As an important aspect of the particularity of the monetary system, the regional money market often showed different characteristics in different regions in modern China. As one of the earliest open trading ports in modern times, Fuzhou has formed a unique currency market based on its special geographic location and industry characteristics. Among them, relying on private credit and the wood industry as the main capital flow, regional commercial bills of exchange with "wooden bills" as the main representative was formed. Although it is derived from traditional commercial bills of exchange, it has the function of discounting bills. This makes wooden bills truly commercial bills of exchange in the sense of modern finance. Compared with traditional Chinese commercial bills of exchange, wooden bills have the characteristics of modern financial instruments and even have certain currency functions. This paper attempts to use Chinese and Japanese historical materials to discuss the credit mechanism and financial innovations of Fuzhou wooden bills operating mechanism and currency function through a systematic explanation, showing that Fuzhou has formed the emerging stage of bill market in modern times.