The issuance mechanism of our currency before the 1990s was not very mature, and a stable and reliable long-term mechanism was not formed in the exploration stage. Before 1994, the issuance of money was dominated by the state's plan. The amount will be put in as much as the country plans to produce. Then, after 1994, the issuance of money was mainly dominated by the demand for credit, and the essence of the issuance of our currency was actually debt, which meant the issuance mechanism after the 1990s was much bolder and totally different with the previous age.

Weimin Yu. Circulation and Collaterals of China's Currency. Academic Journal of Business & Management (2026), Vol. 8, Issue 7: 94-98. https://doi.org/10.25236/AJBM.2026.080713.

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