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November 3.1935-National Government to implement currency reform

Show:1366 times , datetime:2023-01-24 10:31:32

November 3, 1935 (October seeing in the eighth day), the National Government to implement currency reform.

1935, issued by the Ministry of Finance of the implementation of the policy of "legal tender law" and "exchange legal tender approach", which provides central China, traffic three banks to issue currency is legal tender, in order to change the past, banks can the chaos was permitted to issue currency, comprehensive and unified monetary system. The Ministry of Finance decided to establish a special committee to handle the issue, Fabi change and custody of the reserve matters, domestic collection and payment of all public and private, there is limited to legal tender, prohibition of silver circulation. The Ministry of Finance also provides for the unrestricted purchase and sale of foreign exchange by the central China, traffic three banks.
the currency reform, the assistance of the British economic adviser Li Zi Ross practiced. Reform the way introduced on the eve of Finance Minister HH Kung financial leaders talks convened in Shanghai for two hours, immediately announced reform program. The day, Shanghai the active surface speculative prices shot up. Shanghai Association of Banks specially convened talking about remedies Emergency Executive Committee, decided to cash silver deposit with the central bank, and issue currency notes.

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