Banknotes of the Da Qing Bank

These banknotes were stipulated to become the only legal tender paper money in China in 1910, but due to the fall of the Qing dynasty in 1911 the Chinese currency system reverted to its original chaotic state during the early Republican era and the Da-Qing Bank would be reorganized as the Bank of China in 1912, which would continue to produce banknotes in Mainland China until 1942 and its Hong Kong branch is still one of the official note-issuing banks for the banknotes of the Hong Kong dollar today.

[9] During the later part of the Qing dynasty era there was a discussion on whether or not the imperial Chinese government would have to establish a national bank which it finally did in 1905.

Peng Shu (彭述) stated before the introduction of new banknotes that the national bank would have to keep sufficient reserves in "touchable" money (現金) at all times.

The large number of private notes that were being produced all over the empire was to be restricted by introducing a stamp duty (印花稅).

The reformer Liang Qichao campaigned for the government of the Qing dynasty to emulate the Western world and Japan by embracing the gold standard, unify refractory the currencies of China, and issue government-backed banknotes with a ⅓ metallic reserve.

However, due to the turbulent situation that arose after the death of the Guangxu Emperor and the miscommunications the "Li Hongzhang notes" were printed in various forms and the circulation was chaotic.

[12] During this period, several employees of the Da-Qing Bank were sent to Japan to study modern printing technology and after these people returned to China, they would propose to the imperial court to adopt the Japanese method of copper engraving and some trial banknotes were made, but the proposition was ultimately not adopted by the government of the Qing dynasty.

[16] Following the Chinese tradition of issuing new money in a new reign, the Xuantong administration had the design of the official Da-Qing Bank paper notes somewhat changed to herald in the new emperor.

The law further stipulated that only the Da-Qing Bank can issue paper money and that its banknotes can be used for all payment activities and financial transactions across the country.