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When Yang Chao came to Shanghai for a meeting with bankers, it was already clear that Zhang Jiaao had made a plan to reform the gold standard.

Once the gold standard is restructured, then silver will no longer be legal tender, and will soon be launched into circulation, so the price will naturally fall.

Later, Zhang Jiaao expressed a similar view at a press conference, and it is almost an open secret that China will carry out a gold standard reform.

So it's no surprise that some people are selling silver for gold and gold dollar bills.

However, there are people who exchange gold back, this is the blindness of the market, all kinds of gossip is boiling, some say that the central bank's gold standard is just a smoke bomb, the purpose is to deceive depositors to deposit silver in the bank, and there is also said that paper money will be decoupled from silver, increasing the trend of run, in addition to the influence of traditional concepts, the long-term silver standard, so that everyone will be silver as a currency The concept is deep in the bone marrow, if the paper money can not be exchanged for silver, it is not a piece of waste paper, so the old rich man who only endures silver prefers to take the silver in his hand and bury it in the silver cellar.

And the most important reason is that large quantities of silver began to pour into China.

"In just ten days, the preliminary estimate of the amount of silver entering China is around 200 million taels. Mainly from Japan and other countries. ”

Obviously, out of fear of the risk of China abandoning the silver standard, Japan and other countries are selling off the silver in their hands, taking advantage of the fact that silver can still circulate freely at this time, and quickly exchange it for paper money or gold dollar bills.

Zhang Jiaao grasped this situation and reported to Yang Chao as soon as possible that his gold standard reform plan had not yet been formulated, and there were three preliminary plans, the first was to issue a new currency, which would be exchanged in proportion to the silver standard currency in circulation, the second was to directly stipulate the gold content of paper money, and directly transition from silver to gold, and the third was to print a large number of gold dollar coupons and replace silver paper money with gold yuan coupons in proportion.

But this takes time, first of all, the printing of new currency has to be re-engraved, the steel plate gravure printing is not a year and a half can not be done, directly stipulate the gold content of the banknote, abolish the status of silver currency, the current banknote is printed with the unit of "two", is not too suitable, with gold dollar coupons instead of silver banknotes, and there are not so many gold dollar coupons stock.

"Immediately announce that the gold dollar coupon is linked to China!"

Yang Chao threw a bombshell.

Zhang Jiaao exclaimed: "What about the ratio? If compared with the current price, the exchange will be too troublesome, which will cause great trouble to ordinary customers. ”

Yang Chao smiled: "You mean depreciation?" ”

Zhang Jiaao nodded, the world's currencies are depreciating, the pound has depreciated by 30%, if you can take advantage of the opportunity of this currency reform, will also depreciate the silver banknotes, it will be of great benefit to China's exports, you must know that the reason why the central bank's reserves are constantly decreasing is also related to the export deficit, the export deficit, and the sharp rise in silver prices after the European War.

Zhang Jiaao nodded, and said in a deep voice: "If the price of silver can be reduced to before the European war, my country's products will be completely competitive, and the import of these bulk commodities will definitely be curbed by French electronic products and British Chinese products." ”

After the meeting, China began to insist that the gold-silver ratio is 1 to 20, 1 gram of gold for 20 grams of silver, and 1 tael of silver is about 37 grams, if the silver price is reduced to before the European War, it means that the silver banknotes are exchanged for gold dollar coupons at a price close to 1 to 1, which is indeed convenient, but the depreciation has reached 46%, which is comparable to the depreciation of the pound.

Yang Chao smiled: "That's right, the pound can be devalued, the franc can be devalued, and of course we can also depreciate." But have you thought about the consequences? ”

Zhang Jiaao said: "I am afraid that this move will affect my country's international reputation. But the pound and the franc have depreciated, and the pound has even abandoned the gold standard, causing heavy losses to the countries that hold the pound banknotes. Although our country has depreciated, it has adhered to the gold standard, which is already relatively responsible. Even if it has an impact on China's international image, it will be the smallest time, and after this time, it will be a depreciation, and I am afraid that the impact will be very great. ”

Yang Chao said with a smile: "I am afraid of affecting my international reputation, but I also want to depreciate and make a profit, so I specially chose such an opportunity, which is smart, but it is also too clever." If you want to depreciate, then simply don't stick to the gold standard. Since the gold standard is to be adhered to, then do not depreciate. Otherwise, it seems that interests and credibility are taken into account, but in fact, both parties have not taken into account. Since you are the governor of the People's Bank of China, you must show the bearing of a great power. ”

Zhang Jiaao's face turned red when he was said, he was indeed careful and smart, and he couldn't hold it on his face when he was picked by Yang Chao, but isn't this for the good of the country.

Blindly insisting on not being in line with actual international obligations, this is irresponsible to their own people, the British Empire is enjoyable, after the European war, through the strong pound sterling did build the international monetary system again, the pound is still the currency of international settlement, but how big the British people lost, how heavy the British people paid, the economic community is well aware.

Look at the British economy, the pre-war pillar industry cotton spinning industry is almost impossible to restore the glory of the past, the overvalued currency makes the British textile mills even India's extensive management of textile factories can not compare, even the United States has never been competitive with the high textiles, although the British domestic industry has exceeded the pre-war period, but only more than 15%, and the United States such an industrial superpower has increased by more than 50%, France has doubled, in contrast, the British industrial strength is actually a big regression.

The reason why Zhang Jiaao wants to depreciate the silver banknote is here, as the central bank, it is responsible for the entire economy, if the depreciation of the European currency leads to the overvaluation of China's currency, and then the export goods are not competitive, this is not only a problem of gold reserve outflow, but the problem of the entire economy losing competitiveness.

So Zhang Jiaao objected: "But if my country's currency does not depreciate and still adheres to the gold standard, I am afraid that my country's currency will be used as reserve foreign exchange by more and more countries, and countries that already hold gold dollar bonds will also increase their holdings of gold dollar bills." At that time, China's currency will be more involved in international trade, so that currency security will be difficult to control, which is not necessarily a good thing for China's economy. ”

Zhang Jiaao's view is purely an economist.

Like many economists in the United States, they criticize the bankers' strong support for the dollar, arguing that a strong dollar is not good for the US economy, because it means that the dollar has more international obligations, and to assume obligations means to pay, which is very inefficient in the eyes of economists who are concerned about efficiency.

But is the British Empire stupid? Are banking giants like Morgan stupid? Are American politicians stupid?

Apparently they are not stupid, Britain does not hesitate to make the entire British industry uncompetitive, but also to maintain the international status of the pound, just for the dignity of the empire? It is Mussolini's kind of goods who are simply considering the issue of national and national dignity, clamoring to raise the price of the Italian lira, believing that the lira is too low as a matter of national dignity, how unreasonable it is.

Morgan: They insist on the internationalization of the dollar, which is of course not conducive to the US economy, but there is a degree to this. The added benefit of the strong pound is that the City of London has always been an international trade center, a center for international settlements. Britain and France adhere to the gold exchange standard at the same time, but the same 400-ounce standard gold bar, the price of trading in Paris is higher than in London, because London is the gold trading center, is the largest market for gold trading, this is not a regulation, but the status of the pound sterling.

It's like vegetables are cheapest in the largest markets, and the Parisian market is not as good as the London market, so you have to bear a certain high price, just as French gold is shipped to London and has to pay for transportation, but in fact the gold is always in the bank's vault, but the name is changed on the ledger. But Paris was not a gold market, and even though he changed his name to the Banque de France's account, he still covered some of the freight costs involved in international gold shipments. The same 400-ounce standard gold bar is called London gold in international trading, but no one uses it as Paris gold.

Behind the insistence of Morgan and other banking giants on replacing the pound with the US dollar, they actually hope that New York will replace London as an international financial center, and that Wall Street will replace the financial city and become an international trading center. The resulting reduction in transaction costs is in the best interest of the economy as a whole.

This is the greater good, this is the greatest efficiency, not the efficiency calculated by economists in simple financial formulas.

Yang Chao stands at a higher angle, he can naturally see these problems, and he stands at an even higher angle than the financial giants in London and New York, he sees the hegemony of the dollar after World War II, and what he sees is that the dollar can still rob the world's financial hegemony by printing paper money even after the gold standard.

In the future, the United States was the most developed economy, but it enjoyed the lowest interest rate in the world, and the financing cost of American enterprises was the lowest in the world, not only because the American banking industry was more developed and could provide cheap funds, but also because Wall Street was the center of the world's capital, and the world's capital circulation passed through here, and they were equivalent to the super vegetable market of funds, and the distribution of funds was naturally the cheapest here.

But to Zhang Jiaao to say this, believe it or not, the key is that there is no way to explain the problem of World War II, without the occurrence of World War II, the world hegemony of the British Empire has not been lost, and the financial hegemony will naturally not be lost, all hegemony is rooted in military and political hegemony in the final analysis, and the economy and culture are just beautiful flowers that bloom on this basis.

So Yang Chao could only flicker: "Governor Zhang, you have always been the governor of the People's Bank of China, responsible for formulating China's monetary policy. But you should know that our country's international status is increasing day by day, and its influence on the world is increasing. So it's time for you to learn how to stand on the level of the world and make monetary policy for the whole world. ”

[It's about to be 515, I hope to continue to hit the 515 red envelope list, and the red envelope rain will be able to give back to readers and promotional works on May 15. A piece is also love, and it must be better! (To be continued.) )