Silver and silver dollars stored by various financial institutions and non-governmental organizations are collected and exchanged by the central bank. At the same time, it is stipulated that the exchange rate of legal tender is 1 yuan, which is equal to 1 shilling 2.5p, and foreign exchange is traded by the central government, China and China, which is the gold standard. After the outbreak of War of Resistance against Japanese Aggression, the government implemented the foreign exchange control policy, and legal tender became the paper currency standard.
Recover other banknotes within a time limit. It also stipulates that all public and private funds must be received and paid in legal tender, and the market silver dollar will be nationalized, 1 legal tender exchange 1 silver dollar.
Extended data:
During War of Resistance against Japanese Aggression and the War of Liberation, the Kuomintang government adopted the inflation policy, and the legal tender depreciated sharply. 1937 On the eve of the Anti-Japanese War, the total amount of legal tender issued was only1400 million yuan, and on the eve of Japan's surrender, the legal tender issued had reached 500 billion yuan.
By April, 1947, the circulation had increased to more than 16 trillion yuan. 1948, the circulation of legal tender reached more than 660 trillion, 470,000 times that of War of Resistance against Japanese Aggression, the price rose by 34.92 million times, and legal tender completely collapsed.