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Text Chapter 542 Bei Zuyi¡¯s Crazy Plan

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    Such an important meeting cannot end in one day. In the next few days, everyone will express their opinions on currency reform, gold and silver bills and tax reform.

    Zhang Wenjing¡¯s attitude was firm. Countries such as the United Kingdom, the United States, and France had already begun to cancel the gold and silver standard. When Japan also called for the cancellation of the gold and silver standard, it was obviously inappropriate for the Republic of China to continue to maintain the gold and silver standard.  From an economic perspective, an exchange system and a legal single currency can effectively reduce market chaos and conversion troubles.  With the introduction of trade protectionism in various countries, they have begun to tighten their currencies and raise tariff thresholds, and direct intervention in the economy has begun to intensify. Only with a single currency can the Ministry of Finance effectively implement direct intervention through interest rates and issuance, thereby changing the current freedom  laissez-faire growth model.

    But the exchange system does not mean that currency can be issued at will. The total amount of currency must still be issued based on gold and silver reserves and economic aggregate. Strictly speaking, what countries currently use is a monetary policy between the gold standard and the exchange system.  Taking the UK as an example, it forcibly cut off the free convertibility between gold and pounds at the end of last year, but the value of pounds is still measured in gold.  This is a bit funny policy. It not only uses gold to estimate the value of currency, but also cuts off the connection between gold and currency. It stipulates that all transactions must use pounds. In international trade, pounds or foreign exchange from other countries must also be used. Only in foreign exchange  When there is a shortage, gold and silver are used to compensate.

    The advantage of this kind of monetary policy is that it can be adjusted at any time according to the needs of the national economy, but it requires a large amount of gold and silver reserves to support currency stability.  Zhang Wenjing has absolute confidence in this point. During the four-year European War, all countries stopped currency purchases.  A large number of gold and silver transactions were used. Although the export volume of the Republic of China was not as good as that of the United States, it still relied on large quantities of special precious metals such as bristles, tung oil, sulfonamides, weapons and ammunition, and tungsten to accumulate 700 tons of gold and 1,800 tons of silver. Among them, only Nicholas II ordered arms.  At that time, 300 tons of gold were mined at one time.  Later, when the Eastern Front retreated, it not only evacuated the east of the Urals, but also carried out crazy plunder of the local economy, bringing back a total of 50 tons of gold.  700 tons of silver and 3 tons of various types of jewelry and diamonds.  Later, he actively contacted Kolchak and first sold weapons to obtain 200 tons of gold.  Later, he used weapons and resettlement to obtain 600 tons of gold in one go.

    Since Yang Qiu came to power in the southwest in 1912, he has used military force to forcibly redeem major gold mines in the southwest.  After unifying the country and defeating Japan in 2014, all gold and silver mines in the country were nationalized.  The annual gold production is about 30 tons.  In addition, Zhang Wenjing and Xu Xiujun have been using monetary leverage to collect gold from the market, and the reserves have increased from 20 tons in the southwest to the current 450 tons, and silver has surged to 6,000 tons.

    By the end of 1920, the total central gold reserves had reached 2,000 tons (historically, the United States was 6,175 tons, Japan was 1,250 tons, and now the United States is 5,750 tons, and Japan is 955 tons), silver reserves were 8,300 tons, US dollar reserves were 320 million, and pounds sterling was 52 million.

    This number is slightly smaller than Yang Qiu¡¯s prediction. He originally thought that 2,000 tons of gold could be obtained by adding Kolchak to the European War.  But in the end it was only 1,500 tons.  But the survey figures on private gold holdings made him very excited. According to surveys by the Ministry of Finance and the Central Bank, private gold holdings nationwide are about 5 to 6,000 tons, and the Nanyang Chinese community also has about 4,000 tons of gold reserves!  This amount of reserves is scary and fully reflects the Chinese people¡¯s preference for hiding gold.  The tradition of keeping wealth secret.

    It is precisely because of this that the Ministry of Finance¡¯s decision to change the currency has been strengthened, and it is proposed that legislation should be enacted to forcibly cut off gold and silver trading, stipulating that silver is prohibited from being used for commercial transactions nationwide, and gold trading can only be sold to the central bank, and is prohibited to any private individuals.  Foreign capital and commercial institutions are not allowed to conduct gold business.  According to their analysis, if this method is adopted, the domestic gold price will inevitably plummet, and at least about 1,000 to 1,500 tons of gold will be withdrawn from the country.  The Ministry of Finance also proposed to issue targeted gold bonds and value-protected bonds to Chinese businessmen in Nanyang to avoid risks and withdraw 2 billion US dollars and 1,000 tons of gold from Nanyang as a gimmick to build a country. This way, the national gold reserves can quickly approach the United States and have more confidence to face the crisis.  Commodity dumping and financial risks in Europe and the United States.

    "I think the existing monetary policy is too rigorous and rigid!" Bei Zuyi, a young man, has completely entered the role. Even when facing senior executives' questions for several days in a row, he still talks eloquently. Now when facing the senior officials of the Republic of China, he even asked  A bold and crazy idea, it was later hailed as China's Keynes by Europe and the United States.  He continued: "We are different from Britain and the United States. Britain has extensive colonial interests, so the pound circulates all over the world, thus supporting it to become an international settlement currency. This is an innate condition that we cannot have. The advantage of the American currency is that it is isolated  We cannot replicate this model with the world's major continents, which have the world's largest manufacturing capacity and one-third of their gold reserves. So how should our country's future monetary system be positioned? I personally think that we should temporarily avoid conflicts with European countries such as the United Kingdom and the United States.  Compete for the status of a global currency, and use our traditional cultural complexes such as our Chinese love of group gatherings, fallen leaves returning to their roots, and homesickness complex to establish a monetary and economic circle that belongs to us Chinese! Let the yuan become the most important settlement currency among the Chinese."

    These words are groundbreakingShocked, even Yang Qiu straightened up unconsciously, leaned forward slightly and looked at the young man quietly. He seemed to see the impassioned teacher Cheng Cheng in the temporary court again.

    To be honest, Yang Qiu doesn¡¯t understand finance at all.  After graduating from the military academy, I joined the field reconnaissance force, and then went to work in sales at an automobile factory. My only concept of the economy was the increase in house prices, stock trading, etc. There are traces to be followed in engaging in industry, construction, commanding wars and building the army, but changes in the financial world  Too big.  In particular, the economic struggle and construction at the national level are a sacred book for him. Even if he has made up for it over the years, many things cannot be made up for.  That's why he convened this kind of economic meeting. Otherwise, according to his temper, he would have acted arbitrarily on such a major matter without giving anyone a chance to speak. He would rather make mistakes and correct them at any cost.

    Time travelers are not gods after all. A dispensable screw born five hundred years earlier in the 21st century may be a genius, but in this era of gradual improvement of the modern economic system, playing finance with those in Europe and the United States, especially Wall Street   Let¡¯s just leave it to people with particularly developed left brains. All you need to do is keep abreast of the pulse of the times.

    And now, Bei Zuyi is undoubtedly the young man with a developed left brain.

    "The Chinese are the most miserable. Even after the Shanghai Communique, the U.S. Chinese Exclusion Act and the Nanyang Anti-Chinese Incident showed no signs of being canceled or reduced. So I think the country should not only actively protect the interests of overseas Chinese, but also ensure that they exchange sweat and hard work for  It is feasible to issue gold bonds and value-protected bonds specifically for Chinese people in Nanyang and around the world. As long as the long-term stability of the country is ensured, the long-term continuation of policies and the credibility of the country are established, then they will also buy these in large quantities to avoid risks.  Two types of bonds.

    But this is a passive approach, and there is a more active approach.  This method is even simpler, which is to use the national credit as a guarantee to over-issue some RMB banknotes, and then hold these RMB notes to find representatives from Chinese businessmen in North Korea, Nanyang, Siam, Central Asia and other places, and let them use these currencies in the Chinese circle.  Purchase various resources, minerals and commodities needed by the country.  If things go on like this, a large amount of RMB will accumulate in these areas, and holding RMB cannot directly purchase goods from Britain, the United States and other countries. In this way, the Chinese must purchase products made in my country to achieve bulk exports to the above areas and further promote the domestic economy.

    Both of the above are fully operational means in the short term.  But these alone are not enough. We must find ways to make overseas Chinese believe that the country is strong and that the country¡¯s credibility is guaranteed!  In addition to publicity and commitment, I think we should also fully open investment fields such as railways, highways, heavy industry, power plants and telegraphs to overseas Chinese businessmen. As long as they do not involve national security areas, we can promote it to the entire overseas Chinese area to attract them to come back and invest.  , is also the best opportunity to establish national prestige and credibility!  "

    "Excessive issuance of currency? Take a bunch of banknotes and go to Nanyang Chinese District to purchase" If Bei Zuyi was not still promoting his plan for the Chinese economic circle, Yang Qiu would have immediately invited him home to have a good chat.  Even Tang Shaoyi was interested in this young man. She pulled Zhang Wenjing and said with a smile: "Run Qiu, although I, the Prime Minister, will step down in February, the Prime Minister's Office is still short of economic talents. I think  Yang Qiu was secretly amused. Tang Shaoyi took the initiative before poaching people, and joked: "Why don't you give up, Prime Minister? The Reform and Development Commission also lacks economic talents.  "

    Zhang Wenjing¡¯s face turned dark. How much effort did he put into digging out such a character? He wouldn¡¯t have played like this!  He waved his hands quickly: "My vice president, prime minister. Please spare me. Now the Ministry of Finance is counting on Songsun (Bei Zuyi's nickname)."

    The three of them looked at each other and smiled, but Cai E came over and said, "Run Qiu, what's going on with Britain and the United States about this currency reform?"

    Zhang Wenjing was having a headache about this matter, and said: "I am also worried. According to surveys and estimates, countries such as the United Kingdom and the United States probably hold thousands of tons of silver reserves. Once our currency changes, they will definitely suffer huge losses, and they will definitely not give up. In the end The worry is that they will interfere with gold and silver futures and take advantage of my country¡¯s currency reform to purchase large quantities of gold and silver at low prices.¡±

    "Acquisition of gold and silver?" Li Yuanhong asked in confusion: "What's the purpose of their acquisition? Didn't they say they wanted to restrict physical gold and silver from leaving the country?"

    "It would be better if we take it away. It would just be a loss of some money. What I'm afraid of is" Before Zhang Wenjing could finish speaking, Yang Qiu interrupted: "Acquire a large amount of Chinese enterprises with low-priced gold and silver, and then use  Forming a joint venture to sell goods in the name of it?¡±

    Zhang Wen nodded with a smile: "This means taking our money, buying our factory, selling their goods, and sucking our blood To be continued)!~!

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