 During this time the Republican government cleared all banknotes denominated in the ancient tael currency, making all bills which used this currency unit obsolete.Modern studies suggest that, on purchasing power parity basis, one tael of silver was worth about 4130 RMB (modern Chinese yuan) in the early Tang Dynasty, 2065 RMB in the late Tang Dynasty, and 660.8 RMB in the mid Ming Dynasty.Today the price of silver is about 15 4RMB/tael.