Japanese law on the establishment of the Bank of Taiwan as commercial bank; not implemented - 22.03.1899: Japanese law, revising the 1897 law, on the establishment of the Bank of Taiwan Ltd. as public share company; effective upon constitution of the bank on 26.09.1899 in Taihoku (Taipei).
26.09.1899
Start of issuance of paper money by the Bank of Taiwan Ltd. in the Japanese silver standard, denominated as "Yen in Silver". - 31.12.1908: Demonetization of the silver notes after the switch to the gold standard.
01.07.1904
Start of issuance of paper money by the Bank of Taiwan Ltd. in the Japanese gold standard, denominated as "Yen in Gold". - 01.09.1915: Start of issuance of paper money without denominations in English. - 30.05.1945: Start of issuance of wartime notes printed locally on Taiwan; issuance continued after the Japanese surrender of 15.08.1945.
08.11.1945
Resolution of the Chinese provincial government for Taiwan on the termination of note issuance by the Bank of Taiwan Ltd.; effective immediately
Valuation Regimes
1897-1904
Fixed rate against Japanese Yen in silver
1904-1945
Fixed rate against Japanese Yen in gold
1945-1946
Fixed rate against Chinese Dollar (1935) after the establishment of the Nationalist Chinese government over Taiwan on 25.10.1945
Rate Arrangements
01.04.1897
Fixed
Japanese Yen at 1 : 1 - [Silver parity] 24’260.73mg AG fine
-
01.07.1904
Fixed
Japanese Yen at 1 : 1 - [Gold parity] 750.00mg AU fine
±0.0%
25.10.1945
Fixed
Chinese Dollar (1935) at 30 : 1
-
Time Period: 1946-1949
Currency: 1st Taiwanese Dollar
Transition
1 : 1
Sub-units
(none)
ISO4217
none (informal: TWC)
Timeline
22.05.1946
Resolution of the Nationalist government of China on the re-establishment of the Bank of Taiwan as a state-owned commercial bank (including a merger with two other commercial banks) with issuance privilege for a local currency for Taiwan province; effective immediately
22.05.1946
Start of currency exchange: - 22.05.1946: Start of issuance of the new banknotes by the Bank of Taiwan - 31.08.1946: End of exchange period, demonetization of the pre-war banknotes.
1946-1949
Hyperinflation on the Chinese Mainland: The Taiwanese local currency was not pegged to the mainland currencies, on 26.05.1949 the publication of the official exchange rate ceased: - 22.05.1946: 1 Taiwanese Dollar (1946) = 30 Chinese Dollars (1935) - 19.08.1948: 1 Taiwanese Dollar (1946) = 1'635 Chinese Dollars (1935) - 23.08.1948: 1'835 Taiwanese Dollars (1946) = 1 Chinese Gold Dollar (1948) - 16.05.1949: 1 Taiwanese Dollar (1946) = 2'000 Chinese Gold Dollars (1948).
Valuation Regimes
1946-1949
Variable rate
Rate Arrangements
22.05.1946
Variable
initially: Chinese Dollar (1935) at 30 : 1
±0.0%
Time Period: 1949-
Currency: 2nd Taiwanese (New) Dollar
Transition
1 : 40'000
Sub-units
Dollar / 100 Cents
ISO4217
TWD
Timeline
15.06.1949
Government resolution on the currency reform; effective immediately
15.06.1949
Start of currency exchange: - 15.06.1949: Start of issuance of the new banknotes by the Bank of Taiwan - 14.01.1950: End of exchange period, demonetization of the former currency (extended beyond the original end date of 31.12.1949).
21.06.1950
Government resolution on the currency of the Republic of China: - The Chinese Silver Dollar (1949) introduced on 02.07.1949 remained the nominal currency, the notes were not issued in Taiwan - The Taiwanese Dollar (1949) was the local currency and unit of account at 1 Chinese Dollar (1949) = 3 Taiwanese Dollars (1949). - 05.08.1992: Presidential resolution on the abolition of the legal tender status for the Chinese Silver Dollar (1949); effective immediately.
27.06.1961
Presidential resolution on the resumption of operations of the Central Bank of China (est. 1935), which had been dormant since the retreat of the Nationalist government to Taiwan; effective upon the reconstitution of the bank on 01.07.1961 in Taipei. - 10.02.2007: Name change into "Central Bank of the Republic of China (Taiwan)".
30.06.1961
Government resolution of the commissary issuance privilege of the Bank of Taiwan on behalf of the Central Bank of China (Taiwan); effective 01.07.1961
26.01.2000
Ordinance on the take over of the currency issuance by the Central Bank of China (Taiwan) from the Bank of China; effective 01.07.2000
01.07.2000
Start of banknote exchange: - 01.07.2000: Start of issuance of the new banknotes by the Central Bank of China (Taiwan) - 01.07.2002: Demonetization of the banknotes issued by the Bank of Taiwan.
Valuation Regimes
1949-1951
Fixed rate against US Dollar
1951-1961
Fixed rate against US Dollar with multi-tier exchange structure
1961-1978
Fixed rate against US Dollar
1978-
Variable rate
Rate Arrangements
15.06.1949
Fixed
US Dollar at 1 : 5.00
-80.0%
21.05.1951
Fixed
US Dollar at 1 : 10.28 - Bank of Taiwan rate
-51.3%
05.01.1953
Fixed
US Dollar at 1 : 15.60 - Exchange Certificate rate
-34.1%
12.04.1958
Fixed
US Dollar at 1 : 24.68 - Official rate
-36.8%
21.11.1958
Fixed
US Dollar at 1 : 36.23 - Exchange Certificate rate