According to the adjusted black market exchange rate, at that time, 5 cents Hong Kong dollars was equal to 77 yuan RMB. -1 Justin dollar exchange 1540 RMB.
The following references are taken from & gt
First, on June1949 65438+1October 2 1 day, the Municipal Military Commission took over the financial institutions. After a series of rectification and transformation, Guangzhou Branch of China People's Bank was established in June 1949 65438+ 10, and started to exchange Hong Kong dollars, silver dollars, US dollars and South Chinese coins. The Municipal Military Commission also promulgated 1949+0 18 and 1950, respectively, the Provisions on Prohibiting the Use of Gold, Silver and Foreign Currency, the Interim Measures for the Administration of Gold and Silver, the Interim Measures for the Administration of Private Banking, and the Regulations on Prohibiting Hong Kong Dollars and All Foreign Currency. Even publicly distributed leaflets, calling the RMB a "miscellaneous currency" and refusing to use it, which led to a sharp rise in market prices. 1 February 4, 949, the exchange rate of the People's Bank of China was1HKD 1500 yuan RMB (old currency, the same below). On the black market, the exchange rate of Hong Kong dollar against RMB soared to 1 HK dollar against RMB 3333, equivalent to 1 of the People's Bank of China. According to the strong demands of the broad masses of the people, on February 5, 65438, the Municipal Party Committee and the Municipal People's Government organized more than 2,000 police officers, workers' pickets and students to conduct a large-scale raid on the underground banks and street "razor lintels" of thirteen banks, arrested 10 16 financial speculators, and sent them to the court for legal treatment or fines according to the seriousness of their illegal acts. This action effectively cracked down on black market financial speculation.
In order to reduce inflation and support the front line, the Municipal Party Committee and the Municipal People's Government held a pre-loan mobilization meeting with the participation of 14 1 industry on the day when they raided underground banks, and arranged to lend merchants1500 million yuan, with a loan of more than 7.4 billion yuan (from February 1950 to April 3, divided into three parts. 1949 65438+On February 6th, the municipal party committee and municipal government organized more than 20,000 employees and students to carry out publicity activities in support of RMB, exposing the crimes of underground money houses and "razor lintels" disrupting financial prices; Propagandize and support prepayment loans, support RMB, and refuse to use foreign currencies and Hong Kong dollars. After these activities, the market exchange rate of the Hong Kong dollar fell rapidly. 1949, 12, 10, the exchange rate of 40 yuan dollar against RMB fell to 1, only higher than the national exchange rate.