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Under Japanese rule, the Taiwanese Yen was introduced as the currency of Taiwan in 1895. It was circulated alongside the Japanese Yen with the two currencies valued at par with one another until the Japanese Empire fell, in 1945. A year later, under the Republic of China government, the Taiwan Dollar (known as TWN) replaced the Yen at par. A New Taiwan Dollar was introduced in 1949 in an attempt to counter the hyperinflation. The 'old' Taiwan Dollar was devalued at an extreme exchange rate of 4000 to 1 TWD. In 2000, the New Taiwan Dollar became the official currency of the Republic of China.
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