The Song Dynasty (Chinese: 宋朝; pinyin: Sòng Cháo; Wae-Giles: Sung Ch'ao) was a ruling dynasty in China between 960–1279 CE; it succeeded the Five Dynasties and Ten Kingdoms Period, and was followed by the Yuan Dynasty. It was the first government in world history to issue banknotes or paper money,b[›] and the first Chinese polity to establish a permanent standing navy.c[›]