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This implies that in china, silver is the primary medium of exchange for large transactions1. Another implication of this claim is that silver is the basis of money of…
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Download file to see previous pages Devalued local currency acted as an equalizer of the combined influence of valued foreign currencies as well as the deflationary external price index. This further brought about actual depreciation in China’s economy. During this period, the Chinese economy and trade situation were developed relative to other countries that suffered from this large-scale depression.
The journal argues that in the face of the severe economic situation, the central government of China carried out several policies like exposing silver export tax, giving silver export authorization to restrain exports. The enforcement of these policies played a crucial role in stabilizing the economy in the face of acute depression. However, capital control of the government was not able to significantly hold back the nature of the silver money which was profit oriented when hyped nominal. Therefore, Chinese silver price created room for speculation and the government hence only had the option of departing from the silver standard to nationalize all silver reserves3. For this reason, therefore, the central government of China had to carry later out monetary reform that suspended convertibility of silver. This financial reform also adhered to sanction standard, and it also centralized the right to issue money to three commercial banks that were controlled by the government. Since then, the silver standard became history. Additionally, the Chinese government was strong enough to put in place laws that covered the silver standard.
One of the major factors that brought controversial views of the economic performance of China was the correctness of the prewar statistics data on economics. Other scholars saw the data as being incorrect while some argued that the information was correct. Due to unstable political circumstances and frequent warfare, the work of statistic gathering was underdeveloped in China. ...Download file to see next pagesRead More
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