2. The old China adopted the silver standard for a long time. Before the "waste of two yuan" in April of 1933, it was actually a combination of silver and silver dollars. Although the currency was unified after "changing two products into yuan", the financial and economic difficulties of the Kuomintang government were not solved, and Britain and the United States launched a fierce struggle to control the monetary rights of old China.
Kampucheanism
1. This currency reform has completely decoupled China's currency from silver. However, at that time, the China government lacked enough gold or silver to determine the gold content of legal tender, so the government planned to concentrate gold and silver from the state treasury and the private sector, and sell foreign exchange as reserves in the new york and London markets to ensure the issuance of legal tender, taking foreign exchange as the basis for determining the value of legal tender. 1 65438+1On October 5th, the central bank announced the exchange rate of legal tender against the British pound:1legal tender = 1 shilling 2.5p (determined according to the average exchange rate of 1930- 1934). From this day on, the foreign exchange quotations will be announced daily, and the above three banks are responsible for stabilizing the market exchange rate. This regulation actually indicates that the National Government has joined the Sterling Group, and the relationship between China's economy and Britain's economy is closer.
2. The American government is very dissatisfied with China's joining the Sterling Group. Before the reform of the national government's legal tender, the United States asked to establish a fixed exchange rate between the legal tender and the US dollar on the condition of buying 654.38 billion ounces of silver from China, but the national government did not accept it. So on February 9 of the same year, 65438+ the United States stopped buying silver in the London market, and the price of silver in the international market fell accordingly. If the National Government sells silver at the market price, China will suffer huge losses. The unilateral plan to exchange silver for legal tender reserves was frustrated.
3. According to the agreement, the US government bought 50 million ounces of silver from China at a price of 50 cents per ounce; The legal tender is linked to the US dollar, 100 legal tender = US$ 30; In order to control the fluctuation of British and American exchange rates within the range limit and prevent the occurrence of triangle arbitrage, China has expanded the spread of foreign exchange transactions. The agreement enabled the national government to regain the support of the United States in currency reform and maintained the stability of the external value of legal tender.
Although the national government has established a fixed price relationship with the pound and the dollar, the legal tender is not linked to the pound and the dollar. In fact, the national government implemented an adjustable exchange rate system. After the implementation of the legal tender policy, the external value of legal tender is realized by linking the pound to the dollar. The central bank, Bank of China and Bank of Communications are not restricted in buying and selling foreign exchange. The selling price is 14.625p, and the buying price is 14.375p.. 1936. In September, the national government expanded the bid-ask spread of the exchange rate according to needs, and the selling price is 14.75p, and the buying price is/kloc. Subsequently, the external value of legal tender gradually declined. After the outbreak of War of Resistance against Japanese Aggression, in order to reduce the demand for foreign exchange and prevent capital flight, the National Government implemented financial stability measures to restrict depositors' withdrawals. During this period, the foreign exchange rate of French currency gradually decreased. 1March, 938, in order to prevent fake organizations from converting counterfeit money into legal tender and soliciting foreign exchange, the examination and approval measures for purchasing foreign exchange were implemented, and wartime foreign exchange management began.
5. On the basis of the continuous reform of the main currency, the National Government also unified the standard of the secondary currency, and promulgated the Regulation on Secondary Currency on June 5438+09365438+10/day, completing the last step of this round of reform. At this point, the national government's monetary modernization reform came to an end.