From August 1945 to August 1948, the circulation of legal tender of Nanjing National Government surged from 500 billion to 660 trillion, an increase of 1320 times. 1In August, 948, the issue of "golden certificates" in French currency was stopped. The original legal tender was exchanged for 1: 3 million, which means that 3 million legal tender can only be exchanged for1yuan gold certificates. And claimed that the issuance limit of the golden certificate was 2 billion. In fact, in less than a year since the issuance of Golden Circle Certificate 1948 in August, its issuance amount has exceeded the original limit by tens of thousands of times. At that time, there was a scene similar to Arabian Nights: the banknote printing factory rushed to print banknotes day and night, and the demand was still in short supply. In desperation, it had to run to the United States and Britain to print in large quantities. It is reported that by May of 1949, the currency issued by the Kuomintang government increased by14.5 billion times in June of 1937, while the national price rose by 8.5 trillion times. According to the national government's price statistics, someone made such a comparative calculation on the purchasing power of 100 yuan "legal tender": 1937 can buy two scalpers. You can buy scalpers at 1938. 1939 You can buy a pig. 194 1 You can buy a bag of flour. 1943 You can buy a chicken. 1945 You can buy two eggs. You can buy16 soap at 1946. 1947 You can buy a briquette.
Although the value of legal tender has declined, its significance is indelible. The reform of legal tender promoted the modernization of China's currency and improved the banking system in China. Moreover, due to the adaptation to the development of the semi-feudal and semi-colonial economy at that time, China's economy had a great development in a certain period of time.