According to the exchange rate on December 5, 2019, 33,900 U.S. dollars = 238,723.8 yuan, 1 yuan = 0.142 U.S. dollars. After the first U.S. Treasury Secretary took office, the U.S. currency adopted the "gold standard."

By the outbreak of World War I in 1914, the gold standard system collapsed as countries stopped importing and exporting gold.

In the late period of the gold standard system, the gold content of the US dollar was 1.50466 grams.

On January 31, 1934, the gold content of one dollar was determined to be 13.714 grains (0.888671 grams).

The official price of gold increased from US$20.67 to US$35 per ounce.

By 1934, when the U.S. dollar devalued, the U.S. government gradually took back all kinds of banknotes issued before 1922.

The devalued U.S. dollar cannot be redeemed, and only foreign central banks can redeem gold from the United States at the official price.

Extended information: The history of the US dollar. The "White Plan" advocates the elimination of foreign exchange controls and restrictions on international capital transfers by various countries, and the establishment of an international stabilization fund to issue an international currency so that the currencies of various countries maintain a fixed parity with it, that is, the fund currency and the US dollar.

Gold hook.

The currencies of member countries must maintain a fixed parity with "Unita". Without the approval of three-quarters of the voting rights of the "Fund" member countries, the currencies of member countries cannot be devalued.

The "Keynesian Plan" started from the lack of gold reserves in the United Kingdom at that time and advocated the establishment of a global central bank to settle the claims and debts of various countries through its deposit accounts.

In July 1944, on the eve of the victory of World War II, the 44 Allied Powers in World War II, organized by the United Kingdom and the United States, held a meeting in a hotel in Bretton Woods, New Hampshire, United States.

The "United and Alliance Countries International Monetary and Financial Conference" attended by 730 people.

The Agreement of the International Monetary Fund and the Agreement of the International Bank for Reconstruction and Development, based on the White Plan proposed by US Assistant Secretary of the Treasury White, were adopted, collectively known as the Bretton Woods Agreement, and the Bretton Woods system began.