We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
The Collapse of Fabi and the Gold Yuan Reform Disaster
Published online by Cambridge University Press: 10 March 2023
In the last days of fabi, T. V. Soong heads south to become provincial governor of Guangdong province. On the introduction of the gold yuan currency in August 1948, Chiang Kai-shek turns to his son Jiang Jingguo (Chiang Ching-kuo) who begins a reign of terror in Shanghai. He alienates major capitalists and bankers and tackles David Kung, Madame Chiang’s favorite nephew, creating a family crisis.
Jiang Jingguo cannot hold the line on commodity prices in Shanghai. Controls are abandoned at the start of November, and hyperinflation explodes. The communist military victories exacerbate the situation. Capitalists begin fleeing China for Hong Kong, America, and elsewhere.
Why did the Nanjing government wait so long to introduce the new currency? Chiang’s focus on military issues had led him to ignore the issue until it was too late. Chiang resigns and T. V. Soong heads to America. Afterward – a bitter exile for the Soongs and Kungs.
To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
Find out more about the Kindle Personal Document Service.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.
