Source 3: Hyper-inflation 1 Million Yuan note from the Central Bank of China printed 1949

Source 3: Hyper-inflation 1 Million Yuan note from the Central Bank of China printed 1949

Hyper-inflation

During the Civil War, the Nationalists continuously printed money to fund the war effort, and this led to hyper-inflation. After the Sino-Japanese War, different areas of China had different currencies which further caused economic instability. The need to replace the Japanese occupiers' currency was also essential for both economic and national pride. The 1 million gold yuan note is symptomatic of the economic crisis harming the Chinese economy during the Civil War.

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