Expansion of Southern Song huizi paper money

Timeline

1. 1201Lin'an Prefecture · Zhejiang ProvinceFacing rising border defense costs against Jin and annual tribute payments, the Southern Song court increased huizi issuance under the Lin'an jiaozi bureau system, using paper money to replace part of copper coin circulation and ease fiscal strain.
2. 1202–1203Liangzhe Circuit · Liangzhe CircuitHuizi was mandated to circulate alongside copper coins in the temporary capital and surrounding circuits; merchants paying taxes and conducting large transactions increasingly relied on paper money settlement, monetizing the southeastern commercial network.