@@@@@

This kind of important meeting cannot end in a day, and the next few days will be full of opinions around monetary reform, the gold and silver bill, and tax reform.

Zhang Wenjing's attitude was resolute, and when Britain, the United States, France, and other countries had already begun to abolish the gold and silver standard, and Japan also heard calls for abolishing the gold and silver standard, it was obviously inappropriate for the Republic of China to continue to maintain the gold and silver standard. From an economic point of view, the exchange system and the fiat single currency can effectively reduce market chaos and the trouble of conversion. With the introduction of trade protectionism in various countries, they have begun to tighten their currencies and raise tariff thresholds, and direct intervention in the economy has begun to strengthen.

However, the exchange system does not mean that currency can be issued at will, and the monetary aggregate must still be issued according to gold and silver reserves and economic aggregates. In the UK, for example, at the end of last year, the free convertibility between gold and the pound was forcibly cut off, but the value of the pound is still measured in gold. This is a bit of a comical policy, which uses gold to estimate the value of money, but also cuts off the connection between gold and currency, and imposes that all transactions must be in pounds sterling, and in international trade, it must also use pounds sterling or foreign exchange from other countries, and only use gold and silver to compensate when there is a shortage of foreign exchange.

The advantage of this monetary policy is that it can be adjusted at any time according to the needs of the country's economy, but it requires large gold and silver reserves to support monetary stability. Zhang Wenjing has absolute confidence in this, and all countries have terminated currency purchases in the four-year European war. A large number of gold and silver transactions, although the Republic of China's export volume is not as good as the United States, but still rely on a large number of exports of pig bristles, tung oil, sulfonamides, weapons and ammunition and tungsten and other special precious metals to accumulate 700 tons of gold and 1,800 tons of silver, of which only when Nicholas II ordered arms, at a time ** 300 tons of gold. Later, when the Eastern Front retreated, it not only evacuated the east of the Urals, but also carried out a frenzied plundering of the local economy, bringing back a total of 50 tons of gold. 700 tons of silver, 3 tons of various jewelry diamonds. Later, he actively contacted Kolchak, first selling weapons to obtain 200 tons of gold. Later, 600 tons of gold were obtained at one time with weapons and resettlement.

Since 1912, when Yang Qiu took charge of the southwest, he used military force to forcibly redeem the major gold mines in the southwest. By 14 years, after unifying the country and defeating Japan, all the gold and silver mines in the country were nationalized. The annual output of gold is about 30 tons. In addition, Zhang Wenjing and Xu Xiujun have been using monetary leverage to collect gold from the market, and the reserves have increased from 20 tons in the southwest to 450 tons at present, and silver has skyrocketed to 6,000 tons.

By the end of 1920, the total central gold reserves had reached 2,000 tons (historically 6,175 tons in the United States, 1,250 tons in Japan, 5,750 in the United States, and 955 tons in Japan), 8,300 tons of silver, 320 million dollars in US dollars, and 52 million pounds sterling.

This figure is slightly smaller than Yang Qiu's prediction, originally he thought that the European war plus Kolchak could make 2,000 tons of gold. But in the end there were only 1500 tons. According to the Ministry of Finance and the Central Bank, the number of private gold holdings in the country is about 5 to 6,000 tons, and the Nanyang Chinese circle also has about 4,000 tons of gold reserves! This amount of reserves is terrifying, and it fully reflects the Chinese people's preference for gold collection. The tradition of not revealing money.

It is precisely because of this that the Ministry of Finance's decision to reform the currency has been strengthened, and it is proposed that legislation should be enacted to forcibly cut off the trading of gold and silver, stipulating that silver is prohibited from being used for commercial transactions throughout the country, and that gold transactions can only be sold to the central bank, prohibiting any private individuals. Neither foreign capital nor commercial institutions are allowed to conduct gold business. According to their analysis, if this approach is adopted, then the domestic gold price will inevitably fall sharply, and at least about 1,000 to 1,500 tons of gold will be withdrawn from the country. The Ministry of Finance also proposed to issue targeted gold bonds and hedging bonds to Chinese businessmen in Nanyang to avoid risks, and to withdraw 2 billion US dollars and 1,000 tons of gold from Nanyang under the gimmick of building a country, so that the national gold reserves can quickly approach the United States and have more confidence to face commodity dumping and financial risks in Europe and the United States.

"I think the current monetary policy is too strict and rigid!" Pei Zuyi, a young man, completely entered the role, even in the face of senior management problems for several days in a row, he still talked eloquently, and now he put forward a bold and crazy idea in the face of the members of the Republic of China, and later was praised as China's Keynes by Europe and the United States. He continued: "We are different from the Anglo-American. Britain had a wide range of colonial interests, so the pound sterling was circulated all over the world, thus supporting it as a currency for international settlements, which was an innate condition that we could not have. The advantage of the US currency is that it is isolated from the world's major continents, with the world's largest manufacturing capacity and one-third of its gold reserves, and we cannot replicate this model. So how should China's future monetary system be positioned? Personally, I believe that we should temporarily avoid competing with European countries such as Britain and the United States for the status of global currency, and use our traditional cultural complexes such as the love of grouping, returning to the roots and homesickness, etc., to establish a monetary economic circle belonging to our Chinese! Let the Min Yuan become the most important settlement currency among the Chinese. ”

These words can be described as earth-shattering, even Yang Qiu unconsciously straightened his waist, leaned forward slightly and looked at this young man quietly, as if he saw the impassioned teacher Cheng Cheng in the temporary court again.

Speaking from the heart, Yang Qiu can be said to be completely ignorant of finance. After graduating from a military academy, conducting field reconnaissance troops, and then going to an automobile factory to run sales, the only concept of the economy is that the price of houses rises, stock trading, etc., engaging in industry, engaging in construction, commanding wars and building the army, these are finally traceable, but the financial world has changed too much. In particular, the economic struggle and construction at the national level are heavenly books for him, and even if they are frantically supplemented over the years, many things cannot be remedied. That's why he convened this kind of economic meeting, otherwise, according to his temper, such a major event would have been arbitrary and would not give anyone a chance to speak, and would rather make a mistake and change it at any cost.

The traverser is not a god in the end, a dispensable screw in the 21st century may be a genius born five hundred years early, but in this era of gradual improvement of the modern economic system, playing finance with people in Europe and the United States, especially Wall Street, is still honestly left to people with particularly developed left-brains, and they just need to grasp the pulse of the times.

And now, Pei Zuyi is undoubtedly the young man with a developed left brain.

"The Chinese are the most bitter, even after the Shanghai Communiqué, the US Chinese Exclusion Act and the Nanyang Chinese Exclusion Incident have not been canceled or reduced, so I think the state should not only actively protect the interests of overseas Chinese, but also ensure that the wealth they have exchanged for sweat and hard work is not plundered. It is feasible to issue gold bonds and value-preserving bonds specifically for Chinese people in Nanyang and around the world, and as long as the long-term stability of the country is ensured, the policy is long-lasting, and the national credibility is established, then they will also buy these two bonds in large quantities to avoid risks.

But this is a reactive approach, and there is a more proactive approach. This method is simpler, that is, to use the national credit as a guarantee to over-issue part of the renyuan banknotes, and then use these renminbi to find representatives of Chinese businessmen in Korea, Nanyang, Siam and Central Asia, and they will use these currencies to buy all kinds of resources, ores and commodities needed by the state in the Chinese circle. In the long run, these areas will accumulate a large amount of renmin, and it is impossible to directly buy goods from Britain and the United States and other countries with renyuan, so the Chinese people must purchase products made in our country, realize bulk exports to the above areas, and further promote the domestic economy.

Both of the above are fully operational tools in the short term. But these are not enough, we must find a way to make overseas Chinese believe that the country is strong and that the country's credibility is guaranteed! In addition to propaganda and commitments, I believe that the full opening of railways, highways, heavy industry, power plants, and telegraphs to overseas Chinese businessmen can be promoted to the entire overseas Chinese community as long as they do not involve national security, so as to attract them to come back and invest, and at the same time, it is also the best opportunity to build up the prestige and credibility of the country! ”

"Over-issuance of currency? Take a bunch of banknotes and go to the Nanyang Chinese Quarter to purchase. If it weren't for Pei Zuyi still promoting his plan for a Chinese economic circle, Yang Qiu would definitely invite him home immediately to have a good chat. Even Tang Shaoyi was moved by this young man, grabbed Zhang Wenjing and said with a smile: "Runqiu, although I, the prime minister, will step down in February, but the prime minister's office is lacking in economic talents after all, I think." ”

Yang Qiu was secretly funny, he hadn't poached people yet, Tang Shaoyi made the first move, and hurriedly joked: "The prime minister might as well cut his love, the Reform and Development Commission also lacks economic talents." ”

Zhang Wenjing's face was dark, how much effort did he put into digging up such a character, don't bring such a play! Hurriedly waved his hand: "My vice president, prime minister." You can spare me, now the Ministry of Finance can count on Songsun (Bei Zuyi). ”

The three of them looked at each other and smiled, but Cai Yi came over: "Runqiu, what is the movement on the British and American sides of this currency reform?" ”

Zhang Wenjing was having a headache about this and said, "I'm also worried." According to surveys and estimates, Britain and the United States and other countries probably hold thousands of tons of silver reserves, and once we change the currency, they will definitely lose a lot, and they will certainly not give up. The most worrying thing is that they interfere with gold and silver futures, and also take advantage of China's currency reform to buy a large number of gold and silver at low prices. ”

"Buying gold and silver?" Li Yuanhong asked puzzledly: "What is the use of their acquisition?" Didn't it say that the physical departure of gold and silver should be restricted? ”

"If you take it, it's just a loss of money. What I'm afraid is. Before Zhang Wenjing finished speaking, Yang Qiu interrupted: "Buying a large number of Chinese enterprises with low-cost gold and silver, and then dumping goods in the name of forming a joint venture? ”

Zhang Wenjing nodded: "This is called taking our money, buying our factory, selling their goods, and sucking our blood." ”…… (To be continued.) If you like this work, you are welcome to come to the starting point (qidian) to vote for recommendation, monthly pass, your support, is my biggest motivation. )