SSC MTS EXAM

Detailed explanation-1: -Flying cash (Chinese: ), or Feipiao, was a type of paper negotiable instrument used during China’s Tang dynasty invented by merchants but adopted by the state. Its name came from their ability to transfer cash across vast distances without physically transporting it.

Detailed explanation-2: -The local merchants called the certificates “flying cash” because unlike metal money, these paper documents had a tendency to blow away when it was windy. Each certificate had a certain amount of money stated on it and was redeemable for metal cash on demand in the Chinese capital.

Detailed explanation-3: -Jiaozi (Chinese: ) was a form of promissory note which appeared around the 11th century in the Sichuan capital of Chengdu, China. Numismatists regard it as the first paper money in history, a development of the Chinese Song Dynasty (960–1279 CE).