The Mings gave way to the Manchus, who reigned from 1644 up to 1911. In the reign of the first Emperor, Shun Chin, the finances of the country were extremely bad and the new Government had to adopt measures to regulate it. The Manchus were more of the stamp of the Mongols, being purely war-like, with a minimum of experience of financial affairs. In the reign of Shun Chih, it was thought that the issues of paper money would prove successful again, as during the Mongol and previous dynasties. At first, about 120,000 kuan were issued each year, but this issue had to be given up as the general feeling, both among the rulers and the ruled, was against the continuance of paper currency. Subsequently the Manchu emperors condemned altogether paper issues; and in 1815 during the reign of Emperor Chia Ching, the minister of state Ts'ai Chih-ting was severely rubuked for advocating the revival of paper money. For a long period after the establishment of Manchu rule, the finances of the country were more or less prosperous, in spite of the peculation that was then in vogue. It was not until the financial straits grew acute on account of the Taiping Rebellion and the general unsatisfactory economic situation, that an attempt was made to resuscitate the issue of paper money. It was during the troubled times of Hien Feng (1851 to 1861) when the issue of token coins commenced, as also the issue of paper money - nominally redeemable but in practice never redeemed - after an interval of practically four centuries and a half. Notes to the value of 1, 3, 5, 10 and 50 taels in silver, as also paper worth 500, 100, 1500 and 2000 in cash were forced into circulation in about 1856. Within five years after such issue the notes depreciated very heavily and circulated at only three per cent. of the face value. The Government was utterly unable to redeem them, and as a matter of fact practically repudiated these notes; the result was that the paper money very soon disappeared from circulation. Since that time until the abdication of the Manchus, the Government had no hand whatsoever in the issue of paper money.
Tung Chih came to the throne in 1862, and during his reign the departure was made of banks, money changers and private people taking up the issue of paper instruments of credit. Several provincial governments, however, issued notes off and on, but indirectly through the quasi-government banks.
During the first two years of the Republic, both Central and provincial governments issued notes; but since 1914 such paper was being redeemed gradually.