Treasury of Qing Dynasty is basically deprived after entering 19th Century (18xx). It get worse in 1840s, opium consumes the wealth of Chinese individuals and society.
In early 咸豐 era (around 1853), 太平天國 has occupied large territories of the country, and disrupted major transition routes in China. This greatly reduce copper transportation from mining sites in Yunnan to Peking, Reduce mintage of copper coins. Consequently, the Imperial Government has to inflate the currency in order to increase money supply, both for paying the war and increasing their revenue.
1 Cash(文）weights 1 錢 (1/10 兩), some era it weight 1.2 - 1.4 錢。but only ~60-70% Copper, the rest are mostly Lead.
in 咸豐 era, they made "10, 50,100,1000 文" etc coins, using reduced copper weight. for example, 100 文 weight only around 16 錢， effectively devalue the coin by >80%. At the same time they also issue banknotes, which also increase the money supply.
Losing 1895 Sino-Japanese war has severe effect on Treasury as Chinese need to pay large sum of war reparations. Chinese has no money to pay to Japanese in 1896, and decided to take loans from the Germans and British. Interest rate is 5%
In 1898, Another instalment of war reparation is due and Chinese has no money again. and they need to borrow money from german and british again
Various bonds are issued for different purposes. In 1913, the government of Republic of China need to re-organise all these loans, they contacted six governments for such re-organisation, British, German,Russian,French, Japanese and American. The total sum is 25 million British Pounds, the bond face value is listed in five currencies.
However, The Re-organisation loan never repay the principal, and in default.
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