Speculators and banking syndicates from various countries wantonly exchanged the Chinese dollar, and the old currency appreciated rapidly, and in just a few days, it became one dollar to two silver dollars, which made the banking syndicates die of heartache, and they began to buy the Chinese yuan directly at one thousandth of the price set by the Chinese dollar.

At the beginning, those Chinese merchants who sold old coins were very profitable, and after they got foreign currency, they found that foreign currency could not be exchanged for Chinese dollars in the imperial government for the time being, which made them regret it very much.

When the Chinese saw that the Chinese dollar was profitable, they sold their Chinese dollars to foreigners, and then sold the foreign currency to those who secretly bought foreign currency with the Chinese dollars, so that they could earn the difference. Since those who buy foreign currency only need pounds and dollars, the dollars and pounds are very popular with the people, and the pounds and dollars of the major banks in China have also been dispatched.

The pounds and dollars were bought by the Jewish consortia and the three major Chinese trading houses, who had already obtained more than 500 million Chinese dollars from the Chinese authorities and were ready to use them to make a profit.

Originally, according to the original plan, it was to be opened to the outside world, but Qin Yu vetoed it, because if it is opened too early, it will easily cause a strong financial crisis, and it will be easier to cause foreign hoarding of Chinese yuan. It is also advantageous to temporarily close the opening, and they can also use the difference in the price during the period to purchase foreign currency as foreign exchange reserves, and the private sector can also obtain a part of the benefits.

During this period of time, the Chinese government turned a blind eye because the "Proclamation on the Implementation of Chinese Yuan" already stipulated that it was forbidden to buy and sell Chinese dollars without permission, and it was illegal to buy and sell Chinese dollars. As long as it is not traded on a large scale, it is generally ignored, after all, people in the private sector are privately traded, and it cannot be put an end to, and the Huaxia government does not have so much energy to search.

On June 27, the Chinese government officially announced the opening of foreign currency exchanges, and in an instant, banking consortia from various countries frantically let people use foreign currencies to exchange for Chinese dollars and hoard them.

In the ten days from the 17th to the 27th, the Central Bank of China had exchanged as much as 300 million Chinese dollars, most of which were hoarded by speculators and bank syndicates, and the rest were circulated by the imperial citizens.

The people of the empire saw that the value of the Chinese dollar was constantly appreciating, and they also began to use the Chinese yuan to buy those foreign high-end products, especially those factory owners found that using the Chinese dollar to buy those comprador machines was much cheaper than the silver dollar, and they took the opportunity to buy a large number of scarce machines to develop.

Hua Yuan rose faster when the Huaxia Empire announced that it would exchange its foreign currency, and it was close to the US dollar after only three days of opening, from one dollar for two Chinese dollars to one dollar for 1.2 Chinese dollars, and on the fifth day, Huaxia sold a total of 500 million Chinese dollars, and a large number of banks brought money in Japan to Huaxia to exchange Chinese dollars.

More and more speculators flocked to the Chinese Empire to speculate on Huayuan after seeing that Huayuan was powerful and profitable, and even the Japanese kept instructing their own businessmen in Huaxia and domestic businessmen to speculate on Huayuan, and they not only wanted to get a piece of the pie but also wanted to take the opportunity to mess up Huayuan's financial market.

Since the Chinese Empire did not open up to the Japanese yen, only the currencies of European and American countries such as the US dollar, the British pound, the mark, and the hair salon were exchanged against the huàn, and even the Russian ruble was not opened, which made the Japanese and Russian merchants have to use their own national currencies to buy Chinese dollars against those of other countries.

A large amount of money poured into the Huaxia market, which made the people in the Imperial Economic Department very nervous, and the pressure was also doubled, and now they basically worked eighteen hours a day, keeping a close eye on the imperial market.

The appreciation of the Chinese dollar is very fast, it has exceeded the dollar, one Chinese dollar to huàn 1.1 dollars, and it is still rising, even the people in the Ministry of Economy can not resist, they urgently report to the emperor Xià, in this way the Chinese dollar will have to increase the issuance, but if it is increased, it will cause turmoil on the gold standard.

The diplomatic ambassadors of the Chinese Empire urgently met with the ambassadors of European and American countries, asked them to restrain the merchants of their own countries, and even hoped that their governments would come forward to suppress them, but these ambassadors agreed on the surface, and behind their backs they were still hoarding Chinese dollars.

Qin Yu asked the people from the Ministry of Foreign Affairs to find those ambassadors just to pretend, he didn't think that the governments of the world would come forward to help the Huaxia Empire suppress the actions of these merchants, maybe they were all laughing now.

However, there are still countries willing to help Huaxia, for example, Germany's Wilhelm II asked the German government to suppress the speculation of its businessmen in Huaxia, and the German banks in Huaxia did not dare to hoard a large number of Chinese dollars, because they were frightened by the country, and Qin Yu's father-in-law inadvertently revealed that the previous purchase of gold was for his son-in-law, which really scared them.

Many banks in Germany believed Gustav's words, and they also began to secretly sell the Chinese dollars in their hands, leaving only enough Chinese dollars for the banks, and they were also afraid that they would be pitted to death, so it was better to take them when they saw it, and now they have made a lot of money.

The 400 tons of gold were transported back to the imperial capital ahead of schedule at the end of June, but Qin Yu did not make a public announcement, but just put them in the storage warehouse of the Central Bank of Huaxia.

Huayuan continues to heat up, and the rate of appreciation makes those speculators and bank consortia laugh when they sleep, and they can already foresee the money they will make this time.

In order to earn more price differences, Japan and Russia and other countries continue to inflate the Chinese dollar, and are even ready to create chaos in the Chinese Empire, they want to continue to hoard the Chinese dollar, and then let the Chinese dollar issue more Chinese yuan, and sell it when the Chinese dollar issuance exceeds the gold reserves.

Once the issuance of Chinese dollars exceeds the Empire's gold reserves, and those speculators and malicious sellers sell, the Empire will not be able to recover these Chinese dollars in a short period of time, which will inevitably cause prices to rise and the Chinese dollar to depreciate.

Qin Yu had already thought of a solution, and he asked the central bank to set up branches across the country to monitor the circulation of Chinese dollars in the market, replenish the shortage of Chinese dollars and recover excess Chinese dollars at any time. In addition, he also stipulated in the "Implementing Bank Notice" that foreign banks should disclose the amount of reserves and receipts and expenditures of Huayuan to the China Banking Regulatory Commission, which specializes in the management of banks in Huaxia, at any time, so that they can be prepared.

As of July 2, Hua Yuan had exchanged a total of as much as 1.5 billion, and another 500 million was unwilling to be sold by the Chinese Empire to maintain emergency relief.

About 300 million of the 1.5 billion yuan is in the hands of the Chinese people, and the 1.2 billion Chinese yuan is in the hands of foreign speculators and banking syndicates, who are waiting for the Chinese yuan to continue to ferment and then make profits, and they are still secretly buying the Chinese yuan from the people.

At this time, one Chinese dollar is equal to 1.7 US dollars, which has risen very fast, and it is still in constant speculation, and those speculators are still urging the Chinese Empire to continue to issue Chinese dollars, and even the domestic people have begun to demand that they continue to issue Chinese dollars.

Qin Yu asked several major trading houses and Jews in the empire to prepare to receive 300 million Chinese dollars, and the central bank issued 300 million Chinese dollars, and he told them to line up to exchange Chinese dollars.

When the news of the central bank's re-issuance of 300 million Chinese yuan broke, a large number of foreign speculators frantically flocked to the central bank's branches everywhere, but by the time they arrived, there were already more than a few hundred people queuing up, and the queue continued to increase rapidly.

The people in the front line are basically the people arranged by Qin Yu, and the people in the back are the residents near the bank, these residents came to line up so early not to exchange huàn Chinese dollars, but to occupy a position, and specially sell the position to foreigners at a high price, that is, the "scalpers" who are coaxed by cattle.

It was only one morning, when the speculators arrived, the bank staff shrugged their shoulders and apologized to them, saying that the bank had no more Chinese dollars, and they had to wait for the next time. These foreigners began to curse the street regardless of their image, and foul language from various countries continued to burst out, and some even viciously scolded their mothers at the bank staff, and the onlookers were very gloating when they saw this, and those scalpers who had made money ran away when they saw that the situation was not good.

This situation played out in the major cities of the country, and very few foreigners bought Huayuan again, only about one-tenth of the 300 million Huayuan went to them, and the rest was taken by the big merchants and Jews of the empire.

The Imperial Comptoirs and the Jews who had just gotten the Chinese Yuan were secretly selling their Hua Yuan, and more than 200 million Hua Yuan was bought by the major Chinese Comptoir at a high price within three days, and they stipulated that they would ask for pounds or dollars.

On the third day after the issuance of the 300 million Chinese dollars, the news came out that the imperial reserves were not as much as 500 tons, but only about 300 tons, and finally a senior executive of a central bank was drunk and admitted that it was only 300 tons, and the central government was still printing more Chinese dollar banknotes.

Another hot thing is that the huge amount of borrowing of the Chinese Empire has basically been invested in the First Five-Year Plan, and there is no extra money to stabilize the Huayuan, which is already in surplus.

The increase in printing, the surplus and the previous sell-off made these speculators and bank consortia very panicked, and many of them could not believe it, and asked the Chinese Empire to disclose the number of Chinese yuan, but the Chinese Empire refused on the grounds of the country's core secrets.

Just when they were panicking, the Jews and the imperial comptoirs continued to sell the Chinese dollar, and they still had about 200 million Chinese dollars, and the German banking consortium also followed the sale when they saw this, which led to a direct depreciation of the Chinese dollar, which was faster than the rise, and it fell from 1:1.7 to 1:1.3 in only one day.

This speed is too fast, those foreign speculators and bank consortia have not yet reacted, this speed is too terrifying, now they are all heartbroken, if they sell at this time, they still have a little profit, but they still want to see how the Chinese government handles, because they are not willing to work hard for so long to earn so little.

This is only the idea of a large number of people, but there are still many bank consortia and speculators who are selling Huayuan, especially those who have invested all their net worth in it do not dare to continue to stay on the sidelines, and if it falls again, they will lose money.

The continuous sell-off allowed the Huayuan to continue to fall, and the more it fell, the more it was sold, and the sell-off contributed to the decline, so the decline of the Huayuan could not be stopped at all, unless the Chinese government came out to refute the rumors.

On the third day of the sell-off, the ratio of Hua and the US dollar fell to 1:1, which made those speculators even more panicked, half of the speculators began to sell, only those bank consortiums did not sell, because they had this confidence, they had to wait for the Chinese government to come out to refute the rumors, and they firmly believed that the Chinese government would not look at it like this.

The massive sell-off exacerbated the decline of the Chinese dollar, and soon the Chinese dollar fell to the value of the previous issuance, that is, the ratio of the Chinese dollar to the dollar was 2:1.

This makes those who did not sell Huayuan directly spew out a mouthful of old blood, this is simply their lives, if they continue to fall, they will lose a lot of money, after all, many of them are bought in the back, even powerful banks do not want to have such a big loss, so these banks have to sell, otherwise the headquarters will tear them apart.

Of course, there are some banks that have not sold off, and these banks are all banks established in China by European and American countries, such as the Russian Hua Daosheng Bank, the Japanese Shojin Bank, the Bank of England, HSBC, etc., they have not sold the Chinese dollar, and they do not think that the Chinese government will be indifferent.

But contrary to their expectations, the Chinese government said that this is the freedom of the market, and they will not interfere too much with the Chinese dollar, and the Chinese empire is a country with a free market, and all countries are welcome to invest in China.

When these big banks saw this, they were all stunned, could it be that Huaxia was not ready to issue Huayuan, they burst into tears when they thought that the Huaxia Empire really did not seem to have any talents in finance and bank management, this is not a trap for them, a loss.

By the time they were selling, the Chinese dollar had fallen to a ratio of 3:1 to the dollar, and there was a tendency to continue to fall, and they all sold off their Chinese dollars one after another, and the Jews and the big trading houses of the Chinese Empire were secretly buying these Chinese dollars, and they had been collecting them for some time.

Many of the failed speculators chose to commit suicide by jumping into the sea and other ways, because they would go bankrupt after returning to their country, so it was better to die a hundred, so this time there were many foreigners who committed suicide in the currency reform, and those countries did not extradite their bodies back, so the Chinese government had to find a random wilderness to bury.

This situation is similar to the rubber stock market turmoil in Shanghai at the beginning, but the targets of suicide have been replaced by foreigners, and there are many speculators involved in the rubber turmoil.

When the ratio of the Chinese dollar to the US dollar was 3.5:4, those speculators and banks in various countries had basically sold off the hoarded Chinese dollars, and they were unwilling to bewitch those failed Chinese speculators to exchange for gold, so the people broke out distrust of the Chinese dollar, and began to demand the exchange of gold.

The Central Bank of Huaxia quickly gave them gold from those who came to exchange gold, and less than 500 million Chinese dollars are now circulating in the hands of the people, and the rest is basically in the hands of the empire, so there will be no shortage of gold at all.

At this time, the Chinese government announced that the empire's gold reserves were 900 tons, and also took pictures of the gold stored in the zài warehouse, although it was a black and white photo, but you can still see this approximate gold.

At this time, Huayuan began to rise, and a few days later it directly returned to the level that had just been issued, and when it reached this level, it basically stopped, and no one speculated about Huayuan, because most of the previous speculators lost money or went bankrupt, and those banks were also afraid, so Huayuan stabilized.

As the credit of the Chinese dollar rose again due to the abundance of gold, the Chinese dollar also became one of the very strong currencies, and as of July 15, the currency reform of the Chinese Empire was a perfect success. The empire's major merchant houses and Jewish consortia were very excited, because they had made more than 300 million dollars this time, and the worst were the big foreign banks, which had lost more than 200 million dollars.

ps: Satan doesn't know much about this aspect of things, and everyone is eager to point out any mistakes.