For the national government, 14' s anti-Japanese war military expenditure was too large and fiscal revenue was too low, so it could only be dealt with by printing money.

As a result, the fiat currency depreciated in a large area.

The reason is also easy to understand. Originally, China only had1000 billion in legal tender, but now it has1000 billion, and the currency will naturally depreciate.

1937 before the outbreak of the anti-Japanese war, the total amount of legal tender issued was only1400 million.

Results 1945 Before Japan surrendered, the total amount of legal tender discovered had exceeded 500 billion yuan, an increase of about 400 times compared with that before the war.

In other words, 100 yuan before the Anti-Japanese War is only equivalent to 25 cents after the Anti-Japanese War.

However, as long as there is domestic peace and the economy is gradually recovering, the devaluation of the legal tender will stop.

However, the civil war broke out again at 1946.

At this time, the expenditure of the national government was even greater, and the fiscal revenue was not as good as that during the Anti-Japanese War, especially the loss of economic assistance and material support from Britain and the United States, which made matters worse.

Before the three major battles of the national army's fiasco, in August of 1948, the circulation of legal tender had reached 604 trillion yuan, which increased by more than 1000 times in three years.

In fact, before 1948, the national army still won, and the legal tender was still stable.

With the rout of the 1948 national army, the devaluation of the legal tender became more severe. Because people began to distrust legal tender, preferring to use oceans and gold bars, or simply barter things.

Because once the national government collapses, these legal tender will be worthless and become waste paper.

It can be said that the devaluation of legal tender was almost inevitable at that time.

In fact, there is no need to joke about the devaluation of the national government's legal tender. Everyone is the same.

Do you know what old RMB is?

1955, China * * * implemented the plan to cancel the old RMB, and the exchange ratio with the new RMB was 1: 1 ten thousand yuan.

The RMB was issued from 1948 to 1950, which has been seriously inflated.

1948 the first set of RMB produced by the first banknote printing bureau of north China bank has a face value of only 10 yuan, 20 yuan and 50 yuan.

By 1953, the RMB has been forced to 50,000 face value.

The official information is very good: from1948 65438+February to1950 65438+1October, after only one year and two months, the maximum denomination soared from 50 yuan to 10000 yuan, and then at10. It can be seen that the first set of RMB inflation is more serious.