the bank on 01.02.1932 in Ruijin (Yeping).
  • ??.11.1931
  • Start of issuance of silver Dollars by local Soviet governments in Hu'nan and Hubei, later followed by other local governments
  • 07.07.1932
  • Start of issuance of paper money and subsidiary coins by the State Bank, which circulated in all areas under Communist control
  • 1933-1934
  • Relocation of the State Bank during the civil war and "Long March", became inoperative
  • 16.11.1935
  • Reconstitution as "Northwest Branch" of the State Bank of the Chinese Soviet Republic in Wayaobao (Shanxi); subsequent issuance of paper money and copper subsidiary coins.
  • 01.10.1937
  • Reconstitution of the "Northwest Branch" as Shănxi-Gansu-Ningxia Border Region Area Trading Company in Yan'an.


Time Period: 1945-1951 - Consolidation of the Communist Local Currencies

Timeline

  • Northeast China Liberated Area:
    - 01.12.1938: Start of operations of the North Sea (Beihai) Bank in Ye District (Shandong).
    - 15.10.1939: Start of operations of the Southern Hebei (Jinan) Bank in Lichen District (Hebei).
    - 08.11.1945: Start of operations of the Northeast Bank in Shenyang (Liaoning), issuance of paper money at 1 Manchurian Yuan = 10 Yuan of the Northeast Bank.
    - 22.07.1948: Integration of the Southern Hebei Bank into the North China Bank.
    - 01.12.1948: Integration of the North Sea Bank into the People's Bank of China; currency exchange at 1 Chinese Renminbi Yuan (1948) = 100 Yuan of the North Sea Bank = 100 Yuan of the Southern Hebei Bank.
    - 01.04.1951: Integration of the Northeast Bank into the People's Bank of China; currency exchange at 1 Chinese Renminbi Yuan (1948) = 200 Yuan of the Northeast Bank.
  • Northwest China Liberated Area:
    - 01.10.1937: Start of operations of the Shănxi-Gansu-Ningxia Border Region Region Bank in Yan'an (Shănxi), succeeding the former State Bank of the Chinese Soviet Republic.
    - 10.05.1940: Start of operations of the Northwest China Farmers' Bank in Yuanxing District (Henan).
    - ??.01.1948: Integration of the Shănxi-Gansu-Ningxia Border Region Region Bank into the Northwest China Farmers' Bank.
    - 01.12.1948: Integration of the Northwest China Farmers' Bank into the People's Bank of China; currency exchange at 1 Chinese Renminbi Yuan (1948) = 2'000 Yuan of the Northwest China Farmers' Bank = 2'000 Yuan of the Shănxi-Gansu-Ningxia Border Region Region Bank.
  • Manchuria (Hebei-Rehe-Liaoning) Liberated Area:
    - 20.03.1938: Start of operations of the Shānxi-Chaha'er-Hebei Border Region Bank in Shizui (Shānxi).
    - 30.04.1947: Start of operations of the Rehe Province Bank in Chifeng (Rehe).
    - 21.02.1948: Reconstitution of the Rehe Province Bank as the Great Wall Bank and integration of the Shānxi-Chaha'er-Hebei Border Region Bank, parallel currency circulation at a rate of 1 Yuan of the Great Wall Bank = 1 Yuan of the Rehe Province Bank = 5 Yuan of the Shānxi-Chaha'er-Hebei Border Region Bank.
    - 16.02.1949: Integration of the Great Wall Bank into the People's Bank of China; currency exchange at 1 Chinese Renminbi Yuan (1948) = 200 Yuan of the Great Wall Bank (= 200 Yuan of the Rehe Province Bank = 1'000 Yuan of the Shānxi-Chaha'er-Hebei Border Region Bank).
  • Central Plains Liberated Area:
    - 23.08.1937: Start of operations of the Central Plains Farmers' Bank in Baofeng District (Henan).
    - 10.03.1949: Integration of the Central Plains Farmers' Bank into the People's Bank of China; currency exchange at 1 Chinese Renminbi Yuan (1948) = 3 Yuan of the Central Plains Farmers' Bank.
  • Eastern China Liberated Area:
    - 01.08.1945: Start of operations of the Central China Bank in Xuyi District (Jiangsu).
    - 15.11.1948: Stop of currency issuance, parallel currency circulation at a rate of 1 Yuan of the Central China Bank = 1 Yuan of the North Sea Bank.
    - ??.05.1949: Integration of the Central China Bank into the People's Bank of China; currency exchange at 1 Chinese Renminbi Yuan (1948) = 100 Yuan of the Central China Bank.
  • Inner Mongolia Liberated Area:
    - 01.03.1946: Start of operations of the East Mongolian Bank in Wangin Süm (today Ulanhot), banknote issuance began on 15.03.1946 at a rate of 1 Yuan of the East Mongolian Bank = 1 Yuan of the Meng-Chiang Bank
    - 01.05.1947: Government resolution on the reconstitution of East Mongolian Bank as Inner Mongolian Bank; effective 01.06.1947.
    - 01.06.1948: Government resolution on the reconstitution of the bank as People's Bank of Inner Mongolia; effective immediately.
    - All circulating notes had to be exchanged into new ones: 80% of the amount in East Mongolian and Inner Mongolian Bank notes were exchanged at 1 : 1, for all other currencies 50% of the amount was exchanged.
    - 23.03.1951: Government resolution on the integration of the People's Bank of Inner Mongolia into the People's Bank of China; effective 01.04.1951.
    - 01.04.1951: Start of currency exchange at 1 Chinese Renminbi Yuan (1948) = 9.50 Yuan of the People's Bank of Inner Mongolia.
  • South China Liberated Area:
    - 08.07.1949: Start of operations of the Southern People's Bank in Jiexi District (Guangdong) as a merger of Yumin and Xinlu Banks, established in February and May 1949, respectively
    - Banknote issuance at an initial rate of 1 Hong Kong Dollar = 2 Yuan of the Southern People's Bank.
    - 01.01.1950: Start of integration of the South China People's Bank into the People's Bank of China, completed on 20.04.1950; currency exchange at 250 Chinese Renminbi Yuan (1948) = 1 Yuan of the Southern People's Bank (and of the Yumin and Xinlu Banks).