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The Chinese hyperinflation was the extreme inflation that emerged in China during the late 1930s, [1] extended to Taiwan after the Japanese surrender in 1945, and concluded in the early 1950s. [ 2 ]
The hyperinflation under the Chinese Nationalists from 1939 to 1945 is a classic example of a government printing money to pay civil war costs. By the end, currency was flown in over the Himalayas, and then old currency was flown out to be destroyed. Hyperinflation is a complex phenomenon and one explanation may not be applicable to all cases.
GDP per capita in China (1913–1950) After the fall of the Qing dynasty in 1912, China underwent a period of instability and disrupted economic activity. During the Nanjing decade (1927–1937), China advanced in a number of industrial sectors, in particular those related to the military, in an effort to catch up with the west and prepare for war with Japan.
Confidence in the bank started to collapse in 1942, together with the prospects for Japanese victory in the Pacific War, leading to hyperinflation. Some banks refused to open accounts in the Central Reserve Bank's currency; in the case of the Bank of China, that led to violence against its agents. [4]
The 1935 currency reform was a monetary policy announced by the Nationalist Government of the Republic of China on November 4, 1935. This reform marked the abandonment of the silver standard and the adoption of a gold standard, introducing the Chinese National Currency (CNC, or Fabi) as the unified national currency.
However, the corruption of the KMT, as well as hyperinflation as a result of trying to fight the civil war, resulted in mass unrest throughout the Republic and sympathy for the communists. [44] Nearly all studies of the collapse of the Nationalist government identify hyperinflation as a major factor in the government's failure. [34]: 5
China's Wartime Finance and Inflation, 1937-45 is a 1965 non-fiction book by Arthur N. Young, published by Harvard University Press. It discusses the hyperinflation that hit the Republic of China during the Second Sino-Japanese War .
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