Currency reform in 1930s China and the American silver policy: A case analysis of how Chinese monetary policy was influenced by American policy and contemporary East Asian circumstances

This thesis analyzed Chinese currency reform initiated by Nanjing nationalist government in 1935. A series of historical material demonstrated that this currency reform was Chinese government's response to silver crisis caused by Silver Purchase Act of the United States. Yet further scrutiny proved that this currency reform move was also a key component of China's comprehensive plan in resisting Japan's highly feasible invasion following seizure of North-east China. In other words, research on Chinese currency reform should consider context of early 1930s' East Asian circumstances. In addition, further research revealed that currency reform was an organic part of Nanjing nationalist government's reform and construction move during the "golden decade" lasting from 1927 to 1937.;Without American Silver Purchase Act and Japanese invasion, this legal tender currency reform would still occur; early 1930s' East Asian circumstances and silver crisis just precipitated this currency reform. However, American Silver Purchase Act really excited this currency reform.;During this case analysis, the author tried to uncover connection between a domestic bill of the United States and a milestone in Chinese monetary history. As this connection exists today, the author tried to provide a mirror to today's Sino-American relationship through the revelation of such connection. This is of primary importance when bonds between China and the United States are never so tightly linked because of globalization and current economic crisis.