Ahmad Fanakati

Ahmad Fanakati was appointed by Kublai Khan as finance minister, tasked with managing the empire's revenues. He implemented tax reforms and monopolies on salt, iron, and tea, increasing state income but generating resentment among Chinese officials.

Ahmad Fanakati oversaw the expansion of paper money (chao) as the primary currency in Yuan China. He standardized its issuance and circulation, which facilitated trade but also led to inflation and economic instability due to overprinting.

Ahmad Fanakati was assassinated by a group of Chinese officials led by Wang Zhu and Gao Heshang, who accused him of corruption and tyranny. His death led to a purge of his supporters and a temporary shift in Yuan fiscal policy.