At this time, the exchange rate between the US dollar and the silver dollar was: 1 US dollar = 2.23 silver dollars = 1.5 grams of gold, which means that the 500 tons of gold in the Chinese Empire were equivalent to about 334 million US dollars. （1）

According to the analysis of the economic talents of the Chinese Empire and the Jews, the initial Chinese dollar should not be too high, and should be set to 1 Chinese dollar = 0.75 grams of gold, 1 US dollar = 2 Chinese dollars, and 1 pound = 10.3 Chinese dollars. （2）

Since Qin Yu wants to implement the gold standard, Huayuan must be linked to gold, if Huaxia does not have enough gold, there is no way to ensure the safety of Huayuan, and if the issuance of Huayuan exceeds the gold reserves too much, there will be a surplus, leading to the rise of prices, and even the collapse of the financial market.

Now the European and American powers are using the gold standard, and they basically will not sell gold to Huaxia, because they also need gold to maintain the stability of their national currency, and they will not care about what happened to Huaxia.

In 1913, the four major economic powers before the war - the United States, Britain, Germany, and France had a total of 5 billion US dollars in gold reserves, of which the United States had the most, with 2 billion, Britain 800 million, Germany 1 billion, and France 1.2 billion.

The gold standard that Qin Yu wants to implement is a bit special, similar to the dollar pegged to gold in his previous life, mainly issuing Chinese yuan banknotes, and as for coins, gold coins will not be issued, only silver-copper mixed coins will be issued.

As for the gold, Qin Yu still has about 400 tons that have not been shipped back to China, of which 50 tons have been purchased from the Chilean government, which was sold to China because of the cooperative relationship between China and Chile; About fifty tons were purchased by his father-in-law and Wilhelm II in Germany with the help of large German families; The rest was secretly mined in the East Indies and Australia over the years.

The gold is already on its way back, probably back to the imperial capital (Beijing) in early July, and for security reasons, the gold is mixed in with commodities, protected by camouflaged soldiers along the way, and protected by submarines throughout the journey.

The Imperial fleet also divided a fleet to wait for the arrival of these merchant ships in the South China Sea, and then escorted them all the way back to the imperial capital, because the gold was too important to be lost.

The Chinese Empire had a total of almost 900 tons of gold, roughly equivalent to 600 million US dollars and 1.2 billion Chinese dollars.

After the study and analysis of the people of the Ministry of Economic Affairs, it is possible to appropriately issue 1.5 billion Chinese dollars, and too much will cause a surplus of Chinese dollars, which is not conducive to the economic development of the empire.

After Qin Yu saw it, he immediately increased the circulation to two billion, and the people in the Ministry of Economic Affairs thought that this should not be the case, so they all wrote to persuade Qin Yu to think twice, but Qin Yu explained to them that he would keep part of the money borrowed from various countries for this reform, and they were relieved.

The issuance of two billion Qin Yu is not too little, after all, the empire has 400 million people, and it will only be five yuan per person if it is evenly distributed, but he can't pursue the issuance too much, otherwise this gold standard will have no value.

The technical staff of the Ministry of Economic Affairs immediately began to enter the intense work of making banknotes after determining the design and issuance of the Chinese Yuan, and the manufacturing process was very strict, all the participants signed confidentiality agreements, and accepted the government supervision department to regularly review their individuals, wives, relatives and friends to ensure that secrets would not be leaked.

The printing presses of the Imperial Royal Mint were bought by the Reich at high prices in Germany and the United States, and there were as many as 700 sets of them. These presses have undergone a lot of modifications to fit the size of the Chinese dollar, which is different from the currencies of various countries around the world.

In order to prevent counterfeiting, Qin Yu also directly purchased a thousand-ton compressor from Germany to stamping 15 times at a time, compressing the Huayuan of 20 layers of paper to 1.5 layers thick, so that Huayuan becomes quite strong, wear-resistant, and foam-resistant.

The paper is made of special linen and cotton paper, which is stacked on top of 20 layers so that the counterfeit banknotes cannot use the paper accurately.

Counterfeit banknotes do not know the number of compression layers, times, and thickness of Huayuan, and the brush machine used is not thousand-ton level, plus the reason for the different feel, most of the counterfeit banknotes can be distinguished.

In order to increase the security of the currency, Qin Yu asked technicians to add watermarks to the banknotes, but because the empire did not have talents in this area, it was basically carried out by Jews or Germans on a separate assembly line, and this process was under the strict supervision of the empire.

Watermarks were first produced in Italy in the 13th century 700 years ago, and it was not until 1772 that German banknotes were first applied to newly issued Saxon banknotes in order to make their banknotes counterfeit-proof. As a result, Germany became the first country to apply watermarks to banknote printing. By the late 19th century, many countries around the world had applied watermarks to their banknotes.

The Chinese Yuan can only be manufactured by the Imperial Royal Mint, and its manufacture can only be made with the consent of the Imperial Emperor and the Congress, and it is illegal to manufacture the Chinese Yuan anywhere else, and it is bound to be sanctioned by the Empire.

Only the Huaxia Central Bank can issue and arrange the number of Huayuan, and other banks must store the corresponding gold in the Huaxia Central Bank in order to obtain the large-scale use and storage of Huayuan, otherwise the empire will not recognize all the bank's business with Huayuan, and all contacts with Huayuan business will be seized without recognition.

This reserve fund is actually a measure taken by Qin Yu in order to have more gold reserves and consolidate bank credit, which is a disguised form of bundling, but other banks have to compromise, otherwise they will collapse sooner or later.

On June 17, the Chinese Empire officially promulgated the "Execution of Huayuan Notice" and the "Execution Bank Notice", which came into effect immediately.

The "Proclamation on the Implementation of the Chinese Yuan" stipulated: 1. From June 17, 1913, the banknotes issued by the Central Bank of China shall be designated as Chinese dollars, and all taxes on completed grain and the receipt and payment of public and private funds shall be limited to Chinese dollars, and no cash shall be exercised, and all violators shall be confiscated to prevent the leakage of silver. Anyone who conceals the case and intends to steal it shall be punished according to the law of the hài Empire.

(2) With the exception of the Central Bank of China, the bank notes approved and issued by the Central Bank shall be allowed to be exercised as usual if they are currently in circulation, and the amount of banknotes issued shall be limited to the total amount in circulation by the end of the year, and no additional banknotes shall be issued. The Ministry of Economic Affairs shall gradually exchange the Chinese dollar banknotes for a period of time at its discretion, and the statutory reserves of the total amount in circulation, together with the new banknotes that have been printed but not issued and the old banknotes that have been issued and recovered, shall be handed over to the Economic Affairs Department for safekeeping.

3. All silver money stores and other public and private institutions or individuals who hold old coins such as silver dollars, silver taels, copper coins, etc., shall be handed over to the economic department or the central bank for exchange for Chinese dollars from November 4. Except for the silver standard currency, which is exchanged for Chinese dollars according to the denomination, the rest of the silver and copper are exchanged for the amount of pure silver and copper respectively.

4. The Ministry of Economic Affairs shall manage the reserve funds of the remaining banks in the Central Bank and the exchange of Chinese dollars, so as to ensure the certainty and the consolidation of credit.

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Provisions: 1. The Central Bank of Huaxia is the only bank in the Chinese Empire that legally issues Chinese dollars, and the bank is managed by the Empire and is subordinate to the Ministry of Economy. The reserve funds of each bank shall be entrusted to the management of the bank, and the bank shall not interfere with the normal business of the bank.

Abolish all large and small money banks in the country and allow them to be converted into banks, which must be approved by the Imperial Ministry of Industry and Commerce, and can only be opened after verification and certificates. If there is any resistance and disobedience, the legal crime of obstructing the work of the empire will be licensed, and half of the family property will be confiscated and the money bank will be closed if the circumstances are serious.

Foreign countries in the Imperial Bank shall respect the banking provisions of the Constitution, and all those who conduct Chinese dollar business shall pay a guarantee, and shall not maliciously falsely declare the exchange rate between other countries and the Empire. All banks in the Empire must obtain the consent of the Ministry of Commerce and Industry of the Empire, otherwise they will be expelled and forbidden to enter the territory of the Empire.

Private banks can only be established after being verified by the Ministry of Industry and Commerce, and if the reserve fund is insufficient, they can use land, factories, etc. as collateral, and this article only applies to imperial nationals. In addition, immigrants to the empire were not allowed to set up banks for ten years.

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After the proclamation of the two proclamations, the people of the empire soon began to implement them, and the owners of the money were the most active, they went to the local industrial and commercial department on the same day to apply for the conversion into a bank, they did not dare to resist the imperial government, from the last land reform and what the government has always done, the government is what it says, and the end of the rebellion will definitely be miserable.

In order to survive the tide of banks, some small banks have cooperated, and several or dozens of small banks have merged into new groups, and some large and medium-sized banks have cooperated strongly, while others have remained independent.

The price of gold in the empire began to rise, and many of the accumulated gold were sold, and the empire's gold reserves began to increase.

The Chinese dollar began to be distributed in batches, and the issuance was very smooth, and a large number of people exchanged the Chinese dollar, and it is believed that it will not be long before the Chinese dollar will replace the old currency.

The merchants of the empire were very satisfied with the Chinese yuan, because the Chinese yuan was directly linked to gold, and the Chinese yuan could be exchanged for gold at any time through the guò bank, and as long as the empire still had gold and the Chinese yuan was very stable, they did not have to worry about the danger of the difference in the price of the previous deposit.

Now that the country has been reunified, without the direct interference of the foreign powers, the Chinese yuan will soon circulate throughout the country, and the vast majority of the people support the government, and the current government makes them very satisfied.

There is also the disadvantages of the old currency, the people are also clear, the currency was very unstable when the warlords were divided before, and sometimes the hard-earned money was not enough to survive, and with the stable Chinese dollar, they did not have to worry about the value of the currency.

The issuance of the Chinese dollar caused a rush from foreign speculators, who not only exchanged their own money, but also hired a large number of Chinese people to rush to buy it, and they hoarded it in large quantities and waited for the price to rise.

Foreign banks had figured out that Guò Bank had snapped up a large number of them, but the reserve fund and audit discouraged them, and they had to exchange them with old Chinese currency themselves, because Huaxia had not yet opened the exchange of foreign currency. Just when they were about to exchange huàn on a large scale, they found that there were not many old currencies in the old currency banks, and they immediately began to exchange foreign currencies such as US dollars with Chinese merchants, which also led to the appreciation of old currencies against foreign currencies such as US dollars.

Notes: (1) The price of gold before 1914: 1 ounce (31.1 grams) = 4 pounds 4 shillings 11.5 pence (before 1971, 1 pound = 20 shillings = 240 pence) - that is, 1 ounce of gold is about 4.25 pounds, and 1 pound = 7.775 grams of gold.

(2) In 1792, the U.S. dollar adopted the gold and silver double standard, and since then, the gold content of the U.S. dollar has fluctuated between about 1.6038 grams and 1.50466 grams, that is, 1 U.S. dollar = about 1.5 grams of gold.

Satan can't find the exchange of the pound and the dollar against the gold and silver dollars in 1913, so he can only refer to the above two, please be considerate.