1935165438+1On October 3rd, Nanjing National Government promulgated the order and articles of association of the Republic of China 1 1 month to implement the new monetary policy, and began to implement the reform of legal tender in the whole country. The main contents of legal tender reform are as follows: 1. The right to issue paper money centrally. It was announced that "from June this year165438+1October 4th, banknotes issued by the Central Bank, Bank of China and Bank of Communications will be legal tender". It is stipulated that other banks will no longer enjoy the right to issue, and the banknotes in circulation will be gradually recovered and stopped. The second is to stipulate that legal tender is an "unlimited legal compensation currency". In China, "all taxes paid on grain and the receipts and payments of all public and private funds are limited to legal tender, and cash is no longer exercised. The amount of silver coins issued by banks, silver generated by silver coins held by public or private institutions or individuals, etc. , should be immediately converted into legal tender ". Third, the silver standard system should be abolished. All silver should be nationalized as legal tender reserve. "If there is any intention to divulge secrets, it should be punished for endangering the emergency of the Republic of China". Fourth, it is stipulated that legal tender cannot be cashed, but foreign exchange can be bought and sold in designated financial institutions without restrictions. There is a fixed exchange rate between legal tender and pound sterling. In May, 20438+0936, a fixed exchange rate was implemented with the US dollar. The main function is mainly reflected in both positive and negative aspects. On the positive side, it is a great progress in the history of currency development to unify the national currency with legal tender, which has effectively promoted the development of China's commodity economy and the formation of a unified domestic market, suppressed currency chaos, realized the unification of China's monetary system, and established an orderly currency circulation order, which has a great historical role in eliminating the obstacles of complex currency to economic development. Secondly, the success of legal tender reform promoted the development of economy, trade and domestic production; Thirdly, the reform of legal tender has become "the biggest factor to enhance the ability of anti-Japanese war." The negative aspects are mainly reflected in

The national government strengthened the financial monopoly by taking advantage of the concentration of currency issuance rights; In addition, legal tender was used as cashless paper money with legal compensation qualification, and the fiscal deficit was filled by inflation issuance, which led to hyperinflation and became the fundamental reason for the collapse of the national economy.