ABSTRACT
The yuan, the uniform standard currency, circulates throughout the country and has displaced all the local and foreign currencies and gold and silver previously performing monetary functions. Monetary order succeeded monetary anarchy. The note issue is concentrated in the hands of the People's Bank of China and since 1950 has not been used to finance budgetary deficits. The only criterion for changes in the supply of currency is the needs of industry and trade, and such increases as have since occurred have been determined by the pace of economic development and not by budgetary pressures. China now has a modern unitary monetary system over which she herself exercises sole control.
