What is the currency of Taiwan?

The currency of Taiwan is the New Taiwan dollar. It is commonly abbreviated NT$, NTD, or TWD, and it is issued by Taiwan’s central bank.

The “new” in the name comes from the currency’s replacement of the old Taiwan dollar in 1949. The conversion was dramatic: 40,000 old Taiwan dollars were exchanged for one New Taiwan dollar. The reform helped establish a more stable monetary unit after a period of severe inflation and economic disruption.

The formal unit is the yuan, written 圓 or 元 in Chinese, while everyday Taiwanese usage often calls the currency kuài. The dollar is divided theoretically into 10 jiǎo or 100 fēn, but those small subdivisions are rarely used in ordinary cash transactions. NT$ is usually placed before the amount to distinguish it from other dollar currencies.

“Chinese yuan” is a frequent wrong answer because Taiwan and the People’s Republic of China use different currencies. The New Taiwan dollar is Taiwan’s own official currency, while the Hong Kong dollar and Singapore dollar belong to separate monetary systems.