Here is a little gem from the Gerson Lehrman Group,

Many people don’t know this, but China was the first country in the world to use a true fiat paper money currency system during the Yuan Dynasty from 1271-1368. The name of this currency was called the Chao. Eventually, the Chao collapsed due to excessive inflation and rampant printing of money. China’s current money-supply is of deep concern to many, even its own economic advisors, who often must comment with a limited amount of negativity regarding their own economy.