Currency board the Deutsche Mark from 1992 to 1999 when it switched to fixing to the Euro at par. The peg to the Euro was upheld until January 2011 with Estonia's adoption of the Euro. This policy is seen as a mainstay of that country's subsequent economic success (see Economy of Estonia for a detailed description of the Estonian currency board). Argentina abandoned its currency board in January 2002 after a severe recession. To some, this emphasised the fact that currency boards are not irrevocable, and hence may be abandoned in the face of speculation by foreign exchange traders. However, Argentina's system
Chinese cash (currency unit) Chinese cash (currency unit) The cash () was a currency denomination used in China in imperial times. It was the chief denomination until the introduction of the yuan in the late 19th century. The English term "cash" was first used on coins issued in Kwangtung (Guangdong) Province in 1900. It did not appear on paper money until later. The plural forms "cash" and "cashes" were both used. The English word "cash", meaning "tangible currency", is an older word from Portuguese "caixa" or Middle French "caisse" ("box, chest, case"). The Chinese character "wen" () has several other meanings in modern Chinese.