The Ming Dynasty (1368- 1644) was a dynasty in the history of China, which was founded by Zhu Yuanzhang. Nanjing was founded in the early days and moved to Beijing in the Ming Dynasty. It spread to the sixteenth emperor and lasted for 276 years.

During the Ming Dynasty, the absolute monarchy was strengthened unprecedentedly, and the multi-ethnic country was further unified and consolidated. In the early Ming Dynasty, the abolition of the prime minister and the establishment of the factory-health secret service strengthened the centralization of absolutism, but at the same time it also laid the groundwork for the eunuch dictatorship in the middle and late period. During the Ming Dynasty, the peasants' anti-feudal struggle also entered a new stage.

Monetary policy in Ming dynasty

In the Ming Dynasty, centralized monetary policy was implemented, and the casting, printing, distribution, circulation and management of money were all subordinate to the imperial court, and striving for monetary stability was an important means to consolidate political power. Taizu made Jinling its capital, imitated the Yuan banknote law, and used Bao banknotes as the main currency, which was implemented throughout the country.

Due to the improper measures of its banknote law, it backfired and disappeared only a few generations later. The folk use of silver ingots has been banned many times, but it has been banned and released from time to time. Later, the government had to take the lead in using silver as currency.

Before the middle period, paper money was no longer used, forming a parallel monetary system of silver ingots and copper coins until the Ming Dynasty. Because the political situation and internal and external relations in the Ming Dynasty were always in a state of tension, the country could not be stable and the monetary system was unstable. Finally, the diplomatic difficulties of the Apocalypse and Chongzhen Dynasties and the proliferation of bad money caused hyperinflation.

Baidu Encyclopedia-Ming Dynasty