The Evolution Of Harbin's Currency In Late Qing And Early Republic

Along with the construction of Eastern Railway, Harbin's urban construction also started. With the rise and development of city, financial institutions also experienced from small to multi-process. At the same time, the monetary system of Harbin were developing and improving. It provided the Harbin's urban construction with strong financial support.Russo-Chinese Bank was the first financial institution established in Harbin in modern times. Since the establishment of Russo-Chinese bank, it was seeking the control of region and the whole of northeast currency. Railway construction in the Eastern railway was funded by the Russo-Chinese bank. It took advantage of the deflation of the region to release Russian ruble notes issued by the State Bank. When the railway was completed, freight only charged Russian currency. With the influx of a large number of Russian emigrants, Russo-Chinese Bank loaned Russian emigrants industrial and commercial activity. The Russian currency in the Middle East was spreading along the railway line and then replaced the Chinese currency. In order to boycott Russian currency, Chinese currency institution had been settled up and issued currency .After the Russo-Japanese War (1904-1905) , Russian influence retreated to north of Northeast China, Harbin was a top priority of its operations. With the development of industry and commerce of Harbin, the financial industry was also gradually on the rise, various financial institutions followed and settled in Harbin. After the October Revolution, this pattern was gradually broken with collapse of the tsarist Russia. Before and after the October Revolution, the ruble currency was diminishing quickly. People are gradually losing confidence in the ruble, the Chinese side was making preparations for revitalizing the Chinese currency, While Japan took the opportunity to put the financial strength of an attempt to push Harbin, Russo-Chinese Bank struggled to maintain its position in Harbin. In the ongoing competition, Chinese currency defeat the Japanese currency, tumbled onto the stage of Harbin's currency.