Republic of China game

Zhang Zuolin nodded: "We'll be able to slow down when we're done. We can get 3000 million yuan from the 'silver dollar coupons' issued in the first step, and after deducting the 1000 million principal, we still have 2000 million yuan! It is estimated that 2 million yuan can be exchanged for legal currency cash in the country, and then more than 6000 million yuan will be exchanged into silver dollars... Of the remaining 3000 million yuan, there are more than 4000 million yuan belonging to us, which is almost another 3000 million silver dollars The sum of the two sums of money will add up to 5000 million silver dollars! That is 500 million French currency. With this money, we can also start construction. I don’t believe it. With the resources in our Northeast, we will definitely Losing to them in the south? By the way, little six, what do you think we should invest in first with this money? Is it a steel factory?"

"Hmm." A confident smile flashed across Zhang Xueliang's face.When it comes to the conditions for the development of heavy industry, how can the South compare with the Northeast?The Northeast has coal and iron, and the railway transportation is extremely convenient.What's more favorable is that coal and iron in the Northeast are not far away. Around Fengtian, Fushun has coal mines at the same time, Fengtian has coal mines, and Anshan has iron mines.There is also a convenient railway connection between them, and the transportation cost is much lower than that in the customs.The only trouble is the Japanese...but now those little Japanese are much more sensible, and they haven't caused trouble for a long time.Presumably this is also the result of the Middle East Road War, and Zhang Xueliang also deserves credit, uh, hard work.

"Marshal, we plan to use the iron ore in Anshan to build a large-scale iron and steel complex. Uh, just like those iron and steel factories in the south. The total investment is 5000 million silver dollars, and all the machinery and equipment are imported from Japan. The planned annual production of iron is 20 tons , 20 tons of steel! It is planned to be completed in four years. After the completion of the steel plant, we do not need to purchase steel from the South or Japan. Moreover...the Japanese also agreed to transfer the production technology and equipment of gun steel to us. Our Fengtian Armory can also mass-produce artillery like that Chinese military industry, and the firepower of the Fengjun can be raised to another level."

Here, Yang Yuting also counted the benefits of opening a steel factory to Zhang Zuolin with his fingers.Another point that he didn't mention is that the North China Independent Customs Territory is also under preparation, which is the top priority of the Beijing Central Government right now.Britain, the United States, France, Italy and other European and American powers have already nodded their heads. Only Japan is still negotiating. It is estimated that it will take four years to come down. By then... this steel factory will be like the steel factory in the south The money is rolling in and big money is being made.

Zhang Zuolin nodded, and said again: "I heard that Yan Xishan has also set up a steel factory now? It's in Taiyuan, and he plans to spend 800 million silver dollars to buy equipment from China Iron and Steel. He wants to build a [-]-ton factory. The CCP also plans to A [-]-ton steel plant will be built near Baotou. If this is completed, will our steel in the north not be sold?"

Zhang Xueliang laughed and waved his hands: "No. They already have a production capacity of more than 100 million tons in the south, and the supply is still in short supply, and they need to import a lot. This time I heard that the Germans' Krupp and the Yankees' Bethlehem The two major steel companies are planning to build steel plants in Anhui and Jiangsu, and China Iron and Steel will also expand its original production capacity. It is estimated that by four years, the total output of steel plants in the south will exceed 350 million tons! The large steel mills are almost 400 million tons smaller, definitely surpassing Japan. At that time, we should confidently take back the Kanto State and South Manchuria Railways."

After hearing Zhang Xueliang's words, the faces of Zhang Zuolin and Yang Yuting turned slightly blue.Taking back the Kanto State... This sounds like a dream.Where is the Japanese willing to return?When the lease period of Kanto Prefecture expired, they said confidently: "In order to drive away the Russian army in the Northeast for China, Japan invested 20 billion yen in war expenses in Manchuria. This cost is in Within 10 years, the principal and interest can reach 60 billion yen. Will China repay the money?... Japan also lost 10 precious lives in Manchuria, which cannot be exchanged with money.”

Chapter 0399 Currency War ([-])

March [-], [-] AD.

Tianjin British Concession, Victoria Road, in the newly completed three-story building of American Pacific Trading Company.

In Wu Zhong's office, the general manager, the two looked at each other silently.Manager Wu Chong, who has always been diligent today, didn't even attend the company's morning meeting, and stayed in his office early in the morning.Holding Zhang's just-published Tianjin edition of "Ta Kung Pao" in his hand, his eyes were fixed on a line of bold and black headlines on the front page of the newspaper, "Fat currency get out! KMT rightists get out!" Bai Siwen, the newly appointed assistant manager of the trading company, said Sitting beside him, his face was ashen, and the bursting veins could still be seen faintly on his forehead.

The Tianjin version of "Ta Kung Pao" reads: "...The Sino-US Currency Agreement signed this time is undoubtedly another agreement of subjugation that humiliates the country! What this agreement sells is China's currency sovereignty, and in exchange for It is just a little dollar loan to save the credibility of the fiat currency that is on the verge of collapse. However, judging from the speed at which the rightists of the Kuomintang are issuing banknotes without restraint and the huge trade deficit in the areas ruled by the Kuomintang government, it will not take long for this dollar to be destroyed again. It has flowed back into the pockets of American capitalists. How can the Kuomintang rightists have any way to delay the inevitable collapse of the legal currency? And those of us in the north who have not yet been ruled by the Kuomintang dictatorship and can still breathe free air, what else can we do? What method can we use to protect our property from being wiped out due to the collapse of the legal currency? The only way is to unite and drive the legal currency out of the north along with the rightists of the Kuomintang, so that they can no longer take advantage of this useless currency. Papers are used to extract the blood and sweat of our northern people to save their collapsing economy."

Such articles not only appeared on the Tianjin edition of Ta Kung Pao, but also in almost all Tianjin newspapers, including Red Star News, Fengtian Times, Yishi Daily, New Tianjin News, Beiyang Pictorial, and Tianjin Business Daily. All important newspapers and periodicals published lengthy articles against the Kuomintang and legal currency on their front pages with the same tone.The point of attack is the newly signed "Sino-US Currency Agreement" and the increasingly serious spam of legal currency.

It was quiet in the office, only the sound of newspaper shaking could be heard.After a while, there was a loud bang. It turned out that Wu Zhong's fat hand slapped the desk heavily.

"Reverse! Reverse! How dare these reactionary newspapers attack our Kuomintang like this! It's really fucking daring. I must let them learn how to be strong, or they will still treat our Kuomintang as a soft bully." Where are the persimmons!"

Wu Zhong, who is usually easy-going and always has a smiling face of Gong Xi Fa Cai, roared loudly now, and the fat on his face trembled slightly.Both eyes were almost on fire, and a strong murderous aura made Bai Siwen standing beside him feel chilly.

In fact, both of them are graduates of Whampoa's first class, and their real identities are both great secret agents of the Kuomintang Military Intelligence Bureau!The ranks are all colonels.And this so-called American Pacific Trading Company is actually a secret service under the control of the Military Intelligence Agency.It just borrowed the name of the company, and at the same time obtained huge profits through various legal or illegal business activities to fund the spy activities of the Kuomintang Military Intelligence Bureau in northern and western China.

Of course, monitoring the political and military activities of various factions in the Beijing-Tianjin area and infiltrating into the Fengjun and Anhui armies is also an important task of the Pacific Corporation.And this time, the conspiracy of the "United Reserve Bank" of various factions trying to compete with the legal currency for the northern currency market has long been detected by their secret agents lurking inside the Feng Clan.It's just that...the other party actually spoke so utterly, without any regard for the face of the Kuomintang and the current peaceful situation, and even blatantly challenged the authority of the Kuomintang, which was indeed beyond their expectations.

"Brother Gongwei (Wu Chong), calm down, don't be impulsive, maybe they expect us to be impulsive, so as to make things worse!" Bai Siwen saw that his immediate boss Wu Zhongzhong was furious, as if he was going to give an order. He killed someone, so he hurriedly spoke out to persuade him.Although they are secret agents, the military intelligence bureau of the Kuomintang in this space-time is not a "military commander", and they cannot just kill people and set fires!Their responsibility is to obtain information and deceive others to kill and set fire... and then pretend to be good!Obviously it has Luo Yaoguo's style.

After being persuaded by Bai Siwen, Wu Zhong's face softened slightly, and he panted heavily: "Swen, you...you are right, I have to calm down, don't be impulsive, we are agents with high IQ, not hooligans Rogue. It's just... what should we do now?"

Bai Siwen's face was a bit ugly, he clenched his fist, tapped the table lightly a few times, and finally sighed heavily: "This... just report it first. Let's see what the bureau chief (Wu Ziliang) has to say, we must not act rashly .”

"That's all?" Wu Zhong glanced at Bai Siwen, who was a bit of a big fight, and frowned for a moment, thinking: "Brother Swen, the other party will definitely have another trick. We must find a way to destroy their good deeds!"

"The next move?" Bai Siwen was startled, his eyes were straightened, he looked at the fat boss, and shook his head blankly.Right now, the opponent's last move is obviously related to legal currency.To be honest, his "secret agent" is actually a pen-wielding man, and he can write articles at his fingertips, but if he is engaged in finance...he is a complete layman.He doesn't know anything about the business of the Pacific Trading Company, and Wu Zhong is taking care of everything.

The big fat man Wu Zhong stood up and paced in the spacious office with his hands behind his back, his brows furrowed tightly.Obviously trying to figure out the next move of the opponent: "They are here for fiat currency this time, er, it is a 'currency war'! They want to use currency as a weapon to attack us...and this currency must be fiat currency. Yes! They are going to run on the legal currency next! Sven, you immediately call the Tianjin Beijing branch managers of Bank of China, China Commercial Bank, Bank of Zhejiang, and Siming Bank, and ask them to try their best to borrow legal currency cash from other banks , and then transported to the Tianjin Concession. All interest rate losses arising from this will be compensated by Pacific Corporation! I will now go to see the executives of Macquarie Bank, HSBC Bank, and Citibank, and ask them to control the legal currency cash and not lend it out. Oh, And you go and send a telegram to Fengtian’s Wan Yanhao. Ask him to evacuate the Fengtian branch immediately, and lurk to continue directing the activities of the Northeast Station.”

……

At the same time that Wu Zhong and Bai Siwen were busy withdrawing legal currency cash to avoid a large-scale run.Inside the Prince's Mansion of Shuncheng County, Beijing, there are lights and festoons, and the majestic and majestic main hall of the Palace is full of guests, and the seats are divided into tables.The table was full of exquisite dishes, and servants in short white coats stood on both sides.The people sitting in the banquet are all prominent figures in Beijing and Tianjin who are not in line with the rightists of the Kuomintang, people from friendly countries, such as Puyi, Qu Tongfeng, Liang Shiyi, Zheng Xiaoxu, Zhang Biao, Cao Rulin, Ye Gongchuo, Wang Youling, Kawashima Yoshiko, Kenji Doihara, Nanao Matsui and others all received invitations to attend the founding ceremony of a company called the "United Reserve Bank of China".At the main table in the center of the hall sat Zhang Zuolin, Chen Jiongming, Duan Qirui, Zhang Xueliang, Yu Fengzhi, Fangze Kenji, Ziernehe, and several other unfamiliar faces.

"... Ladies and gentlemen, ladies and gentlemen. Welcome everyone to take time out of your busy schedule to attend the establishment ceremony of our 'United Reserve Bank of China'. Our United Reserve Bank of China is composed of the official banks of the three eastern provinces, Beiyang Industrial Bank, The three parties of the China Soviet Bank jointly led the establishment of a "note-issuing bank" with a joint investment of 3000 million silver dollars. The purpose of the establishment of the bank is to serve the Chinese people. Provide a new banknote with a good reputation, sufficient guarantee, and never depreciate! This banknote will be named "Silver Dollar Note" and will be linked to the most trusted precious metal currency in the world, the silver dollar. ..."

"...The reason why we came out to set up this bank is because our Chinese economy is currently at an extremely dangerous juncture! And the source of this danger is nothing but the unrestrained excessive issuance of banknotes. And the indiscriminate The root of issuing banknotes is undoubtedly that the right to issue currency is monopolized by a certain force relying on power! And there is no way to supervise their money printing machines. Now those who have mastered the money printing machines, how much money do they want? Just print as much money. Then you can take the printed paper and buy our resources, the fruits of our labor, our industries, and everything that can be purchased.”

"...the only way to end this irresponsible and excessive issuance of banknotes is to set up a joint banknote-issuing bank that is jointly participated by various factions and accepts supervision from all sides. The only way to print money that is restricted and supervised by all machine, to ensure that every banknote printed is backed by sufficient silver dollars as a guarantee. Only then can we ensure that the income of our Chinese people’s hard work will not shrink due to the depreciation of banknotes..."

The speaker was a middle-aged man in his forties, one of the "fresh faces" sitting at the main table.This person was wearing a well-made white suit, and he had good facial features, but his lips were thin and his eyes were thin, his face was pale and blue, and he looked a little unhuman.He is Mr. Zheng Tieru, a famous banker who has just been appointed as the President of the United Reserve Bank of China.He used to be the manager of the Hong Kong branch of the Bank of China. Because he couldn't understand the former general manager of the Bank of China Zhang Gongquan and the current general manager Bei Zuyi for defecting to the rightists of the Kuomintang, he resigned from the well-paid manager of the Hong Kong branch of the Bank of China and accepted Zhou Enlai's invitation. , went north to participate in the formation of the United Reserve Bank of China, and served as the president of the bank, fully responsible for the daily operation and management of the bank.

As soon as Zheng Tieru's words fell, the main hall of the palace seemed to explode, and people from all walks of life began to whisper to each other.This newly-released China United Reserve Bank turned out to be as rumored, and was jointly established by three local power factions: the Feng Faction, the CCP, and the Anhui Faction (Zhi Gongdang).The purpose is naturally to compete with the legal tender issued by the Central Bank of the Nationalist Government for the right to issue banknotes in the north.It seems that the situation that has just stabilized is about to become turbulent again, but I don't know how the KMT will react.

……

"Mr. Mao, does your party have a solution for the entry of silver dollar certificates into the Shanxi market?" Zhang Zuolin turned to a man about 30 years old sitting on his right with a smile on his old face.This man is tall and tall, with a very high frontal bone, and his eyebrows are raised upwards, but his eyes and nose are very similar to the leader of the Communist Party of China, Mao Zedong.It turned out that it was Mao Zedong's younger brother, Mao Zemin, the president of the China Soviet Bank, who is currently also serving as a director of the Reserve Bank of China.

Hearing about Shanxi, Mao Zemin's expression was slightly dignified. The CCP also has a territory in the northwest corner of Shanxi.This is the spoils of war in the 15th and 16th years of the Republic of China.It's just that most of the richest province in the north is still firmly controlled by the reactionary warlord Yan Xishan.What is particularly hateful is that Yan Xishan completely ignored the olive branches extended by the CCP and wholeheartedly defected to the Kuomintang.He and the Al-Shabaab also categorically rejected the establishment of the United Reserve Bank of China this time.

Seeing Mao Zemin's expression, Zhang Zuolin knew the result, and sighed deeply: "Shanxi is the key point. At present, our northern finance is still dominated by bank notes. Most of these banks are controlled by Shanxi merchants... and With the construction of heavy industry in the south, coal from Shanxi is also being transported out of Shanxi by carloads, and this legal currency has continuously flowed into Shanxi. If we can get the support of Shanxi, the silver dollar certificate will be more than half successful, and our northern alliance And that's complete."

Zhang Zuolin's words had a deep meaning, as if he was trying to persuade the CCP to give up the base area in Northwest Shanxi in exchange for Yan Xishan's support.This is also the condition proposed by the other party when the CCP contacted Yan Xishan, but it has been firmly rejected by the Party Central Committee.Mao Zemin thought for a while, then shook his head, and replied with a strong Hunan accent: "Zhang Yushuai, this meal needs to be eaten at one bite, and the road needs to be walked step by step. Right now, we should first gain a foothold in Beijing, Tianjin and Fengtian Market, these three places It is the financial center of the north. Especially the Tianjin Concession, which is known as the "Oriental Wall Street"! What do the leaders of Tianjin's banking industry think?"

Hearing that the other party shifted the topic to Tianjin's banking industry, Zhang Zuolin also knew that it would be useless to ask the CCP to spit out the territory it has been talking about.In fact, Yan Xishan's secret envoy is also in the Prince's Mansion of Shuncheng County right now...

"Mr. Mao doesn't know that the banking market in Beijing and Tianjin, except for banks in Japan, the United Kingdom, and the United States, is dominated by northern capital. Their southern banking industry has little market here. For example, transportation, Jincheng, Banks such as Salt Industry, Continental, Zhongnan, Bianye, and Shanxi were all run by national capitalists who are closely related to our Beiyang system, and are alienated from the KMT bureaucratic capital in the south, and were among the top ten banks supported by the KMT government in the 14th year of the Republic of China Only the Bank of Communications was reluctantly included."

It was Zhang Xueliang who took over the topic. In fact, Zhang Xueliang was also a banker!The general manager of the "Border Bank" mentioned in his words just now is Zhang Xueliang.This bank was originally founded by Xu Shuzheng in Kulun, Outer Mongolia. In [-], the head office moved to Tianjin. After the end of the Second Zhifeng War in [-], the bank was acquired by Zhang Xueliang, and it is currently doing very well.

"Today, the heads of the four northern banks (Jincheng, Yanye, Dalu, and Zhongnan), except for Wu Daquan (Wu Dingchang), the general manager of the Yanye Bank who is about to resign, did not come to think that everyone else came to participate in the founding ceremony of our China United Reserve Bank And even the Salt Industry Bank has become a commercial shareholder of the United Reserve Bank of China." Zhang Xueliang smiled and talked eloquently.

Mao Zemin's face was calm and he couldn't see any joy or anger. He just listened quietly. After Zhang Xueliang finished speaking, he asked again: "How is the current operation of the top ten banks in the south in Beijing and Tianjin? How much capital and money do they have? What about the market?"

"The top ten banks in the South are China, Communications, Tongshang, Guangdong, East Asia, Hefeng, Overseas Chinese, ZTE, Zhejiang, Siming, etc." Zhang Xueliang began to introduce the "Top Ten Banks" with a smile:

"Among them, the Bank of Communications is jointly controlled by Beiyang Capital and Japanese Capital, and its operating center of gravity is also in the Beijing-Tianjin area. Of the remaining nine major banks, only Bank of China and China Commercial Bank have a certain market in the north, and the rest are It is a big bank based in the south. In particular, Guangdong, East Asia, Hefeng, Overseas Chinese, and ZTE Five Banks are basically controlled by Nanyang Capital and Guangdong Capital. Now they have no branches in the north. Zhejiang and Siming Banks are Controlled by the Jiangsu-Zhejiang Consortium, the main market is also in Shanghai and the Jiangsu-Zhejiang region, only a branch is opened in Tianjin, but the business scale is not large.”

"...So the real influential Chinese-funded banks in Beijing and Tianjin are the North Fourth Bank, Bank of Communications, Bank of China, China Commercial Bank, Official Bank of the Three Northeast Provinces, Bianye Bank, and Bank of Shanxi, a total of ten. Foreign capital The banks are mainly Macquarie Bank, HSBC, Citibank, and Citibank with Anglo-American capital, as well as Japanese-funded Chosun Bank, Yokohama Specie Bank, and Taiwan Bank. Bank of China and Bianye Bank, which are mainly Chinese-funded, are on our side. In addition, Japanese-funded banks also support us. On the right side of the Kuomintang, China and Commercial Bank play the leading role. The other four A big bank with Anglo-American capital is also likely to support them. Shanxi Bank and the rest of the Chinese and foreign banks are expected to remain neutral."

After listening to Zhang Xueliang's introduction, Mao Zemin's eyebrows tightened even more.Why does this sound a bit like a war?Isn't it just to exchange all the French currency on the Beijing and Tianjin markets with silver dollar coupons? Isn't this a single order?The administrative efficiency of these Fengtian warlords is really too low...

Chapter 0400 Currency War ([-])

"Does Mr. Mao feel a bit like a war?" As if seeing Mao Zemin's doubts, Zhang Xueliang took a sip of his wine with a smile, lowered his voice and said:

"After all, our place is no better than your Soviet area. The Party Central Committee resolutely obeys an order. And... there is also a foreigner's concession, which is a country within a country. Our orders don't work at all. What's even more troublesome is that right now The real financial center in the north is the Tianjin Concession. There are nearly 10 banks, money houses, ticket offices and other financial institutions, and the daily inflow and outflow of funds is tens of millions! The total deposits include legal currency, silver dollars, Foreign exchange, as well as banknotes issued by other banks in the north, are estimated to be as high as more than [-] billion yuan! In addition, many economic activities, foreign trade, and north-south trade in the north are settled by the major banks, banks, and banknotes in Tianjin. If... we don’t win the market in the Tianjin Concession, then the silver dollar certificates will not be able to truly replace the legal currency at all, and become the overlord of the northern banknote market.”

Mao Zemin nodded and took a deep breath.Although he is the governor of the "Central Bank" of the Communist Party of China, he is actually a layman in finance.The business of the China Soviet Bank is also much simpler. It is just an order from the Central Committee of the Communist Party of China. The "Soviet currency" issued by the China Soviet Bank has become the only currency in circulation in the Soviet area without any suspense...

"Young Marshal Zhang, how are we going to get the silver dollar coupons into the Tianjin market this time? I heard that...in the 14th year of the Republic of China, when the legal currency entered Shanghai, we encountered great trouble." Mao Zemin glanced at Zhang Xueliang, his expression frowning. I was a little hesitant.

"President Mao." It was Zhang Naiqi who took the topic and answered. He had personally experienced the "fiat currency turmoil" back then.Zhang Junzi smiled slightly, and replied: "Back then, the rightists of the Kuomintang used such indecent methods as running on banks to get French currency into Shanghai. But we...of course we can't use such low-level tricks. Although those banks were It is controlled by the Kuomintang and bureaucratic capital, but the depositors there are innocent depositors, and if the bank is crushed, it will hurt a large number of people."

Mao Zemin nodded and said with a smile: "Mr. Zhang is right, we can't learn from them. We want to compete with legal currency in an upright manner, but..." He looked at the noisy scene of people around him, turned his head and smiled again He said to Zhang Zuolin: "Shuai Yu, it seems that this is not the place to talk."

Zhang Zuolin was startled, rolled his eyes, and said with a smile: "There is a banquet in the back garden, and I just invite Mr. Mao and Mr. Zhang to have a gathering."

Mao Zemin and Zhang Naiqi clasped their fists together and said in unison: "I will stick to what I want, but I dare not ask for it."

Zhang Zuolin stood up lightly, and winked at his son, and Young Marshal Zhang immediately followed suit.Zhang Zuolin, with a dignified posture, led the way in front of his head, bypassed the screen of the main hall, passed through layers of gates, and walked towards the back garden of the palace.During the meeting, Yang Yuting, General Counselor of Fengjun, Pan Fu, Prime Minister of Fengjun Government, and Chen Jiongming, Chairman of Zhigong Party, all left the meeting and quietly followed after seeing this.

……

The back garden of the Wangfu occupies a very large area, with a man-made pond in the middle.Now it's Xiaoyangchun in March, and the grass is green and the flowers are red, rippling and green.In the glass flower hall beside the lotus pond, a table of banquets has been set up.It is full of all seasons and eight treasures, and there is a red Sichuan hot pot in the middle. The red water splashes up and down, and the hot peppers and peppercorns floating on the top also exude an attractive atmosphere, which suits the taste of Mao Zemin, who is from Hunan.This shows that Zhang's father and son's current attitude towards the CCP is indeed extremely respectful.

A group of people sat down as guest and host, exchanged a few words, and then got into the theme again.

This time it was Pan Fu, the "big steward" of the Feng Faction, known as Jiangbei's talented scholar who was speaking this time, and he was also the commander-in-chief of this "currency war".This well-mannered, slightly bloated talented man adjusted his gold-rimmed glasses and said with a smile: "The banknote issuance market in the south before the Republic of China 14 years ago was similar to that in the north today. All banks, bank offices, and money houses can issue banknotes." , as long as someone is willing to accept it. This "money printing" business is naturally profitable, so the Shanghai banking industry at that time refused to let legal currency enter, let alone give up money to issue this oil. The Kuomintang also wanted to monopolize When banknotes were issued, an order was issued not to allow banks in the KMT-ruled areas to store and exchange all banknotes except legal currency and foreign exchange. This caused all the banknotes issued and circulated by the Shanghai banking industry to flow back to Shanghai. The government collapsed, and a large backlog of national debts in the hands of banks almost became waste paper. Therefore, it caused a wave of bank runs in Shanghai, Beijing, and Tianjin. The final result was that most banks surrendered to the Kuomintang, and a small number of banks, For example, the Bank of Communications and the North Fourth Bank accepted the capital injection from the Yokohama Specie Bank of Japan and exchanged the banknotes circulating in the south. This also allowed the rightists of the Kuomintang to monopolize the right to issue banknotes in the south. An important turning point!"

Mao Zemin was startled when he heard the words, and he was silent for a while before he said: "Listen to Mr. Pan...is it a good thing for the Kuomintang to monopolize the right to issue banknotes?"