Simplify the following text for a Grade 5 native English-speaking person.
Original: At the same time , the Central Bank of China ( now known as the Central Bank of the Republic of China ) began issuing New Taiwan dollar banknotes directly and the old notes issued by the Bank of Taiwan were taken out of circulation .
Simplified: It was used since 1949 , when it replaced the Old Taiwan dollar . It was first printed by the Bank of Taiwan , it has been printed by the Central Bank of the Republic of China since 2000 .