,_Central_Bank_of_China_(Dated_1945,_issued_1948)_01.jpg) 1 gold yuan bill, 1948 | |
| Unit | |
| Symbol | ¥ |
| Denominations | |
| Subunit | |
| 1⁄100 | cent |
| Banknotes | |
| Freq. used | ¥500, ¥1,000, ¥10,000, ¥50,000, ¥100,000, ¥500,000 |
| Rarely used | 10 cents, 20 cents, 50 cents, ¥10, ¥20, ¥50, ¥100, ¥5,000,000 |
| Demographics | |
| Date of introduction | 19 August 1948 |
| Replaced | Chinese customs gold unit |
| Date of withdrawal | 3 July 1949 |
| Replaced by |
|
| Official user(s) |  China |
| Unofficial user(s) |  Tibet Second East Turkestan Republic |
| Issuance | |
| Central bank | Central Bank of the Republic of China |
| Valuation | |
| Inflation | 1,566,101.60% per year |
| This infobox shows the latest status before this currency was rendered obsolete. | |
The Chinese gold yuan (also known as golden round, golden yuan, among others) was a legal tender currency of China between August 1948 and 1949. It was a method used by the Republic of China government to accumulate gold from its citizens in preparation to relocate to Taiwan. It circulated in the country under the effective control of the Government of the Republic of China known as Taiwan Province, R.O.C.[clarification needed], which issued paper money[1] on August 19, 1948.[1] This currency was notorious for vicious inflation due to inadequate issuance preparation and failure to strictly enforce issuance limits. In the early days of the issuance of the Golden yuan, the government used executive actions to force the public to exchange gold, foreign currency for the new currency. The legal exchange rate was 0.22217 grams of gold per gold yuan but it could not be honored.[1] The sharply depreciating Fabi currency was at the rate of one golden yuan of the yen to 3 million fabi yuan, and this rate was used for the compulsory collection of public gold, silver, and foreign currency.[1] In particular, the economic losses suffered by the urban middle class were so great that the ROC government lost its original most important supporters and was one of the reasons why the ROC government failed so quickly in the Chinese Civil War.
After the failure of the issuance of the Golden Yuan, the government of the Republic of China immediately issued Silver Yuan, but it was soon rejected in circulation, and the Chinese golden yuan was recalled by Central People's Government with the RMB;[1] the people's government announced from June 1949 to stop the circulation of the Golden Yuan, and its replacement for the modern-day yuan at a rate of 100,000 yuan to 1 yuan.[2]
- ^ a b c d e Dictionary Editorial Board, ed. (1989). Dictionary] (1989 ed.). Shanghai Dictionary.
- ^ "100,000 yuan of the big cake". Archived from the original on 2019-06-14. Retrieved 2020-03-27.