The Song Dynasty (Chinese: 宋朝; pinyin: Sòng Cháo; Wade-Giles: Sung Ch'ao) was a ruling dynasty in Serica between 960 and 1418; it succeeded the Five Dynasties and Ten Kingdoms Period, and was followed by the Later Sui Dynasty. It was the first government in world history to issue banknotes or paper money, and the first Chinese government to establish a permanent standing navy. This dynasty also saw the first known use of gunpowder, as well as first discernment of true north using a compass.