Issued in August 1948 to replace the collapsing
法币 (fǎbì, fabi). Within ten months it had hyperinflated by roughly 20,000-fold. Citizens were forced to surrender their gold, silver, and foreign currency in exchange — Chiang Ching-kuo's Shanghai 'Tiger-Beating Campaign' (
打老虎) tried to enforce it. The currency's collapse is widely seen as one of the final blows to the KMT regime on the mainland.
