Historical Sketch

The territory of East Turkestan was conquered by China in the 18th and 19th centuries an incorporated under the name of Xinjiang (Sinkiang, meaning Western Borderland). The area was only under loose control by the central government, and several rebellions and secession attempts took place until the foundation of the People's Republic of China. In 1933, the Islamic Republic of East Turkestan (Republic of Uyghuristan) unilaterally declared independent but was crushed after less than one year. Again during the civil war after the end of the Japanese occupation, another Republic of East Turkestan tried to secede, this time with Soviet backing. The secession ended in December 1949 when the Chinese People's Liberation Army conquered Xinjiang.

Monetary History Overview

Like in mainland China, the economy was based on silver. For small amounts, the so-called "Red Cash" (Uyghur: "Dachen") were circulating, which were made of copper and equalled five standard brass Cash. In the 1890s, the minting of silver and copper coins began throughout China. In Xinjiang, the Tael was chosen as the unit of account since the Spanish Dollar was never current in the region. Coinage in units of the (Kuping) Tael, plus paper money at a smaller scale, remained current until circulating silver was abandoned throughout China. In 1939, four years after mainland China, the currency was reformed. The 1st Xinjiang Dollar was pegged to the 2nd Chinese Dollar, which remained unchanged during the Japanese occupation of China, which did not extend into Xinjiang, and the subsequent Chinese civil war. The Chinese currency reform of August 1948 was not implemented in Xinjiang, the peg was translated to the 3rd Chinese Gold Dollar. In May 1949, the local government tried to curb hyperinflation and introduced the 2nd Xinjiang Dollar as pegged to silver specie. Two months later, the same type of reform was attempted in mainland China. While the nationalist Chinese government re-issued earlier silver Dollar coins, in new silver Dollars were produced and issued in Xinjiang. As paper money continued to be issued in large amounts, the silver coins immediately disappeared from circulation. In September 1949, the communists took over control in Xinjiang. Unlike other conquered territories, the currency was not exchanged immediately but remained unchanged for another two years. In October 1951 finally, the Renminbi Yuan got introduced, and the Xinjian currency was demonetized within a month.

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