Allowing Britain to intervene is a situation acceptable to both China and Russia.

After returning to Europe, Banneman personally went to Moscow to make final negotiations on the Sino-Russian armistice, and in the end, Britain persuaded Russia to accept China's proposed second option on the condition that Britain promised to provide a national debt guarantee.

China made some concessions in relative terms, no longer demanding the Kazakh region, the Russian Empire still retained most of its territory in Central Asia, Britain returned Hong Kong to China, Kashmir was completely transferred to China, and Kuwait's suzerainty was transferred to China, as a condition, China recognized Britain's status as a major creditor against Russia, Britain provided a national debt guarantee for Russia, and Russia paid 170 million pounds of war reparations to China in ten-year installments.

The area east of the Lena River, including the Novosibirsk Islands, belongs to China, and starts from Ust-Kut and Bratsk, to the Novoyenisetsk region with the upper reaches of the Yenisei River as the dividing line, and from Novoyenisetsk to Obsk (Khanty-Mansiysk), Topolsk, Omsk, Bablodar, and Semipalatinsk all the way to the upper reaches of the Ob River as the demarcation line, and China obtains the eastern part of the Western Siberian Plain.

From Semipalatinsk to Ayaguz and T�aledka, the Central Asian Railway is the demarcation line, the eastern line of the railway is China, the western line is the Tsarist Russian Empire, and the western shore of Lake Balkhash is the demarcation line, and Lake Balkhash is the internal lake of China, including Tashkent, Samarkand and other places continue to be demarcated, and the west of the boundary belongs to China.

Since Britain had the British as a guarantee for Russia's national debt, China did not need to continue to occupy Tyumen and other places as collateral, and after the agreement was reached, the Chinese would complete the withdrawal of troops from the region before May 1903.

As for how much benefit Britain extorted from Russia, Hu Chuyuan did not ask, nor did he blush.

After the end of the Far Eastern War, China's land area increased to 21.73 million square kilometers, the total area was already the largest in the world, and the Russian Empire was cut off by 30% of its territory, relegating to the second place.

If you want to count the colonies, China is still the first.

China's overseas colonial provinces include Congo, Guinea, Kuwait, Guyana, Chinese Somalia, Solomon Islands, New Caledonia, and Fiji Islands, and enjoy the status of protectorate and suzerainty in Sumatra, Java, Sumancia, the Philippines, Thailand, Vietnam, Cambodia, Laos, New Guinea, and North Korea.

China and France enjoy common suzerainty in Madagascar and New Caledonia, China and Britain enjoy common suzerainty in Singapore, Myanmar and Assam, China and Germany enjoy common suzerainty in New Guinea, and China and the United States enjoy common suzerainty in the Kingdom of Hawaii.

The farthest island on the western side of China's actual territory is the Andaman Islands, the southernmost is the Natuna Islands and the Anambas Islands, the easternmost is the Bering Strait, Midway, the Marshall Islands, the Laine Islands, the Cook Islands and the Polynesian Islands, and the northernmost is the Novosibirsk Islands.

On the southern mainland territory, China has steadily taken the North Vietnamese region north of the Lan River into Quang Nam Province.

Quang Nam Province is very important to China, not only in terms of strategic terrain to connect Yunnan-Guizhou and Guangxi, as long as the deployment of troops in Quang Nam can complete the deployment of troops in the southwest region, economically, the Yunnan-Guizhou region also has a huge outlet to the sea.

Quang Nam Province is very rich in coal and iron ore reserves, and with the non-ferrous metal minerals of Yunnan and Guangxi, it can form a new industrial system of its own, and the complementary surname is very strong.

In the case of Burma, almost all of the Shan State Plateau was included in Chinese territory and remained under the jurisdiction of Yunnan Province for the time being.

On January 24, 1903, the foreign ministers of China and Russia reached the "Sino-Russian Omsk Armistice and Territorial Delimitation Treaty" in Omsk, according to which Russians in the Far East, Novosibirsk, the eastern part of the West Siberian Plain, Omsk, Semipalatinsk and other places were all transported back to Yekaterinburg, Russia by rail if they did not wish to apply for Chinese citizenship.

Since then, the Far East War, the largest international war in Asian history, has officially come to an end.

China has nearly doubled its size and received £442 million in military reparations.

The first task that Hu Chuyuan and Zheng Axe had to consider at this time was large-scale resettlement, in addition to the forced resettlement policy, for the more difficult conditions, all provide stable housing subsidies, for the newly opened areas to give up to 10 years of agricultural tax exemption policy, and for 30 years no land policy restrictions, for the conditional people, landlords will also be given loan support.

In this way, they encouraged farmers to move to new territories to become large landowners, effectively controlling the economy of these areas.

In order to strengthen its control over the West Siberian and Novosibirsk provinces, not only did it forcibly expel Russians, but at the same time it transferred households from Shanxi, Shaanxi, Henan and other places to supplement the past, and the state spent a large amount of loans to support new industries and agriculture in the local areas.

In Yakusk, in the upper reaches of the Lena River, the state provided large-scale subsidies for the creation of new cities.

The acquisition of the Pacific islands from France also began to promote immigration, accelerating the development of the regional plantation economy.

Through a new round of Sino-British negotiations, Singapore's territory will be expanded, and a larger number of Chinese workers will be used to prepare to occupy Singapore for a longer period of time, and Singapore will be developed into a sentinel in the South Seas and a financial and port transportation center for Southeast Asian economy.

On March 4, 1903, China, Germany, Britain and France reached a French national debt guarantee agreement, China became France's main creditor, the French national debt turmoil stopped, and the world economy began to gradually return to the normal track.

At this time, Hu Chuyuan had already changed his strategy, mainly considering trying his best to stabilize the situation of the world economy first, and then suddenly carry out the restructuring of the gold standard next year.

At this stage, the inflation crisis cannot be diverted through the change of the gold standard, and Hu Chuyuan's new plan can only be to reduce the exchange rate of Qingyuan, that is, to reduce the exchange rate of silver and gold, control the exchange rate, increase the growth of domestic exports, and alleviate domestic economic problems.

The problem is that with China's resounding victory in the war in the Far East and the world's long-term estimates of the Chinese economy, the price of silver began to surge significantly.

On April 1, 1903, the Daqing Bank, which assumed the functions and powers of the central bank of China, was reorganized into the Bank of China and began to intervene in the international silver price, and the Bank of China sold nearly 23,000 tons of silver reserves to the world silver market within a month, and the more than 600 million taels of silver were sold out, which only barely pushed the international silver price back to the price of 15.7 to 1.

On May 7, the Bank of China, China CITIC Bank, United Bank of Asia, and Bank of America began to sell off silver and silver assets further, and on June 14, the price of silver fell to the 16.5:1 mark estimated by Hu Chuyuan, which has the potential to promote domestic industrial exports.

On July 12, the price of silver continued to climb.

After a period of gambling, on July 17, silver prices regained the 16:1 mark.

Hu Chuyuan is a capital predator, he knows very well that behind all this is the speculation of international capital, including some domestic capitalists and retail investors are also frantically investing in silver, and the ideas of various international capital forces may not be unified, and some of them want to cash out the price of silver, which is really the most powerful part...... In particular, the European and American financial oligarchs such as JP Morgan and Rothschild are forcing China to abandon the unstable silver standard.

As soon as China enters the gold standard, the price of silver will plummet, and international capital will instead invest in gold capital, especially French and Russian government bonds with low price-to-earnings ratios.

JP Morgan was the vanguard of these people, and the amount of French government bonds he and his partners held was also very impressive, and in July, he secretly went to Yanjing and kept in contact with Hu Jinyuan.

Hu Chuyuan is now very embarrassed, the Bank of China's silver reserves are already less than 20,000 tons, and part of the capital of he, the Hu family and the main cooperative capital forces is now on French and Russian bonds, and the other part does not dare to easily intervene in the silver market.

There is no way out.

On July 18, 1903, the Prime Minister's Office officially announced that China and its main protectorates had withdrawn from the silver standard and entered the gold standard system, and that the Qing Yuan had been restructured into a Chinese yuan, with each Chinese yuan exchanged for 1.125 grams of gold, and the Chinese yuan was the foreign settlement currency of the protectorate, and the Central Bank of China and the United Bank of Asia undertook the exchange of the Chinese yuan.

During the same period, the dollar was worth 1.55 grams of gold per dollar.

Relatively speaking, the exchange rate of the Chinese yuan is relatively low, but it has also reached Hu Chuyuan's goal, squeezing out the domestic inflationary pressure at one time, and increasing the growth momentum of the domestic export economy by adjusting the exchange rate.

Because the total amount of national gold reserves is only 3,550 tons of gold, China adopts a relatively conservative gold standard system, the basic unit of gold exchange is 100,000 yuan, and foreign trade settlement gives priority to the exchange of pounds, dollars, marks and francs.

The domestic gold exchange agency is the State Administration of Gold Reserves, and the exchanger must fill in the application form, and after the investigation and approval, domestic citizens can exchange gold, and foreign citizens do not need to fill in the application, but must be over 100,000 yuan to convert.

Sure enough, China's withdrawal from the silver standard had an extremely powerful impact on the world economy, with India entering the gold standard with the support of the United Kingdom, and Portugal, Spain, Mexico, Ben and other South American countries could only withstand the impact of the financial turmoil because they lacked sufficient gold reserves.

After China announced the adoption of the gold standard, in just half a month, the world silver exchange rate with gold as the benchmark unit slipped to 35:1, a decline of more than 50%, and there is still room for decline.

These days, Hu Mingyuan has been staying in Yanjing, often contacting Hu Chuyuan by phone.

That night, the brothers even met directly in the senior administration garden to talk about things.

The abuse of power for personal gain is certainly not a good thing.

However, people are not sages, not to mention that Hu Chuyuan is quite self-interested.

After dinner at home, Hu Chuyuan went to the study with his third brother Hu Yuanyuan, he drank tea, Hu Mingyuan smoked, and the two carefully discussed the recent situation.

At the beginning of the year, the Hu family began to buy French government bonds, and in April, they involved Russian government bonds, which entered the market from a low value of 17% to 30% of the average face value.

With a total investment of 140 million pounds, the current market value has reached 432 million pounds, or about 3,571.3 million yuan.

This is an astronomical amount, equivalent to two and a half years of the total fiscal revenue of the British Empire, and even if it wants to be recovered, it will need to be cashed out and turned over in the international bond market for a long time.

Hu Xuanyuan calculated the account clearly, and then asked Hu Chuyuan: "Big brother, do you think the price of silver will continue to fall?" ”

Hu Chuyuan thought about his thoughts silently, drank hot tea silently, and asked after a while, "What do you think?" ”

Hu Jinyuan said: "I think it will be, maybe even fall to 40 to 1." ”

"Hmm!"

Hu Chuyuan also agreed, saying: "The domestic private silver holdings are still very large. In 1897, we stopped issuing silver yuan, and in 88 we announced that the silver yuan would be suspended from circulation, and it was officially exchanged for clear yuan bills. Over the past 20 years, we have had at least 1.4 billion silver dollars in the market minus recovered depreciation, and less than half of the actual amount of silver dollars recovered. Many families still have a few, or even a dozen silver yuan, and some wealthy families have a larger amount of hoarding, even tens of thousands, millions of taels of silver ingots. There is a lot of pressure to sell this silver, and only in the precious metals exchanges in Tianjin, Shanghai and Hong Kong, 30 million taels of silver are sold at low prices every day. Whether it is the world or us, the total amount of private reserves of Chinese silver is still underestimated, and the world silver price is ...... I expect it to fall below 45 and then not to pick it up for at least five years, unless there's a big new war, or a big cut. ”

Hu Yuanyuan nodded again and again, and asked: "Then let's enter the market when the silver price falls to 45?" ”

Hu Chuyuan thought for a moment and said, "No, start intervening now, if you wait, others will also consider intervening." ”

Hu Yuanyuan hummed and asked, "What about the rest of the funds, continue to invest in China?" ”

Hu Chuyuan thought for a while and said: "Domestic investment is still relatively saturated, just maintain the original plan, and make reasonable and effective use of the capital of the Shanghai stock market to operate in China." You hurry up and go to Persia, Portugal and Spain, they will definitely need financial guarantees to get into the gold standard, you can talk to them, and as long as the conditions are right, then do this business. If we can negotiate something, we can give priority to investing in Persia, and we can gradually develop our investment in Europe to Spain, and at the same time invest in agriculture, mining, rough processing of agricultural products and basic industries in the South Seas, so as to promote their proper economic development, so that our heavy industry in China can expand new markets. ”

Hu Yuanyuan nodded again and said, "So, are we fully withdrawing from the domestic industrial fields with low technical difficulty, expanding new investments in deeper fields, and then investing in basic industries in Persia and Nanyang?" ”

Hu Chuyuan bowed slightly, and said: "The situation in the Philippines, Sumancia and Singapore is relatively good, and it is appropriate to consider increasing the scale and depth of investment." In addition, I am now going to reintegrate my various consortia into the Fukang company, and you can talk to the others when you go back and see what they think. ”

Hu Yuanyuan said: "Okay, when I go back in the evening, I'll talk to my second brother first." He shouldn't have an idea, the key is the eldest brother and second brother of the fourth master's family. ”

Hu Chuyuan smiled and didn't say anything more.

Taking advantage of this opportunity, the brothers also talked about some investment trends in the future, including the idea of reintegration of various consortia, and talked about it late at night, when Hu Jinyuan left the capital administration park.

After the war in the Far East and the financial fluctuations during this period, China's domestic economic construction has stabilized, and the Northeast has begun to become the focus of large-scale construction, Jilin Province has added the eastern part of the Changbai Mountains, the Sikhote Mountains and Sakhalin Island in the Far East, Heilongjiang Province has taken Qiqihar as the provincial capital, and added Hailanpao, Miaojie and other areas, and Jilin Province around Vladivostok is the focus of construction.

The Sikhote Mountains are far superior to the lost territories of southern Tibet.

An absurd Aihui treaty, a Manchurian incompetence and cowardice, made China easily lose a large area of rivers and mountains.

Until now, even without deliberate migration, the Chinese are still five to six times as large as the Russians in the Far East, and with the massive repatriation of the Russians, the Chinese have regained their true ownership of the land.

In order to reduce the Chinese population, since the Russians occupied the Far East, they have constantly indulged the Russians to contempt for the lives of the Chinese and shoot at will.

Until the Soviet Union, all China-related cultural relics found in the Far East were secretly seized, and the use of Chinese words was strictly forbidden in the local area, and it was completely de-sinicized.

What is the Sikhote Mountains?

It is what the Chinese call Xihe Daling, and now, it can finally be traced back to the source and renamed the Xiheling Mountain Range again.

Retaliation will eventually come, in the Far East War, Wang Shizhen's Northeast Corps completed the task at one time, delayed the debt for 40 years, completed within a month, and by the end of the Far East War and the Russians began to repatriate, the total number was less than 10,000.

Roll out with hatred, the farther you go, the better.

From the bottom of his heart, Hu Chuyuan hated the Russians.

If it weren't for the fear of the outbreak of the Soviets, he would have wanted to blow up the Russians.

It doesn't matter now, in Novosibirsk and Omsk, the Russians are still living in hell, the treaty on paper says very good, you can stay if you join the Chinese nationality, the question is whether you can join?

It is one thing to expel the Russians, to make them lose everything and go back and lie down, and it is another thing to strengthen the control of Mongolia, both of which need not be explicitly stated in the national policy bulletin.

The Northeast Corps was fully stationed in Mongolia, and the transformation of the two main divisions into mechanized integrated divisions is the truth of everything.

The new plan formulated in 1903 was very huge, and the northeast, southwest, and northwest, including Henan, Shaanxi, and Huguang, which had a relatively low level of development, began to increase the intensity of infrastructure construction, with agriculture and transportation construction as the focus, and increased investment and support policies for industrial development.

According to Hu Chuyuan's plan, in the next five years, the scale of water conservancy construction such as national reservoirs and canals will be doubled, the scale of national railway construction will increase by 14,500 kilometers, and the total amount of power generation will increase by 2.3 times.

In the next five years, the country's large-scale agricultural economic construction and joint venture system must be further promoted, agricultural mechanized planting and the development of modern animal husbandry must be given long-term support, and policy encouragement should be given to the research and production of agricultural machinery.

With the offsetting of the short-term investment in Russian and French government bonds by the China Trust and Financing Company, and the addition of military indemnities, the total amount of government bonds has been reduced to 5.5 billion yuan, and the actual available treasury bond funds are 3.7 billion yuan, which will be invested in the country in installments of five years.

With the appreciation of state-owned official assets in the stock market, the debt ratio of the state treasury has fallen to 13%.

Hu Chuyuan is an investment predator, of course, he knows very well how to make money, with the gradual recovery of domestic land prices, he resold 25% of the early industrial and commercial land held by the political axe, collected 1.3 billion yuan of capital, and instead injected it into the China Trust and Financing Company, China Investment Bank and Asia United Bank to invest and finance in China and Nanyang.

Although the total amount of gold reserves of the State Gold Reserves Administration is low and the total amount of national currency issuance is large, the amount of foreign exchange held by the central bank and the United Bank of Asia is very large, which is enough to guarantee the current total amount of money, and at the same time gradually increase the total amount of gold reserves, it can also ensure the existing central monetary policy.

After entering the gold standard, the power of China's fiscal and GDP aggregates became apparent.

Compared with the British market, the scale of the Chinese market is several times larger, and the scale of capital flow is also several times the order of the order, the United Kingdom is a conservative classical liberal economic policy, and does not intervene and invest too much in the internal market, while China is a national macroeconomic policy, and the domestic investment and regulation and control efforts are much greater.

Different policies and market environments have produced different changes, China is obviously biased towards manufacturing, its own financial system is basically self-sufficient, while Britain is biased towards the financial services industry, and continues to invest in China and the South Seas, especially with China further opening up the coast and investment scope, the total British investment in China and the Chinese colonies surged to 375 million pounds in 1903.

According to the current exchange rate of 1 pound to 8.267 Chinese yuan, that is, 3.1 billion Chinese yuan investment, while the total amount of capital investment in China is roughly the same, but the total domestic investment is basically concentrated in the internal market.

(To be continued)