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The yuan is the unit of account. The medium of exchange is how a currency is used as money to buy and sell things The unit of exchange is the function of money whereby things are priced in terms of standardized units. The International Monetary Fund stated that the Chinese currency is no longer undervalued against the dollar given its recent appreciation, however recent devaluations as of may change that outlook.
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Pax Mongolica is a historiographical term, modeled after the original phrase Pax Romana , that describes the stabilizing effects of the conquests of the Mongol Empire on the social, cultural, and economic life of the inhabitants of the vast Eurasian territory that the Mongols conquered in the 13th and 14th centuries, including the Yuan dynasty in China.
The new Mongol Empire amalgamated the once-isolated civilizations into a new continental system and re-established the Silk Road as a dominant method of transportation.
The unification of Eurasia under the Mongols greatly diminished the amount of competing tribute gatherers throughout the trade network and assured greater safety and security in travel. During the Pax Mongolica , European merchants like Marco Polo made their way from Europe to China on the well-maintained and well-traveled roads that linked Anatolia to China.
On the Silk Road, caravans with Chinese silk and spices such as pepper, ginger, cinnamon, and nutmeg from the Spice Islands came to the West via the transcontinental trade routes. Eastern diets were thus introduced to Europeans. Indian muslins, cotton, pearls, and precious stones were sold in Europe, as were weapons, carpets, and leather goods from Iran.
Gunpowder was also introduced to Europe from China. In the opposite direction, Europeans sent silver, fine cloth, horses, linen, and other goods to the near and far East. Increasing trade and commerce meant that the respective nations and societies increased their exposure to new goods and markets, thus increasing the GDP of each nation or society that was involved in the trade system.
Along with land trade routes, a Maritime Silk Road contributed to the flow of goods and establishment of a Pax Mongolica. As technology and navigation progressed, these routes developed into a high-seas route into the Indian Ocean. Along with tangible goods, people, techniques, information, and ideas moved lucidly across the Eurasian landmass for the first time.
Long-distance trade brought new methods of doing business from the Far East to Europe; bills of exchange, deposit banking, and insurance were introduced to Europe during the Pax Mongolica.
Bills of exchange made it significantly easier to travel long distances because a traveler would not be burdened by the weight of metal coins.
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