With a snap, Chiang Kai-shek slapped the table and stood up: "Niang Xipi, these reactionary warlords and GCDs don't know that the sky is high and the earth is thick, and they actually dare to attack our fiat currency, and they want to use the bank we support as a tool to attack us, it is really hateful, I propose to immediately call the president to the south to preside over the overall situation, and we will fight them!"

"No!" As soon as Lao Jiang's words fell, Liao Zhongkai also slapped the table and stood up: "This crisis is completely caused by the bitter wine we brewed ourselves, which is caused by our defection to US imperialism, pegging the fiat currency to the US dollar, and indiscriminately issuing paper money. Only in this way can we regain the trust of the people of the whole country, and the fiat currency crisis can naturally disappear. ”

From the very beginning of the enlarged meeting of the Standing Committee of the Central Committee of the Kuomintang, it was filled with the smell of gunpowder. The leading figures of the left and right factions directly went into battle shirtless and debated-for-tat. In fact, this "fiat currency crisis" is simply caused by the improper economic policies of the Kuomintang, and the main responsible person seems to be Luo Yaoguo according to Liao Zhongkai's suggestion, and he seems to be the first to be eliminated...... I just don't know if it will be removed from the list of the Central Standing Committee and the Military Commission, or from the top?

Hearing Liao Zhongkai's speech, Luo Yaoguo's face was also slightly gloomy. He never imagined that this incident would actually reach such a state, and it turned out that the rapid growth of the southern economic circle not only strengthened the economic and military strength of the Kuomintang, but also strengthened the strength of the part of the capitalists who were dissatisfied with the rule of the Kuomintang. It even gives them the possibility of attacking the shield with the spear of the other...... The biggest weapon in this upcoming "fiat currency crisis" is actually the Bank of Communications, one of the top ten banks in the south, which seems to be a little soft last time, and now trouble is coming to the door.

"Chiang Kai-shek, we are about to have a financial crisis, the disintegration of fiat currency is just around the corner, and we still want to instigate a war? What is used to pay military salaries? Do you want fiat money that is about to turn into waste paper? The only way to do this is to really reorganize the Kuomintang, to transform it, and to get rid of those corrupt and erroneous elements. These are the people who make the economic policies that come the way."

It was Deng Yanda who was talking, his face was also as blue as black at this moment, and the corners of his slender eyes were aimed at Luo Yaoguo, who was sitting on the side as if nothing had happened. Since Luo Yaoguo vigorously promoted the fiat currency pegged to the dollar, the relationship between the Kuomintang left wing and him can be regarded as a complete breakdown. Moreover...... The position of Minister of Armaments is also really attractive.

"Financial top...... It's a little bit of a problem. But the crisis is still far away, let alone the disintegration of fiat currency. Luo Yaoguo's voice was calm as usual, and there was actually a bit of a playful smile on his face. It seems that what is about to suffer is not the fiat currency issued indiscriminately by the Kuomintang, but the "silver dollar bills" with sufficient guarantees and good reputation.

Chairman Hu Hanmin, who was constantly wiping his sweat, seemed to have met a savior, holding his glasses and staring at Luo Yaoguo. Hu Hanmin was actually the most anxious about this trouble, although his faction chose neutrality on the issue of whether or not to join the "dollar bloc." However, the current result for him is the chairman of the Kuomintang and the chairman of the Nationalist Government, and if the Kuomintang and the Nationalist Government collapse, will his chairman also ......

Luo Yaoguo glanced at Deng Yanda coldly: "Isn't it just that someone has raised a lot of fiat currency to exchange for gold and foreign exchange, let's just exchange it for them." We can impose exchange controls, abolish the free buying and selling of foreign exchange, and prohibit the export of gold and silver. Just like Britain, France, Germany, and Italy in the world wars. The specific example allows the central bank and the Ministry of Finance to study the practices of the great powers at that time. We have also set up an exchange control bureau to adopt certain controls on the receipts and expenditures of foreign exchange for trade, non-trade foreign exchange, capital imports, bank account deposits and exchange rates. ”

“…… At present, we should immediately order the ten major banks to stop buying and selling foreign exchange, gold, and silver in their hands to stop the loss of foreign exchange. In the future, in addition to the three major foreign exchange use of imported machinery and equipment, imported raw materials, and imported technology, the use of other foreign exchange must be strictly controlled. In addition to studying abroad, the demand for foreign exchange for residents is ...... Basically, it's not allowed. Of course, the use of foreign exchange for non-residents should also be appropriately relaxed. I have studied these with Finance Minister Song and President Kong on the way back to China. If it weren't for this crisis, we would have raised it. ”

"But if we control foreign exchange, can we still recognize our fiat currency in the northern market?" It was Luo Yiqun who raised this kind of question that sounded a little retarded. Well, at present, the president of the Executive Yuan of the National Government can be the president of the executive yuan with such a confused brain, no wonder the fiat currency will encounter a crisis......

Luo Yaoguo shrugged his shoulders and smiled bitterly: "We are almost two economies with the north now, and the fiat currency is almost foreign exchange in them." And with a weak economic and monetary base like ours, it seems inevitable that we will be kicked out by others. If we were to have a hard cap, the end result would definitely be a crash...... Rather than that, it is better to take the initiative to back down and give up the northern market to the 'China United Savings Bank' controlled by the Zhong G, Feng and Zhi Gong Dang. I think that would be good for the economic growth of the north, which is also part of China, not our colony. ”

Liao Zhongkai said coldly: "But can we control the foreign exchange trading in the concession?" At that time, there will definitely be a black market for fiat currency trading. Maybe as soon as we announce foreign exchange controls tomorrow, the trading price of our fiat currency in the Shanghai and Tianjin concession markets will fall by half, right? ”

Luo Yaoguo still didn't have anything to do, just raised his eyebrows and said with a smile: "That's also unseemly...... There is bound to be a black market for regulated instruments. ”

Liao Zhongkai looked at him coldly for a while, but still shook his head: "Then aren't you afraid of hyperinflation?" Now that the credibility of fiat currency is already swinging, wouldn't the announcement of foreign exchange controls be tantamount to recognizing that fiat currency is not worth the price? In addition, those foreign investors should not immediately withdraw funds when they see that we have implemented foreign exchange control? ”

"Then we will have to implement foreign exchange controls even more." Luo Yaoguo sighed lightly and spread his hands: "At present, our light industry is growing rapidly, and the supply of light industry products is relatively abundant, so we are not afraid of rushing to buy." What we are afraid of is that people will rush to buy and hoard the necessities of life, especially grain, so we must control foreign exchange, so that we can import grain and stabilize prices when needed. As long as we can stabilize grain prices, the stability of the training and administration areas will be guaranteed. For foreign investors, our foreign exchange controls will not hurt their normal trade and profit repatriation...... China's cheap labor, vast market, and abundant resources can also ensure that their investment can obtain huge profits. I think they know what to do......"

Luo Yaoguo clearly remembers that Taiwan and Chinese mainland implemented foreign exchange controls in the era of economic take-off. Isn't it the same way for foreign capital to invest? Especially in Chinese mainland, it is simply international investors and multinational companies who have sharpened their heads to get in. On the contrary, a few countries that have hurriedly opened up the free exchange of foreign exchange and the free flow of capital because their economic foundation is not solid, so that international travel capital has hit round after round of economic growth, and the economy has not been able to grow. In fact, what Beiyang Capital and Fengxi Capital are going to do this time is similar to that of international hedge funds in another time and space. For an economy with a weak economic foundation like South China, the best way to deal with such a destructive capital is to simply close the door

After wiping his sweat for a long time, Hu Hanmin's face finally looked better, he reluctantly nodded his chin and sighed: "Well, it's still the style of the auxiliary text." I support the immediate introduction of foreign exchange controls in the training areas of the National Government. The Executive Yuan, together with the Central Bank and the Ministry of Finance, was instructed to immediately set up a foreign exchange control bureau. The Director General of the Exchange Control Bureau will be temporarily appointed as ...... Just Luo Fuwen, let's take on a temporary role. What do you think? If you don't have any opinions, let's jointly report it to the president, so that he doesn't have to worry anymore. ”

……

Yan'an, northern Shaanxi, the central station of Wangjialing Zhongg.

Li Lsan quietly looked at a telegram, and in the cave, the bigwigs of the Political Bureau of the Central Committee of the Central Committee of the Communist Party of China gathered together. An enlarged meeting of the Politburo is underway. The topic of today's meeting was cheerful, discussing how the Chinese and the G should lead China after the economic disintegration of the Kuomintang...... As a result, the meeting has just begun, and the committee members are dancing with their eyebrows and yearning for the bright future when the red flag will be planted all over China. Deng Xixian, secretary general of the Central Committee of the Central Committee of the Chinese Communist Party, took a telegram and newspaper, and slammed into the venue with a bang. Looking at Secretary General Deng's expression, he looked like he was half happy and half worried.

After reading the telegram, Li Lsan's expression was a little strange: "Comrades, this is from Mr. Liao Zhongkai, vice chairman of the Kuomintang. He told us good news. Our 'China United Savings Bank' has won the banknote printing market in North China. The Standing Committee of the Central Committee of the Kuomintang passed a resolution this afternoon to implement foreign exchange controls. Starting tomorrow morning, we will not be able to freely buy and sell foreign exchange with fiat currency. In addition, the export of silver and gold is also banned. All foreign exchange transactions must be carried out under the supervision of the Foreign Exchange Control Bureau, and tomorrow's temporary acting director of the Foreign Exchange Control Bureau will be Luo Yaoguo, hehe, he can be regarded as an old friend of our party. Comrades, do you have any opinions? ”

Is this a victory? Several bigwigs looked at each other, and they didn't know what to do for a while. As a result, it is only 1928, and the leaders of China and G have not yet really mastered all the knowledge and experience needed to govern a country, and they do not know much about capitalism.

&nbLai raised his head and smiled, and his two thick eyebrows raised slightly: "We can be regarded as victorious without a fight, once the free exchange of fiat currency is stopped, it will lose its living space outside the Kuomintang-ruled area." Naturally, the silver dollar bills of the United Savings Bank of China will be able to successfully occupy the northern market. With the help of this bank, our economy, especially the construction of heavy industry, can also be put on the fast track. ”

Gu Shunzhang suddenly smiled: "Comrade Elai, will Tianjin and Shanghai present fiat currency black market transactions tomorrow?" Will the exchange rate there be ...... Plummeting? ”

&nb glanced at Gu Shunzhang, who was sitting next to him, and nodded his chin lightly: "It will definitely fall wildly...... It is estimated that it will fall to more than 1:5 against the dollar, right? But that's fine, the silver dollar coupon we just got in our hands just took out and exchanged it for some fiat currency at a low price. ”

"What?" Everyone was slightly stunned, and they all turned their surprised eyes to Zhou Elai.

&nbLai smiled and explained: "Although fiat currency is not as free as convertible, this does not mean that fiat currency has become waste paper. At present, the industrial and agricultural production of southern China is good, especially the output of light industrial products is growing rapidly, and agricultural production has also increased due to the gradual popularization of chemical fertilizers and high grain prices. I guess that these fiat currencies can still be purchased from the areas under the rule of the Nationalist Government. Like food, machinery, weapons and ammunition, cloth, etc., and the price is not too high. Therefore, it is definitely cost-effective for us to exchange silver dollar coupons for fiat currency at the moment. ”

"But...... Will the fiat currency fall even lower? Is it like 1 to 10 or 1 to 20? I don't know who suddenly mentioned that, and the atmosphere in the whole venue suddenly became solemn again.

……

On the night of March 18, 1928.

Wuhan East Lake, the Central Bank Building of the National Government.

None of the people who work in this three-story Western-style building tonight don't want to go home. All the preparatory work for the establishment of the Exchange Control Bureau had to be completed in one night, and the amount of work was unimaginable. What's more...... There are also a lot of official hats that must be sent out in one night, and maybe when good luck will come their turn, an official such as a division chief, bureau chief, etc. So let's pretend to work hard today, so let's stay and work overtime.

In the conference room of the central bank, steaming fragrant coffee has been served to refresh the party-state members attending the meeting. Luo Yaoguo, who was arbitrarily appointed by Hu Hanmin as director of the Foreign Exchange Control Bureau, gathered with Luo Yiqun, premier, Kong Xiangxi, governor of the Central Bank, Song Ziwen, minister of finance, Bei Zuyi, governor of the Bank of China, Zhang Gongquan, minister of communications, Sun Ke, mayor of Wuhan, Dai Ensai, director of the General Administration of Customs, and Li Ming, director of the Public Bond Fund Custody Committee, and a large group of responsible persons of the financial and economic departments of the national government, including Luo Yiqun, president of the Executive Yuan, Kong Xiangxi, governor of the Central Bank, Song Ziwen, minister of finance, Pei Zuyi, governor of the Bank of China, Zhang Gongquan, minister of communications, Sun Ke, mayor of Wuhan, Dai Ensai, director of the General Administration of Customs, and Li Ming, director of the Public Bond Fund Custody Committee, gathered overnight to discuss countermeasures. Also present at the meeting as observers were Wu Ziliang, director of the Military Intelligence Bureau, Feng Tian, director of the Kuomintang Central Committee Party Affairs Inquiry and Visit Bureau, who had just been reinstated, and Soong Meiling, secretary general of the Ministry of Armaments. Well, this big sister thinks she has a lot of financial talent, so she should come and help with advice......

“…… Our current situation in China is really a bit special. Luo Yaoguo took two sips of coffee to refresh himself, and sighed: "Otherwise, with the abundant foreign exchange savings in our hands, there would not be a currency crisis." In the end, China has not yet been truly unified, and there is still a country within a country like a concession, so although we have set up an exchange control bureau, there is no system to really prohibit the free buying and selling of fiat currency. My thoughts are...... In fact, the policy that we want to implement should be a 'two-track system' of foreign exchange control. ”

"I have already discussed this issue with President Kong and Minister Luo on the way back from the United States." Song Ziwen took over the topic, he gently turned the coffee cup in his hand, pondered for a while, and said: "Our idea is that instead of letting others control the speculative trading of fiat currency, it is better for us to control it ourselves, and we can now control the Shanghai Stock Exchange, although this exchange is located in the Shanghai Public Concession, but its board of directors is under our control." Zhang Jinggong, the mayor of Shanghai, is the chairman, and the general manager is Du Yue. So we plan to launch fiat spot trading on the stock exchange early tomorrow morning for those who want to speculate...... There is a convenient and fast platform"

Luo Yiqun's expression seemed a little nervous: "Alas...... Tomorrow's fiat currency will fall in the Shanghai market, but I don't know how much it will fall? If it falls less, it won't be a big problem, but if it falls wildly, ......"

These words can be regarded as reaching the hearts of everyone. In fact, it is simply unrealistic for the KMT to completely control the transaction of fiat currency at present. It is not that the large-scale speculation in the Shanghai Concession cannot be controlled, but even the thousands of money houses and temples scattered in South China will also have a considerable level of semi-underground transactions. All the exchange control can really control is the $800 million in savings held by a few big banks and central banks. It is just a situation that does not disintegrate...... However, if the price of the "black market" is really not good, then the KMT's economy will be hit hard if it does not disintegrate

"That's why we have to take the initiative to control the buying and selling of fiat currency in the concession, and we must control the pricing power of fiat currency in the 'black market'." Luo Yaoguo patted the table lightly, and a wry smile slipped across his face: "It's not us here who really sets the price for fiat currency, but the Shanghai Stock Exchange." At present, Shanghai has grown into a financial center in China and even East Asia, and many large British and American banks have their headquarters in East Asia or Asia. Five of the top 10 banks we have supported are headquartered in the Shanghai Concession, and the remaining five banks controlled by Nanyang Capital also have branches there. According to the statistics of the central bank, the total deposits of domestic and foreign banks in Shanghai are as high as 5 billion yuan, accounting for 25 percent of the total supply of legal tender money...... I'm afraid that the black market plate of fiat currency is also about to disintegrate. ”

When Luo Yiqun heard his nephew's words, his face turned pale all of a sudden, and he said in a trembling voice: "This ...... This...... How good is that? But how is it good."