Republic of China game

Pan Fu smiled deeply: "Of course it's a good thing. Otherwise, why did we set up the 'United Reserve Bank' to issue banknotes? Let's compare the current currency in the north with the currency in the south. They are basically a kind of money now. Currency—French currency is in circulation. Transactions, settlements, and exchange are very convenient. But what about our place? It is said that it is a silver standard, but we don’t know whether it is a silver standard or a silver dollar standard, and there are various types of silver dollars and silver dollars. Specifications! The fineness and weight of various silver dollars are also different, so foreign banks artificially created a virtual "gauge yuan" as the standard currency for settlement. And various banknotes, silver dollars of various fineness and weight are in the transaction and settlement At the same time, it must be exchanged into 'guiyuan' according to different exchange rates before proceeding. The degree of trouble in the middle and the expense of handling fees are a very high cost. If it is like the south, there are hundreds of thousands of yuan Factories, merchants, there are hundreds of millions of transactions every day, as well as billions of dollars of investment from all over the world, if you want to settle the settlement like we do here..."

At this point, Pan Caizi just smiled and shook his head, took a sip of his wine and changed the subject: "And it's not just banks run by Chinese that can issue banknotes here. Foreign banks also have the right to issue banknotes. The bank that issued the most banknotes is the Bank of Korea!”

"What!" Mao Zemin was secretly surprised that foreign commercial banks could actually issue banknotes in China!It is too reactionary, too traitorous!This Sun Yat-sen doesn't take care of himself...

Zhang Xueliang, who was on the side, took the topic and sighed: "The Bank of Korea can not only issue banknotes in China, but the banknotes they issue are stronger than ours! Our banknotes have been withdrawn from the market for various reasons... Right now in Northeast China, the French currency and the "golden ticket" issued by the North Korean bank are competing for the market. And it is the Japanese "golden ticket" that has the upper hand, after all, they have a long history and a good reputation."

"That's why we want to establish the 'Joint Reserve Bank' to unite everyone's strength, not only to compete for the market with the Kuomintang's legal currency, but also to compete with the Japanese's gold bills in the future!" Pan Fu slammed the table and shouted loudly :

"If the Kuomintang rightists hadn't issued paper money indiscriminately, they could have slowly squeezed out foreigners' banknotes with the legal currency linked to the silver dollar. But how can they convince the Chinese people with their attitude of issuing paper money indiscriminately? The only way Only by establishing a joint note-issuing bank that is not controlled by any faction alone. Only in this way can we win the trust of the people of the country. Of course, the support of the government is also essential, and the power of the government can greatly speed up this process. So we this time The plan is to run the legal currency first, and then the Fengjun military government and the Shandong provincial government will sort out the legal currency in the hands of the banks on their respective sites, and force them to be converted into silver dollar certificates... However, such measures are not available in the Tianjin Concession The method is implemented, unless... the Fengjun can send troops to forcibly take back the concession."

Zhang Zuolin frowned, his face was a little dignified, as if he was struggling in his heart, and after a long while, he sighed: "The 40 tigers in my army can enter the concession at any time and take back the sovereignty! It's just...we have achieved it now." "Peaceful reunification" without the order of the President, this..."

"Alas..." Pan Fu shook his head, and sighed, "They have already put down the banner of revolution and turned to imperialism! This matter is hopeless, so they can only use economic means to squeeze out the legal currency." .This economic method...is to run on legal currency!"

"But what kind of bank run do we want? We don't have much legal currency in our hands?" Mao Zemin still shook his head, not understanding what the other party was talking about.

Pan Fu laughed: "Whether it's a bank run or a currency run, it doesn't rely on real power, but on the strength of small things. We must cooperate with the economic situation and public opinion tools to find the opponent's weak spot when he is weakest. Kill the enemy! For example, the Kuomintang’s legal currency is at its weakest right now.”

"...First of all, they signed the "Sino-US Currency Agreement" with the United States and sold their national sovereignty, which lost people's hearts. The decoupling of the French currency from the silver dollar shook their confidence. Second, the US$28 million loan promised by the US has not yet been in place. The people's government is a small government, and such a large loan must be approved by Congress! There is a gap of several months here. If the [-] million US dollars is in place, it will be much more difficult to run. Third, the KMT China’s foreign exchange reserves are estimated to be only [-] to [-] million U.S. dollars. According to their statutory one U.S. dollar to [-] French currency, as long as there are [-] billion French currency, the Kuomintang’s legal currency plate will collapse! At that time, I am afraid that it will not be the legal currency that will withdraw from the North, but ours. Silver dollar notes replaced it nationwide."

"But we have tens of millions of French currency in our hands!" Mao Zemin was a little discouraged. After listening to it for a long time, it turned out that it would take 28 billion French currency to defeat the plate of legal currency...

"Hahaha..." Pan Fu shook his hand, and laughed loudly: "This is another fatal flaw of the legal currency. If China has already been ruled by the Kuomintang, they must hold on to the legal currency right now... because once a crisis occurs, They can control the major banks, and the monopoly financial groups behind the Kuomintang reactionaries will also support them. Because there are no other forces in the country that can provide new options, everyone can only support them. As long as the banks and financial groups hold the source of legal currency supply, relying on Running tens of millions of yuan is simply a dream. But at present we control a large piece of land in the north, and the legal currency circulating in it is at least 2 million yuan! These legal currencies are our real ammunition!"

Mao Zemin still shook his head slowly, and saw Pan Fu happily explaining how to defeat a currency that seemed to have such a strong foundation.Although he didn't understand, his intuition told him that these so-called national capitalists... are actually as dangerous as monopoly capitalists!Today they can help the party destroy the fiat currency, and tomorrow they can also make the Soviet currency a waste paper!

How did Pan Fu know that others were already looking at him with colored glasses, and he was still talking about it with relish: "Now there are seven large banks, including the North Fourth Bank, the Bank of Communications, the Bianye Bank, the Three Northeast Provincial Banks, and the Beiyang Industrial Bank. The banks are standing with us! The legal currency in their hands is estimated to be 10 billion yuan. Especially the Bank of Communications, which is one of the top ten banks supported by the South, has a total asset of more than 10 billion yuan in legal currency! There are also cash that can be mobilized Hundreds of millions...and it can also borrow funds from other banks. They are the real main force in this battle to overthrow fiat currencies. Our current 1000 million cash is just for publicity. Let our people take it first With these money, they pretended to be ordinary people and went to major banks in Beijing and Tianjin to exchange silver dollars and foreign exchange, creating the impression of a run on. Then the Fengjun military government and the Shandong provincial government came forward to 'maintain' and exchanged them with the silver dollar certificates issued by us. The legal currency in the hands of the major banks in the north. Then use the converted legal currency and the legal currency raised by the seven major banks to launch the campaign of "sniping the legal currency" in the concessions of Shanghai and Tianjin at the same time."

"But that's only a billion...they can eat 28 billion!" Mao Zemin shook his head and asked again.

Pan Fu said with a smile: "The next step is to rely on public opinion and follow suit... In fact, most of the common run incidents in our financial world are to use rumors to create panic, and then incite depositors to follow suit. As long as there is a trend, driven by panic and serious psychology At present, tens of thousands of depositors flock to the bank to run for cash at the same time, basically no big bank can handle it. This kind of thing is very common in the banking industry in northern China at the moment. The total number of legal currency currently exceeds 200 billion, and we have more than a billion in our hands, as long as a few percent of the plates follow up, the KMT's legal currency will collapse within a few days, and their dictatorship will naturally be..."

After hearing Pan Fu's plan, Mao Zemin couldn't help gasping, feeling both surprised and happy.The good news is that the seemingly flourishing prosperity of the Kuomintang turned out to be so vulnerable!What is surprising is that the power of these national capitalists is too great.It is possible to mobilize a huge sum of more than one billion yuan through the banks it controls, and easily defeat a country's currency and destroy its economy!It seems... Grandpa Marx's words are absolutely true, and these capitalists must not be allowed to control the country's economic lifeline!They must be eliminated economically in the future!

……

It was five o'clock in the afternoon on March 17, [-].

Inside the national government building, in the conference room, all the civil and military officials of the Kuomintang sat in awe, holding a document with a red "urgent" seal in their hands, looking over and over again.Hu Hanmin, chairman of the national government, sat on the side of the conference table, sweating profusely, and was constantly wiping with a handkerchief, his face was gloomy and terrifying.

This document is a copy of four urgent and confidential telegrams sent by the Military Intelligence Bureau and the Central Bureau of Investigation, the two Kuomintang secret service agencies.The content is about an impending financial crisis!Among them, Wu Zhong, the head of the Tianjin Station of the Military Intelligence Bureau, reported: "The major banks in Beijing and Tianjin that are pro-KMT have all received reports from the Northern Fourth Bank, Bianye Bank, Communications Bank, the official banks of the three eastern provinces, and Beiyang Industrial Bank at the same time today. Banks and other large northern banks have requested huge amounts of fiat currency lending. In addition, Anglo-American banks in Tianjin and Beijing have also received a large number of applications from Japanese banks to lend fiat currency. According to reliable sources, the northern banking industry is very likely to be planning an attack on fiat currency !"

The secret telegram from the Al-Shabab Investigation Section transferred by the Military Intelligence Bureau stated: "According to reliable information, the Feng Faction, the Chinese Communist Party, and the Zhigong Party are planning an economic war against legal currency. The main method will be to mobilize large sums of money to run on legal currency. Wanggui The party has made all necessary preparations."

The Shanghai Station of the Military Intelligence Bureau reported: "Today, the Bank of Communications in Shanghai, the Yokohama Specie Bank, the Bank of Korea, and the Taiwan Bank of Japan are lending cash in legal currency at high interest rates. According to insider reports, Japanese banks in Shanghai are Planning to follow up an attack on fiat currency. It seems that the attack was launched by a big bank controlled by the northern power faction, or it may be that Japan is behind everything!"

The last one is the information collected by the Central Bureau of Investigation of the Kuomintang: "According to the secret report of Mr. Wu Dingchang, a pro-KMT insider in the northern banking industry. The Beiyang Consortium, Fengtian Consortium, and Japanese banks are currently planning an economic war against the Nationalist government. The specific means It will run against foreign exchange with a large amount of legal currency cash, and at the same time use public opinion to create panic and incite the public and other companies to follow up."

The intelligence collected from several sources shows that an economic war is coming soon!Moreover, it is aimed at the weakest link in the economic system of the area ruled by the national government - legal currency!It seems that the economic policy of the national government has really turned into bitter wine now, and it has made the opponent touch the dead end...

Chapter 0401 Currency War ([-])

With a slap, Chiang Kai-shek slammed the table and stood up: "Mother Xipi! These reactionary warlords and the Communist Party don't know the heights of heaven and earth, and dare to attack our legal currency! They even thought of using the banks we supported as tools to attack us. It's too hateful! I propose to call the President to go south to preside over the overall situation immediately, and we will fight them!"

"No!" As soon as Lao Jiang's voice fell, Liao Zhongkai slapped the table and stood up: "This crisis is completely a bitter wine brewed by ourselves! It is we who have taken refuge in the US imperialism and linked the French currency to the US dollar. , and the excessive issuance of banknotes! Now, we should review our mistakes, abolish the training area, reform the national government, and eliminate pro-American factions. Only in this way can we regain the trust of the people of the whole country, and the legal currency crisis will naturally disappear. "

From the very beginning of the enlarged meeting of the Standing Committee of the Kuomintang Central Committee, it was full of gunpowder.The leading figures of the left and right factions directly went into battle shirtless and started a tit-for-tat debate.To be honest, this "fiat currency crisis" is indeed caused by the Kuomintang's improper economic policies, and the main responsible person seems to be Luo Yaoguo!According to Liao Zhongkai's suggestion, he seems to be the first one to be cleared... But I don't know whether to be cleared from the list of the Central Standing Committee and the Military Commission, or physically?

Hearing Liao Zhongkai's speech, Luo Yaoguo's face became slightly gloomy.He didn't expect that this time the incident would go to such a degree!It turned out that a rapidly developing southern economic circle not only enhanced the economic and military strength of the Kuomintang, but also strengthened the strength of those capitalists who were dissatisfied with the Kuomintang rule.It even gave them the possibility to use their spears to attack their shields... The biggest weapon in this upcoming "fiat currency crisis" is actually the Bank of Communications, one of the top ten banks in southern China!It seems that he was a little soft last time, and now trouble is coming.

"Chiang Kai-shek! We are in a financial crisis right now, and the collapse of the legal currency is just around the corner. Do you still want to start a war? What will you use to pay the army? Do you use the legal currency that will soon become waste paper? The only way is to truly Reorganize the Kuomintang, revolutionize it, and get rid of those corrupt and depraved elements. The current economic policy is formulated by these people!"

It was Deng Yanda who spoke, his face was ashen-black at the moment, and the corners of his slender eyes kept staring at Luo Yaoguo who was sitting on the side, calm and expressionless.Ever since Luo Yaoguo tried his best to link the fiat currency to the U.S. dollar, the relationship between the leftists of the Kuomintang and him has completely broken down.And... the throne of the Minister of Armaments is really attractive.

"Financially... there is a little problem. But it's still far from a crisis, let alone the collapse of the legal currency." Luo Yaoguo's voice was calm as usual, and there was actually a playful smile on his face.It seems that what is about to suffer is not the excessive legal currency issued by the Kuomintang, but the "silver dollar certificates" that are guaranteed to be sufficient and reputable.

"Oh." Hu Hanmin, Chairman Hu Da, who was wiping his sweat non-stop, looked at Luo Yaoguo with his glasses on as if he had met a savior.Hu Hanmin is actually the most anxious about the trouble this time, although his faction chose to be neutral on the issue of whether to join the "dollar bloc".But right now he is the chairman of the Kuomintang and the National Government after all. If the Kuomintang and the National Government collapse, won't his chairman just...

Luo Yaoguo glanced coldly at Deng Yanda: "Isn't it just that someone raised a lot of legal currency to exchange for gold and foreign exchange? We just don't want to exchange it for them. We can implement foreign exchange control, cancel the free trading of foreign exchange, and prohibit the export of gold and silver. Just like Britain, France, Germany, and Italy in the World War. The specific method can let the central bank and the Ministry of Finance study the practices of the big powers at that time. We also set up a foreign exchange control bureau to control the receipts and payments of trade foreign exchange and non-trade foreign exchange certain controls on income and expenditure, capital import and export, bank account deposits and exchange rates.”

"...Right now, we should immediately order the top ten banks to stop buying and selling foreign exchange, gold, and silver in their hands to prevent the loss of foreign exchange. In addition to the three foreign exchange imports of imported machinery and equipment, imported raw materials, and imported technology that must be prioritized, other The use of foreign exchange must be strictly controlled. For the foreign exchange demand of residents, except for studying abroad, others... are basically not allowed. Of course, the use of foreign exchange by non-residents should also be appropriately relaxed. These I and Finance Minister Song and President Kong have already studied it on the way back to China. If it weren’t for this crisis, we would have planned to bring it up.”

"But if we control foreign exchange, will our legal currency be recognized in the northern market?" It was Luo Yiqun who raised this question that sounded a bit mentally retarded.Uh, right now, the head of the Executive Yuan of the National Government!Such a confused mind can actually be the head of the executive branch, no wonder the legal currency is in crisis...

Luo Yaoguo shrugged his shoulders and smiled wryly: "We are now almost two economies with the North! The legal currency is basically foreign exchange with them. And with our weak economic and monetary foundation, it seems impossible to be kicked out by others." Avoid. If we want to hard cap, the final result will definitely be a collapse... It is better to give in and hand over the northern market to the "United Reserve Bank of China" controlled by the CCP, the Feng Faction, and the Zhigong Party. I think That is also good for the economic development of the north, after all, it is also a part of China! It is not our colony."

Liao Zhongkai said coldly: "But can we control the foreign exchange transactions in the concession? There will definitely be a black market for legal currency transactions. Maybe we will announce foreign exchange control tomorrow, and our legal currency will be sold in the foreign exchange markets in Shanghai and Tianjin." The transaction price will drop by half, right?"

Luo Yaoguo remained calm, just raised his eyebrows, and said with a smile: "There is no way to do that...There must be a black market for regulated things."

Liao Zhongkai looked at him coldly for a while, but still shook his head: "Aren't you afraid of hyperinflation? Right now, the credibility of legal currency is already being shaken. If you announce foreign exchange control again, isn't it tantamount to admitting that legal currency is not worth the price? People who can’t exchange foreign exchange must rush to buy materials! Besides, those foreign investors see that we have implemented foreign exchange controls, why don’t they flee their funds immediately?”

"Then we will have to implement foreign exchange control even more." Luo Yaoguo sighed lightly, and spread his hands together: "At present, our light industry is developing very fast, and the supply of light industry products is relatively sufficient, so we are not afraid of panic buying. What we are afraid of is that people will rush to buy And hoarding the necessities of life, especially food! Therefore, we must grasp the foreign exchange, so that we can import food to stabilize prices when necessary. As long as we can stabilize the price of food, the stability of the training area will be guaranteed. For foreign countries For investors, our implementation of foreign exchange control will not harm their normal trade and remittance of profits... and China's cheap labor force, vast market, and abundant resources can also ensure that their investment is profitable. I think they I know how to choose..."

Luo Yaoguo clearly remembered that in the era of economic take-off in Taiwan and mainland China, foreign exchange controls were implemented.Isn't foreign capital still coming to invest?Especially in mainland China, international investors and multinational companies have sharpened their heads and wanted to get in.On the contrary, a few countries with weak economic foundations hastily opened up free exchange of foreign exchange and free flow of capital, which made international hot money hit round after round!The economy never develops.In fact, what Beiyang Capital and Fengxi Capital are going to do this time is similar to the international hedge funds in another time and space.For an economy with a weak economic foundation like South China, the best way to deal with this kind of extremely destructive capital is to close the door directly!

After wiping off his sweat for a long time, Hu Hanmin's face finally looked better. He reluctantly nodded and sighed: "Well, it's better to use the supplementary text. I support the immediate implementation of foreign exchange control in the training area of ​​the Nationalist Government. The Executive Yuan, together with the Central Bank and the Ministry of Finance, will immediately set up the Bureau of Foreign Exchange Control. The director of the Bureau of Foreign Exchange Control will temporarily be... Luo Fuwen, and you will take up the post temporarily. What do you think? If you have no comments, we will jointly report to the General Assembly President, don't let him worry about it anymore."

……

In Yan'an, northern Shaanxi, the Wangjialing Central Committee of the Communist Party of China is stationed.

Li Lisan watched a telegram quietly. In the cave, the top leaders of the Political Bureau of the Central Committee of the Communist Party of China gathered together.An enlarged meeting of the Political Bureau of the Central Committee is in progress.The topic of today's meeting was more cheerful, discussing how the CCP should lead the Chinese revolution after the Kuomintang's economic collapse... As a result, the meeting had just reached its climax, and the committee members were beaming with joy and looking forward to the bright future of the red flags planting all over China.Deng Xixian, secretary-general of the CPC Central Committee, took a telegram and slammed into the venue with a bang.Judging by Secretary-General Deng's expression, it was a mixed look.

After reading the telegram, Li Lisan looked a little strange: "Comrades, this was sent by Mr. Liao Zhongkai, the vice chairman of the Kuomintang. He told us good news. Our 'United Reserve Bank of China' has won the banknote issuance market in North China The Standing Committee of the Kuomintang Central Committee passed a resolution to implement foreign exchange control this afternoon. Starting tomorrow morning, foreign exchange cannot be freely bought and sold with legal currency. And the export of silver and gold is also prohibited. All foreign exchange transactions must be under the supervision of the Foreign Exchange Control Bureau Let’s proceed, and Luo Yaoguo will temporarily act as the head of the Bureau of Foreign Exchange Control tomorrow, hehe, he can be regarded as an old friend of our party. Comrades, what do you think?”

Is this a victory?Several big guys looked at each other in blank dismay, not knowing what to say for a while.After all, it is only [-], and the leaders of the CCP have not really mastered all the knowledge and experience needed to govern a country, and they don't know much about capitalism.

"That's fine." Zhou Enlai raised his head and smiled, and slightly raised his bushy eyebrows: "We have won without a fight! Once the legal currency ceases to be freely convertible, it will lose its living space outside the Kuomintang ruled area. Naturally, the Reserve Bank’s silver dollar certificates will be able to successfully occupy the northern market. With the help of this bank, our economy, especially the construction of heavy industry, can also embark on the fast track.”

Gu Shunzhang suddenly smiled: "Comrade Enlai, do you think there will be black market transactions in legal currency in Tianjin and Shanghai tomorrow? Will the exchange rate there... plummet?"

Zhou Enlai glanced at Gu Shunzhang who was sitting next to him, and nodded lightly: "It will definitely plummet...I guess it will fall to more than [-] to [-] against the US dollar? But that's good too, the silver dollar coupon we just got in our hands Just take it out and exchange it for some legal currency at a low price.”

"What?" Everyone was slightly taken aback, and they all turned their surprised eyes to Zhou Enlai.

Zhou Enlai smiled and explained: "Although legal currency cannot be freely exchanged, this does not mean that legal currency has become waste paper. Moreover, the industrial and agricultural production in South China is currently good, especially the output of light industrial products is growing rapidly, and agriculture is also due to The gradual promotion of chemical fertilizers and high food prices have led to an increase in production. I estimate that these French currencies can still purchase the materials we need from the areas ruled by the National Government. Such as food, machines, weapons and ammunition, cloth, etc., and the price is also high. It won’t be too high. Therefore, it must be a good deal for us to exchange silver dollar coupons for legal tender at the moment.”

"But... will the French currency fall even lower? For example, one to ten or one to twenty?" I don't know who said that sentence suddenly, and the atmosphere in the whole venue suddenly became serious again.

……

On the night of March [-], [-] AD.

East Lake, Wuhan, National Government Central Bank Building.

Everyone who works in this three-story Western-style building tonight will never even think about going home.All the preparatory work for the establishment of the Foreign Exchange Control Bureau had to be completed in one night, and the workload was unimaginable.What's more... there's a whole bunch of official hats that have to be dispatched in one night!Maybe when good luck will be his turn, an official such as a division chief or bureau chief will be appointed.So today, I'd better pretend to work harder and stay and work overtime voluntarily.