A Brief Investigation Into the Nature of The Stability of The People'S Currency

Yang Pei-hsin

Chinese Economy, 1968, vol. 1, issue 3, 59-77

Abstract: Since the unification of our country's money and banking work in 1950 and the consequent prevention of inflation, the stability of our people's currency has been subjected to the trial and test of the Korean War, to the various external pressures that have been exerted against us in recent years, and to the three consecutive years of unprecedented natural disasters. Nevertheless, our currency has stood firm and maintained its stability. In a capitalist world of rampant inflation, where the purchasing power of the American dollar and British pound is tumbling one after the other, and under the conditions of a continually aggravated balance of payments crisis, our people's currency has stood out alone as completely stable in the domestic market and enjoying an unparalleled reputation and trust in foreign exchange and the world market. This must indeed demonstrate the increasing stability of our people's currency and the superiority of our socialist monetary system.

Date: 1968
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