Chapter 134 The financial tsunami is coming

In order to issue new banknotes.

Ding Xian established the Central Bank of Nanjing, of course. They claim that there is no such thing as Nanjing.

In order to maintain the value of the currency, the Central Bank of Nanjing has always maintained the exchange of new Nanjing banknotes for gold, silver, copper coins, and old Beijing banknotes. In particular, the exchange of old Beijing banknotes is one-to-one.

It's just that people here feel a problem, and recently more and more people have come to exchange northern banknotes.

Because a lot of people don't know.

The first wave of attacks has already begun in Beijing.

That is, Beijing has restricted the exchange of old Beijing banknotes with new Nanjing banknotes.

Since the moment the new Nanjing banknote appeared, Beijing has not recognized the new Nanjing banknote. In Beijing, it is simply impossible to use. However, Nanjing's new banknotes also have practical needs. Don't say anything else.

In the Nanjing market, most of the time it is necessary to use new banknotes.

Moreover, there is also a compulsory settlement of foreign exchange at the customs, that is, the money earned from Beijing must be exchanged for new banknotes.

When a currency is valuable. Even if it is said that circulation is not allowed, it cannot stop private circulation.

Anyway, Nanjing announced that the exchange between Nanjing's new banknotes and Beijing's old banknotes would be one-to-one. And between the North and the South, the banking system has collapsed. It is not possible to deposit and withdraw directly from a bank in Nanjing to Beijing.

There are also some money banks that privately exchange currencies between the north and the south, which are located in various ports in the north.

Flip the north and south banknotes back and forth to earn a handling fee.

Beijing has always turned a blind eye to these things. Without him, He Xi needs the market in Nanjing, otherwise where will so many goods in Beijing be sold. Although this method of sale is smuggling. But on the whole, it is still beneficial to Beijing.

He Xi naturally turned a blind eye.

But that's no longer the case.

He Xi went down with a knife and severely punished the new banknotes, and confiscated all the new banknotes found within the scope of Beijing. Because the legitimacy of such banknotes has never been recognized in the laws of the imperial court. It is treated as counterfeit money.

Even people who possess a large number of counterfeit banknotes can be charged with unpredictable crimes.

In an instant, trade between Beijing and Nanjing was completely cut off.

This also has implications for Beijing.

After all, Nanjing is a dumping ground for Beijing's goods.

In this way, the 300 million banknotes that Yao Guangxiao brought to the south will be useful. With the support of Wei Guogong and Cao Guogong, he immediately undertook the exchange of banknotes between the north and the south. Without saying a word, the price of the new Nanjing banknote against the old Beijing banknote fell by 100 percent, that is, the two yuan of the new Nanjing banknote were exchanged for one yuan of the old Beijing banknote.

At such a price, naturally there are many businessmen who are unwilling.

However, they want to buy goods from Beijing, and the new banknotes in their hands are waste paper. There are even some businessmen who sell raw materials and other goods to Beijing, but Beijing gives them new banknotes. Without him, a lot of new banknotes were seized here by the imperial court, and there was no place to spend them.

In addition, the number of new banknotes issued by Ding Xian is very large.

And all aspects of commerce need old Beijing banknotes.

Among the central banks of Nanjing, the new banknotes and old banknotes are still exchanged one-to-one.

So, countless people came to redeem it. There was even a long queue, blocking the streets of Nanjing.

Ding Xian's reaction to this incident was very slow.

This is not to blame Ding Xian, this matter is a new thing for him, and He Xi has long established a perfect system in Beijing to monitor the prices of all commodities on the market. He Xi himself still maintains his influence on state-owned enterprises, the Liaodong system, and even all big businessmen.

Coupled with the imperial court's power to formulate financial policies, with coercive law enforcement.

If there is anything on the market, He Xi will soon know.

Even the bank has a special economic institution. Although nothing has been achieved so far. But at least not deaf and blind.

And Ding Xian also has his own intelligence agency. But there is no such thing as a specialized economic research agency. A lot of things happen

Later, he understood.

But at that time, more than half of the old Beijing banknotes of the Nanjing Central Bank had been exchanged. Again, this gives a lot of limitations. For example, the daily limit can be redeemed, and so on. This is also a means to learn from Beijing.

There was something that scared Ding Xian even more.

That is, many merchants in the market no longer accept new banknotes, but use old banknotes.

After all, the old banknotes themselves have been in circulation throughout the Ming Dynasty for a long time. The little people don't know the problem behind it. All they know is that they always depreciate with new banknotes. And old banknotes do not depreciate.

In fact, the old banknotes also depreciated, only because of the exploitation of Nanjing's agricultural society by Beijing's industry, and Beijing's currency had a premium in Nanjing. In addition, the depreciation of Nanjing's new banknotes can be seen by everyone.

On the contrary, the people feel that Beijing's old banknotes have not depreciated.

And in this situation, Yao Guangxiao didn't know where to start.

How to force the people who use the old banknotes to be taken down.

But Yao Guangxiao was opportunistic when issuing new banknotes. The foundation of the new banknote is inherently insufficient.

The issuance of old banknotes in Beijing is based on gold and silver, although most of the gold is in the central bank today, but the ratio between the total amount of money issued is already a secret. At least very little has been made public. Many people feel that it should be less than 1 to 10. That is to say, one tael corresponded to one yuan before, but now one tael corresponds to ten yuan.

Some people even suggested that it should be adjusted, and before it was one tael corresponding to one yuan corresponding to consistent money, that is, a thousand copper coins. Nowadays, many people have suggested that it corresponds to a hundred copper coins. Anyway, there are already a lot of people who are melting copper coins into bronze objects.

Because copper coins are already lower than copper prices.

Someone else suggested that iron money could reappear in the world. In the future, one dollar will be exchanged for iron money for one thousand dollars.

Wait a minute.

Beijing's old banknotes have to face such a problem. Not to mention that the amount of new banknotes issued by Ding Xian is also quite large. Otherwise, how could it be possible to support the cost of Nanjing's war against Beijing.

When the new banknotes were issued, the Nanjing court did not have many gold, silver and copper coins, because they had spent them before. Over the years, the gold and silver handed over by various localities have been retained, and they are only one or two million taels. This is retained in the case of new banknotes for the expenditure of gold and silver.

But compared to the hundreds of millions of new banknotes issued. It is simply impossible to hold up this plate.

Therefore, when Ding Xian issued it, he also used the old Beijing banknotes as one of the reserves. However, in this way, the depreciation of the old Beijing banknotes also affected the new Nanjing banknotes. More importantly, Yao Guangxiao cannot deny the value of Beijing's old banknotes, because that is denying himself.

Since the value of Beijing's old banknotes cannot be denied, Ding Xian cannot block the circulation of Beijing's old banknotes. Although Ding Xian made it mandatory that new banknotes must be used in dealing with the government, such as paying taxes. But the problem was that the Nanjing court's intervention in commerce was really limited. There are a large number of commercial circulation links that are not under the control of the imperial court.

These businessmen use old banknotes, and Ding Xian has no way at all.

He can't let Ying Tianfu's yamen go door-to-door to search.

It's not that he doesn't want to do it, but he knows that doing so will cause even greater trouble. Not to mention that Nanjing is a place where the dragon and the tiger are hidden, I don't know who has a big guy behind him. Just talking about the virtue of the officials in Nanjing, they will not stop if they do such a thing, and they will not stop if they do not get complaints inside and outside Nanjing.

When the time comes, Ding Xian will still have to clean up the mess.

More importantly, is it useful when it does?

Forcing the people to use some kind of banknotes, Zhu Yuanzhang can't do such a thing. If Zhu Yuanzhang can do it, Zhu Yuanzhang's treasure money will fall into waste paper. It's strange that Ding Xian can do it.

Ding Xian only understood at this time, what is called financial self-esteem.

What worries him even more is to come.

In fact, on the black market, the price of new and old banknotes has never been one-to-one. But the ratio is not much different. So the current situation can be maintained. However, Cao Guogong and Wei Guogong jointly beat the ratio to the point of one to two.

Prices on the black market are also falling. Of course. Not to one to two. Just look at the south

The central bank of Beijing could not hold on. If the Central Bank of Nanjing stopped the one-to-one exchange between the new Nanjing banknotes and the old Beijing banknotes. So it's hard to say to what extent the price of the new banknotes has fallen.

But if he doesn't stop, Ding Xian no longer has any old banknotes in reserve.

This made Ding Xian anxious.