Researches On Russo-Chinese Bank's Issue Of Currency In China

The research of Russo-Chinese Bank before was more about the aspect ofaggression and anti-aggression. Only from this aspect to stud Russo-ChineseBank y, the research was noting but biased. Besides, the active period ofRusso-Chinese Bank in China (about 30 years) was of special historicalmeaning, and its activity was not only isolatedly an economic activity or ameans of Russia to aggress China, its activity was also affected by variousinfluences. And his economic activity in return also had an impact on thecontemporary society and resulted in some changes. In Russia, Russo-ChineseBank survived the period of tsar dictatorship, the period of FebruaryRevolution, the Capitalist interim regime, October Socialist Revolution andseveral control of exiled regime, while internationally it survived the havoc ofthe First World War, which all had a great impact on the back's activity inChina. At the same time, modern China was also in the transitional point,when politically the Mingguo authority replaced the Qing dynasty to governChina, and economically, the old economic form was in the transition to themodern economy, which also was reflected in the bank's activity. The thesis,from a more specific aspect, tries to set the Russo-Chinese Back's 30 years inChina to the fore of the contemporary historical stage to let it more vivid andrich.Russo-Chinese Bank's main function in china was to issue currency andthe circulation of the currency as an inevitable part of social life can bestreflect the basic situation of Chinese social life, so this thesis make a researchfrom the aspect of the Russo-Chinese Back's issue of currency in China.The Ruble issued by Russo-Chinese Bank from the end of 19th century tothe beginning of 20th century, took the place of the Chinese own currency andbecame the basic currency in Northeast part of China. This kind of thing isnever happened in Chinese history.Why could Russo-Chinese Bank issue Russian currency in China withoutany interruption?Why could Ruble, replacing Chinese silver coin and copper cash, becomethe basic currency in the market of Northeast China? Was it because of thepolicy's forceful command or because of the civilian's active will? You wouldfind answers of these questions in this thesis.The Russo-Chinese Bank presented its own characteristic owing to thespecial historical period it experienced, so it is necessary to make an analysisof the bank's development. The thesis firstly illustrates the historicaldevelopment of Russo-Chinese Bank, which was divided into 3 historicalperiods: (initiative period) Sino-France joint venture—Sino-Russiacooperation—reorganization: Russia-Asia Bank.The third part of the thesis introduces the basic situation and its influenceof Russo-Chinese Bank's issue of currency in China. Firstly the thesisillustrates the basic situation of the issue of currency of Russo-Chinese Bank,which includes the type, designation, sample and the circulating time ofcurrency, etc. secondly, it introduces the situation of currency's circulation,which includes the region of circulation, the number that issued and circulated,the fluctuation of the value, and etc. Finally, it analyzes the impact of the issueof currency of Russo-Chinese Bank in China. The circulation of Ruble inChina expanded the finance and commodity export of Tsar to China. At thesame time, because of the direct relationship between Ruble and the everydaylife of Chinese Northeast merchants, when Ruble was devaluated, it causedgreat loss to Chinese Northeast merchants. However, to be objective, thecirculation of the currency united the currencies of Northeast market, and alsofacilitated the civilian trade. Furthermore the issue of the currency ofRusso-Chinese Bank also facilitated the mature and perfection of Northeast'sfinancial market, especially Harbin and its peripheral regions. A modernfinancial market was gradually in shape in Northeast part of China, whichobjectively made it possible for the development of local industry andcommerce.The fourth part of the thesis analyzes the reasons of the issue of currencyof Russo-Chinese Bank. Firstly, it is because of the "inability"of Chinesegovernment and its abet and indulgence of Russo-Chinese Bank Bank'sactivity of currency issue in China. The incompetent mandarin governmentbecame the shareholder of Russo-Chinese Bank. What the government caredabout was the dividend, so they never interfered with what the bank did, andnever said no to their deed. After the establishment of new government, it inprinciple should prohibite foreign bank to issue paper money in china, and thenew government once found ways to interfere, but it was delayed because thegovernment was newly established; full-scale construction was under way andthe warlords'separate power made China hard to unite and control. Besidesthe Bank had something to do with other big powers, so the government didnot take the prohibition seriously. Secondly, the activity of Russo-ChineseBank was fully supported by Russian government, for it was the outcome ofTsar government's policy to China, and it was an important institution forRussia to expand its power and make an aggression to China. As an importantinstitution to aggress China, Russo-Chinese Bank could issue currency byforce because of the preferential power of Russia in China. Thirdly, Ruble'scirculation in China was not admitted. Ruble could not come into circulationjust by unequal treaty and Tsar's preferential power. The fundamental reasonfor Ruble's circulation was that it met the needs of contemporary Chinesemarket, and it was the product of economic activity. Because of the shortage ofcopper cash of Northeast market, various kinds of currency circulated in themarket. Because these currencies were regional, so it caused a lot ofinconvenient, and they were easy to devaluate for their low credit, the currencymarket was very chaotic. While Ruble overcome the shortcomings mentionedabove, and it was quite solid, so the civilian were willing to use it. Besides,Russo-Chinese Bank's issue of currency also reflected Chinese government'sindifferent consciousness of controlling currency sovereign.From the study, we not only have a clear idea of Russo-Chinese BankBank's activity of currency issue, we also have a general idea of economicactivity of Chinese Northeast region at that time. Because of the lack of apowerful, unified central authority in China, and the standardized system tomonitor currency issue, it resulted in the chaos of currency market, and made...