Guanzi (currency)

Despite these exchange rates the new guanzi banknotes did not stop the inflation that had plagued the Southern Song dynasty during its waning years.

During the Southern Song dynasty the military were paid in guanzi banknotes that could be converted into cash coins at a fee of 10 wén per guàn.

The guanzi notes mostly circulated in and around the capital city of Lin'an and were specifically made for Wuzhounese tea merchants.

The central government had issued a number of guanzi valued at 800,000 mín in 1159 which were planned to expire and be replaced after 3 years.

The region of Huaidong had only printed 400,000 mín in guanzi that were referred to as Gongju (公據) in 1159 but these already expired after 2 years.