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The Sino-Japanese Currency War

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Chapter Summary

The present Sino-Japanese currency war is, however, of an entirely different nature. It is the aim of the Japanese to circulate a kind of paper money in those areas of China which are under their occupation, in order to supersede the Chinese legal tender. The Chinese Government took certain measures to meet this new Japanese attack. Again a limit was placed on the withdrawal of bank deposits in Shanghai, which was to serve a three-fold purpose. With effective price, trade and exchange control in the interior, the deterioration in the exchange rate in Shanghai would not affect very much the Chinese population in these provinces. The trade of other countries with China will suffer from the trade control instituted by both combatants. Thus the Sino-Japanese currency war is a sword which not only cuts both ways, but also strikes at the vital trade interests of all nations concerned.

Keywords: Chinese legal tender; Shanghai; Sino-Japanese currency war



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