The Financial Crisis And Currency Finance During The Reign Of Emperor Xianfeng

Qing Dynasty once reached the peak of feudal finance. Kang-Yong-Qian heyday arose. But during the reign of Emperors Jiaqing and Daoguang, opium smuggle was becoming increasingly rampant and silver outflow was on the increase. After the Opium War, as a result of the huge indemnities paid to the foreign powers, Qing Dynasty went from prosperity to decline. The Taiping Heavenly Kingdom, the largest of peasant uprisings in China's history, broke out during the reign of Xianfeng. The finance of Qing Dynasty fell into a crisis under the combined influence of domestic troubles and foreign invasions. To diffuse the financial crisis, Qing Dynasty put forward the motion of minting coins and issuing paper money. On one hand, the new currency policy resulted in inflation; on the other hand, it stimulated the abnormal development of financial institutions.