From 1940, it entered the stage of hyperinflation, and from 1947, legal tender entered the stage of collapse. In July, the Kuomintang government launched a civil war, with huge military expenditure and large consumption of gold and foreign exchange, and the issuance of legal tender was like a runaway horse. By August 1948 and 19, the total amount of legal tender issued was 66,369.46 billion yuan, and the legal tender collapsed and gold certificates were issued instead. Every 3 million yuan 1 yuan.
The newly issued gold certificate soon collapsed. August 1948 to May 1949, Shanghai was liberated. In just 10 month, the amount of gold bonds issued was 679.459 billion yuan, and the Shanghai Composite Index was 3680769230769 1.3 (that is, more than 36 trillion times).
100 yuan can buy two scalpers at 1937; To 1938, only one can be bought; And 1939 can only buy one pig; 194 1 year drops rapidly, and only one bag of flour can be bought; 1943 You can buy a chicken; 1945 can buy two eggs; 1946 you can buy one-sixth of the solid soap; 1947 can buy a briquette; 1948 can buy two grains of rice, and 1949 can buy a grain of rice of 24.5? .
In the early days of the founding of the People's Republic of China, China was liberated, which led to the two-way promotion of financial and productive issuance of RMB, serious inflation and sharp price fluctuations. The government adopts the general idea of combining temporary emergency with long-term treatment, combining economic means with administrative intervention, synchronously following up fiscal and financial policies, and treating both the symptoms and root causes, with all its efforts to stabilize prices. In a short time, the chronic inflation that lasted for 13 years was successfully controlled, which created a good social environment for people's life stability and national economic development and created an economic miracle.