Between legal and illegal tender: The chartered bank and its notes in and around China, 1864-1939

Using recently declassified archival material pertaining to the Chartered Bank of India Australia and China, this article foregrounds quantitative evidence that sheds new light on the history of British banks in Asia. It shows that Hong Kong came to play a critical role in the bank's note issue strategy after the Straits Settlements had moved off the silver standard in 1906. Locally denominated notes issued on mainland China complemented the Hong Kong issue. However, their circulation volume dropped dramatically during the anti-British boycott that followed the May Thirtieth Incident (1925).