CINXE.COM

<!DOCTYPE html> <html class="client-nojs vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available" lang="en" dir="ltr"> <head> <meta charset="UTF-8"> <title>Chinese hyperinflation - Wikipedia</title> <script>(function(){var className="client-js vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available";var cookie=document.cookie.match(/(?:^|; )enwikimwclientpreferences=([^;]+)/);if(cookie){cookie[1].split('%2C').forEach(function(pref){className=className.replace(new RegExp('(^| )'+pref.replace(/-clientpref-\w+$|[^\w-]+/g,'')+'-clientpref-\\w+( |$)'),'$1'+pref+'$2');});}document.documentElement.className=className;}());RLCONF={"wgBreakFrames":false,"wgSeparatorTransformTable":["",""],"wgDigitTransformTable":["",""],"wgDefaultDateFormat":"dmy", "wgMonthNames":["","January","February","March","April","May","June","July","August","September","October","November","December"],"wgRequestId":"4f7950ab-c86f-43d9-bf4e-5265a08a7d32","wgCanonicalNamespace":"","wgCanonicalSpecialPageName":false,"wgNamespaceNumber":0,"wgPageName":"Chinese_hyperinflation","wgTitle":"Chinese hyperinflation","wgCurRevisionId":1259637537,"wgRevisionId":1259637537,"wgArticleId":78365835,"wgIsArticle":true,"wgIsRedirect":false,"wgAction":"view","wgUserName":null,"wgUserGroups":["*"],"wgCategories":["CS1 Chinese-language sources (zh)","CS1 maint: DOI inactive as of November 2024","Articles with short description","Short description is different from Wikidata","Hyperinflation","China in World War II","Chinese Civil War","Economic history of China","Economic history of Taiwan","Economic warfare","Aftermath of World War II in China"],"wgPageViewLanguage":"en","wgPageContentLanguage":"en","wgPageContentModel":"wikitext","wgRelevantPageName":"Chinese_hyperinflation" ,"wgRelevantArticleId":78365835,"wgIsProbablyEditable":true,"wgRelevantPageIsProbablyEditable":true,"wgRestrictionEdit":[],"wgRestrictionMove":[],"wgNoticeProject":"wikipedia","wgCiteReferencePreviewsActive":false,"wgFlaggedRevsParams":{"tags":{"status":{"levels":1}}},"wgMediaViewerOnClick":true,"wgMediaViewerEnabledByDefault":true,"wgPopupsFlags":0,"wgVisualEditor":{"pageLanguageCode":"en","pageLanguageDir":"ltr","pageVariantFallbacks":"en"},"wgMFDisplayWikibaseDescriptions":{"search":true,"watchlist":true,"tagline":false,"nearby":true},"wgWMESchemaEditAttemptStepOversample":false,"wgWMEPageLength":50000,"wgRelatedArticlesCompat":[],"wgCentralAuthMobileDomain":false,"wgEditSubmitButtonLabelPublish":true,"wgULSPosition":"interlanguage","wgULSisCompactLinksEnabled":false,"wgVector2022LanguageInHeader":true,"wgULSisLanguageSelectorEmpty":false,"wgWikibaseItemId":"Q10874776","wgCheckUserClientHintsHeadersJsApi":["brands","architecture","bitness","fullVersionList","mobile","model", "platform","platformVersion"],"GEHomepageSuggestedEditsEnableTopics":true,"wgGETopicsMatchModeEnabled":false,"wgGEStructuredTaskRejectionReasonTextInputEnabled":false,"wgGELevelingUpEnabledForUser":false};RLSTATE={"ext.globalCssJs.user.styles":"ready","site.styles":"ready","user.styles":"ready","ext.globalCssJs.user":"ready","user":"ready","user.options":"loading","ext.cite.styles":"ready","skins.vector.search.codex.styles":"ready","skins.vector.styles":"ready","skins.vector.icons":"ready","jquery.makeCollapsible.styles":"ready","ext.wikimediamessages.styles":"ready","ext.visualEditor.desktopArticleTarget.noscript":"ready","ext.uls.interlanguage":"ready","wikibase.client.init":"ready","ext.wikimediaBadges":"ready"};RLPAGEMODULES=["ext.cite.ux-enhancements","mediawiki.page.media","ext.scribunto.logs","site","mediawiki.page.ready","jquery.makeCollapsible","mediawiki.toc","skins.vector.js","ext.centralNotice.geoIP","ext.centralNotice.startUp","ext.gadget.ReferenceTooltips", "ext.gadget.switcher","ext.urlShortener.toolbar","ext.centralauth.centralautologin","mmv.bootstrap","ext.popups","ext.visualEditor.desktopArticleTarget.init","ext.visualEditor.targetLoader","ext.echo.centralauth","ext.eventLogging","ext.wikimediaEvents","ext.navigationTiming","ext.uls.interface","ext.cx.eventlogging.campaigns","ext.cx.uls.quick.actions","wikibase.client.vector-2022","ext.checkUser.clientHints","ext.quicksurveys.init","ext.growthExperiments.SuggestedEditSession","wikibase.sidebar.tracking"];</script> <script>(RLQ=window.RLQ||[]).push(function(){mw.loader.impl(function(){return["user.options@12s5i",function($,jQuery,require,module){mw.user.tokens.set({"patrolToken":"+\\","watchToken":"+\\","csrfToken":"+\\"}); }];});});</script> <link rel="stylesheet" href="/w/load.php?lang=en&modules=ext.cite.styles%7Cext.uls.interlanguage%7Cext.visualEditor.desktopArticleTarget.noscript%7Cext.wikimediaBadges%7Cext.wikimediamessages.styles%7Cjquery.makeCollapsible.styles%7Cskins.vector.icons%2Cstyles%7Cskins.vector.search.codex.styles%7Cwikibase.client.init&only=styles&skin=vector-2022"> <script async="" src="/w/load.php?lang=en&modules=startup&only=scripts&raw=1&skin=vector-2022"></script> <meta name="ResourceLoaderDynamicStyles" content=""> <link rel="stylesheet" href="/w/load.php?lang=en&modules=site.styles&only=styles&skin=vector-2022"> <meta name="generator" content="MediaWiki 1.44.0-wmf.4"> <meta name="referrer" content="origin"> <meta name="referrer" content="origin-when-cross-origin"> <meta name="robots" content="max-image-preview:standard"> <meta name="format-detection" content="telephone=no"> <meta property="og:image" content="https://upload.wikimedia.org/wikipedia/commons/0/00/Carrying_Cash_in_Republican_China_-_Preparing_to_pay_wages.jpg"> <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="1130"> <meta property="og:image" content="https://upload.wikimedia.org/wikipedia/commons/0/00/Carrying_Cash_in_Republican_China_-_Preparing_to_pay_wages.jpg"> <meta property="og:image:width" content="800"> <meta property="og:image:height" content="754"> <meta property="og:image:width" content="640"> <meta property="og:image:height" content="603"> <meta name="viewport" content="width=1120"> <meta property="og:title" content="Chinese hyperinflation - Wikipedia"> <meta property="og:type" content="website"> <link rel="preconnect" href="//upload.wikimedia.org"> <link rel="alternate" media="only screen and (max-width: 640px)" href="//en.m.wikipedia.org/wiki/Chinese_hyperinflation"> <link rel="alternate" type="application/x-wiki" title="Edit this page" href="/w/index.php?title=Chinese_hyperinflation&action=edit"> <link rel="apple-touch-icon" href="/static/apple-touch/wikipedia.png"> <link rel="icon" href="/static/favicon/wikipedia.ico"> <link rel="search" type="application/opensearchdescription+xml" href="/w/rest.php/v1/search" title="Wikipedia (en)"> <link rel="EditURI" type="application/rsd+xml" href="//en.wikipedia.org/w/api.php?action=rsd"> <link rel="canonical" href="https://en.wikipedia.org/wiki/Chinese_hyperinflation"> <link rel="license" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en"> <link rel="alternate" type="application/atom+xml" title="Wikipedia Atom feed" href="/w/index.php?title=Special:RecentChanges&feed=atom"> <link rel="dns-prefetch" href="//meta.wikimedia.org" /> <link rel="dns-prefetch" href="//login.wikimedia.org"> </head> <body class="skin--responsive skin-vector skin-vector-search-vue mediawiki ltr sitedir-ltr mw-hide-empty-elt ns-0 ns-subject mw-editable page-Chinese_hyperinflation rootpage-Chinese_hyperinflation skin-vector-2022 action-view"><a class="mw-jump-link" href="#bodyContent">Jump to content</a> <div class="vector-header-container"> <header class="vector-header mw-header"> <div class="vector-header-start"> <nav class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-dropdown" class="vector-dropdown vector-main-menu-dropdown vector-button-flush-left vector-button-flush-right" > <input type="checkbox" id="vector-main-menu-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-main-menu-dropdown" class="vector-dropdown-checkbox " aria-label="Main menu" > <label id="vector-main-menu-dropdown-label" for="vector-main-menu-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-menu mw-ui-icon-wikimedia-menu"></span> <span class="vector-dropdown-label-text">Main menu</span> </label> <div class="vector-dropdown-content"> <div id="vector-main-menu-unpinned-container" class="vector-unpinned-container"> <div id="vector-main-menu" class="vector-main-menu vector-pinnable-element"> <div class="vector-pinnable-header vector-main-menu-pinnable-header vector-pinnable-header-unpinned" data-feature-name="main-menu-pinned" data-pinnable-element-id="vector-main-menu" data-pinned-container-id="vector-main-menu-pinned-container" data-unpinned-container-id="vector-main-menu-unpinned-container" > <div class="vector-pinnable-header-label">Main menu</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-main-menu.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-main-menu.unpin">hide</button> </div> <div id="p-navigation" class="vector-menu mw-portlet mw-portlet-navigation" > <div class="vector-menu-heading"> Navigation </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-mainpage-description" class="mw-list-item"><a href="/wiki/Main_Page" title="Visit the main page [z]" accesskey="z"><span>Main page</span></a></li><li id="n-contents" class="mw-list-item"><a href="/wiki/Wikipedia:Contents" title="Guides to browsing Wikipedia"><span>Contents</span></a></li><li id="n-currentevents" class="mw-list-item"><a href="/wiki/Portal:Current_events" title="Articles related to current events"><span>Current events</span></a></li><li id="n-randompage" class="mw-list-item"><a href="/wiki/Special:Random" title="Visit a randomly selected article [x]" accesskey="x"><span>Random article</span></a></li><li id="n-aboutsite" class="mw-list-item"><a href="/wiki/Wikipedia:About" title="Learn about Wikipedia and how it works"><span>About Wikipedia</span></a></li><li id="n-contactpage" class="mw-list-item"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us" title="How to contact Wikipedia"><span>Contact us</span></a></li> </ul> </div> </div> <div id="p-interaction" class="vector-menu mw-portlet mw-portlet-interaction" > <div class="vector-menu-heading"> Contribute </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-help" class="mw-list-item"><a href="/wiki/Help:Contents" title="Guidance on how to use and edit Wikipedia"><span>Help</span></a></li><li id="n-introduction" class="mw-list-item"><a href="/wiki/Help:Introduction" title="Learn how to edit Wikipedia"><span>Learn to edit</span></a></li><li id="n-portal" class="mw-list-item"><a href="/wiki/Wikipedia:Community_portal" title="The hub for editors"><span>Community portal</span></a></li><li id="n-recentchanges" class="mw-list-item"><a href="/wiki/Special:RecentChanges" title="A list of recent changes to Wikipedia [r]" accesskey="r"><span>Recent changes</span></a></li><li id="n-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_upload_wizard" title="Add images or other media for use on Wikipedia"><span>Upload file</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> <a href="/wiki/Main_Page" class="mw-logo"> <img class="mw-logo-icon" src="/static/images/icons/wikipedia.png" alt="" aria-hidden="true" height="50" width="50"> <span class="mw-logo-container skin-invert"> <img class="mw-logo-wordmark" alt="Wikipedia" src="/static/images/mobile/copyright/wikipedia-wordmark-en.svg" style="width: 7.5em; height: 1.125em;"> <img class="mw-logo-tagline" alt="The Free Encyclopedia" src="/static/images/mobile/copyright/wikipedia-tagline-en.svg" width="117" height="13" style="width: 7.3125em; height: 0.8125em;"> </span> </a> </div> <div class="vector-header-end"> <div id="p-search" role="search" class="vector-search-box-vue vector-search-box-collapses vector-search-box-show-thumbnail vector-search-box-auto-expand-width vector-search-box"> <a href="/wiki/Special:Search" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only search-toggle" title="Search Wikipedia [f]" accesskey="f"><span class="vector-icon mw-ui-icon-search mw-ui-icon-wikimedia-search"></span> <span>Search</span> </a> <div class="vector-typeahead-search-container"> <div class="cdx-typeahead-search cdx-typeahead-search--show-thumbnail cdx-typeahead-search--auto-expand-width"> <form action="/w/index.php" id="searchform" class="cdx-search-input cdx-search-input--has-end-button"> <div id="simpleSearch" class="cdx-search-input__input-wrapper" data-search-loc="header-moved"> <div class="cdx-text-input cdx-text-input--has-start-icon"> <input class="cdx-text-input__input" type="search" name="search" placeholder="Search Wikipedia" aria-label="Search Wikipedia" autocapitalize="sentences" title="Search Wikipedia [f]" accesskey="f" id="searchInput" > <span class="cdx-text-input__icon cdx-text-input__start-icon"></span> </div> <input type="hidden" name="title" value="Special:Search"> </div> <button class="cdx-button cdx-search-input__end-button">Search</button> </form> </div> </div> </div> <nav class="vector-user-links vector-user-links-wide" aria-label="Personal tools"> <div class="vector-user-links-main"> <div id="p-vector-user-menu-preferences" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-userpage" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-dropdown" class="vector-dropdown " title="Change the appearance of the page's font size, width, and color" > <input type="checkbox" id="vector-appearance-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-appearance-dropdown" class="vector-dropdown-checkbox " aria-label="Appearance" > <label id="vector-appearance-dropdown-label" for="vector-appearance-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-appearance mw-ui-icon-wikimedia-appearance"></span> <span class="vector-dropdown-label-text">Appearance</span> </label> <div class="vector-dropdown-content"> <div id="vector-appearance-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <div id="p-vector-user-menu-notifications" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-overflow" class="vector-menu mw-portlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en" class=""><span>Donate</span></a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:CreateAccount&returnto=Chinese+hyperinflation" title="You are encouraged to create an account and log in; however, it is not mandatory" class=""><span>Create account</span></a> </li> <li id="pt-login-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:UserLogin&returnto=Chinese+hyperinflation" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o" class=""><span>Log in</span></a> </li> </ul> </div> </div> </div> <div id="vector-user-links-dropdown" class="vector-dropdown vector-user-menu vector-button-flush-right vector-user-menu-logged-out" title="Log in and more options" > <input type="checkbox" id="vector-user-links-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-user-links-dropdown" class="vector-dropdown-checkbox " aria-label="Personal tools" > <label id="vector-user-links-dropdown-label" for="vector-user-links-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-ellipsis mw-ui-icon-wikimedia-ellipsis"></span> <span class="vector-dropdown-label-text">Personal tools</span> </label> <div class="vector-dropdown-content"> <div id="p-personal" class="vector-menu mw-portlet mw-portlet-personal user-links-collapsible-item" title="User menu" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport" class="user-links-collapsible-item mw-list-item"><a href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en"><span>Donate</span></a></li><li id="pt-createaccount" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:CreateAccount&returnto=Chinese+hyperinflation" title="You are encouraged to create an account and log in; however, it is not mandatory"><span class="vector-icon mw-ui-icon-userAdd mw-ui-icon-wikimedia-userAdd"></span> <span>Create account</span></a></li><li id="pt-login" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:UserLogin&returnto=Chinese+hyperinflation" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o"><span class="vector-icon mw-ui-icon-logIn mw-ui-icon-wikimedia-logIn"></span> <span>Log in</span></a></li> </ul> </div> </div> <div id="p-user-menu-anon-editor" class="vector-menu mw-portlet mw-portlet-user-menu-anon-editor" > <div class="vector-menu-heading"> Pages for logged out editors <a href="/wiki/Help:Introduction" aria-label="Learn more about editing"><span>learn more</span></a> </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-anoncontribs" class="mw-list-item"><a href="/wiki/Special:MyContributions" title="A list of edits made from this IP address [y]" accesskey="y"><span>Contributions</span></a></li><li id="pt-anontalk" class="mw-list-item"><a href="/wiki/Special:MyTalk" title="Discussion about edits from this IP address [n]" accesskey="n"><span>Talk</span></a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Contents" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Contents</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-Origins" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Origins"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Origins</span> </div> </a> <button aria-controls="toc-Origins-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Origins subsection</span> </button> <ul id="toc-Origins-sublist" class="vector-toc-list"> <li id="toc-Silver_outflow_in_the_1930s" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Silver_outflow_in_the_1930s"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Silver outflow in the 1930s</span> </div> </a> <ul id="toc-Silver_outflow_in_the_1930s-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-1935_currency_reform" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#1935_currency_reform"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>1935 currency reform</span> </div> </a> <ul id="toc-1935_currency_reform-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Second_Sino-Japanese_War" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Second_Sino-Japanese_War"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Second Sino-Japanese War</span> </div> </a> <button aria-controls="toc-Second_Sino-Japanese_War-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Second Sino-Japanese War subsection</span> </button> <ul id="toc-Second_Sino-Japanese_War-sublist" class="vector-toc-list"> <li id="toc-Nationalist_China" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Nationalist_China"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Nationalist China</span> </div> </a> <ul id="toc-Nationalist_China-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Shanghai" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Shanghai"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Shanghai</span> </div> </a> <ul id="toc-Shanghai-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Occupied_China" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Occupied_China"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Occupied China</span> </div> </a> <ul id="toc-Occupied_China-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Communist_China" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Communist_China"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Communist China</span> </div> </a> <ul id="toc-Communist_China-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Civil_War" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Civil_War"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Civil War</span> </div> </a> <button aria-controls="toc-Civil_War-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Civil War subsection</span> </button> <ul id="toc-Civil_War-sublist" class="vector-toc-list"> <li id="toc-Nationalist_China_2" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Nationalist_China_2"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Nationalist China</span> </div> </a> <ul id="toc-Nationalist_China_2-sublist" class="vector-toc-list"> <li id="toc-1948_currency_reform" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#1948_currency_reform"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.1</span> <span>1948 currency reform</span> </div> </a> <ul id="toc-1948_currency_reform-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Failed_price_control_attempt" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Failed_price_control_attempt"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.2</span> <span>Failed price control attempt</span> </div> </a> <ul id="toc-Failed_price_control_attempt-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Currency_substitution" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Currency_substitution"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.3</span> <span>Currency substitution</span> </div> </a> <ul id="toc-Currency_substitution-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Taiwan" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Taiwan"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Taiwan</span> </div> </a> <ul id="toc-Taiwan-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Manchuria" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Manchuria"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Manchuria</span> </div> </a> <ul id="toc-Manchuria-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Communist_China_2" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Communist_China_2"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Communist China</span> </div> </a> <ul id="toc-Communist_China_2-sublist" class="vector-toc-list"> <li id="toc-Commodity_control" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Commodity_control"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4.1</span> <span>Commodity control</span> </div> </a> <ul id="toc-Commodity_control-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Capital_control" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Capital_control"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4.2</span> <span>Capital control</span> </div> </a> <ul id="toc-Capital_control-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Budget_control" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Budget_control"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4.3</span> <span>Budget control</span> </div> </a> <ul id="toc-Budget_control-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Aftermath" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Aftermath"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Aftermath</span> </div> </a> <button aria-controls="toc-Aftermath-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Aftermath subsection</span> </button> <ul id="toc-Aftermath-sublist" class="vector-toc-list"> <li id="toc-Communist_revolution_of_China" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Communist_revolution_of_China"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Communist revolution of China</span> </div> </a> <ul id="toc-Communist_revolution_of_China-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Restoring_financial_stability_on_Taiwan" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Restoring_financial_stability_on_Taiwan"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Restoring financial stability on Taiwan</span> </div> </a> <ul id="toc-Restoring_financial_stability_on_Taiwan-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <button aria-controls="toc-References-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle References subsection</span> </button> <ul id="toc-References-sublist" class="vector-toc-list"> <li id="toc-Citations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Citations"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Citations</span> </div> </a> <ul id="toc-Citations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sources" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sources"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Sources</span> </div> </a> <ul id="toc-Sources-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Chinese hyperinflation</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 1 language" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-1" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">1 language</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E4%B8%AD%E5%9C%8B%E9%80%9A%E8%B2%A8%E8%86%A8%E8%84%B9_(1938%E5%B9%B4%E2%80%941950%E5%B9%B4)" title="中國通貨膨脹 (1938年—1950年) – Chinese" lang="zh" hreflang="zh" data-title="中國通貨膨脹 (1938年—1950年)" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q10874776#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Chinese_hyperinflation" title="View the content page [c]" accesskey="c"><span>Article</span></a></li><li id="ca-talk" class="vector-tab-noicon mw-list-item"><a href="/wiki/Talk:Chinese_hyperinflation" rel="discussion" title="Discuss improvements to the content page [t]" accesskey="t"><span>Talk</span></a></li> </ul> </div> </div> <div id="vector-variants-dropdown" class="vector-dropdown emptyPortlet" > <input type="checkbox" id="vector-variants-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-variants-dropdown" class="vector-dropdown-checkbox " aria-label="Change language variant" > <label id="vector-variants-dropdown-label" for="vector-variants-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">English</span> </label> <div class="vector-dropdown-content"> <div id="p-variants" class="vector-menu mw-portlet mw-portlet-variants emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> </div> </div> </nav> </div> <div id="right-navigation" class="vector-collapsible"> <nav aria-label="Views"> <div id="p-views" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-views" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-view" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Chinese_hyperinflation"><span>Read</span></a></li><li id="ca-edit" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Chinese_hyperinflation&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-history" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Chinese_hyperinflation&action=history" title="Past revisions of this page [h]" accesskey="h"><span>View history</span></a></li> </ul> </div> </div> </nav> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-dropdown" class="vector-dropdown vector-page-tools-dropdown" > <input type="checkbox" id="vector-page-tools-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-tools-dropdown" class="vector-dropdown-checkbox " aria-label="Tools" > <label id="vector-page-tools-dropdown-label" for="vector-page-tools-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">Tools</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-tools-unpinned-container" class="vector-unpinned-container"> <div id="vector-page-tools" class="vector-page-tools vector-pinnable-element"> <div class="vector-pinnable-header vector-page-tools-pinnable-header vector-pinnable-header-unpinned" data-feature-name="page-tools-pinned" data-pinnable-element-id="vector-page-tools" data-pinned-container-id="vector-page-tools-pinned-container" data-unpinned-container-id="vector-page-tools-unpinned-container" > <div class="vector-pinnable-header-label">Tools</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-page-tools.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-page-tools.unpin">hide</button> </div> <div id="p-cactions" class="vector-menu mw-portlet mw-portlet-cactions emptyPortlet vector-has-collapsible-items" title="More options" > <div class="vector-menu-heading"> Actions </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-more-view" class="selected vector-more-collapsible-item mw-list-item"><a href="/wiki/Chinese_hyperinflation"><span>Read</span></a></li><li id="ca-more-edit" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Chinese_hyperinflation&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-more-history" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Chinese_hyperinflation&action=history"><span>View history</span></a></li> </ul> </div> </div> <div id="p-tb" class="vector-menu mw-portlet mw-portlet-tb" > <div class="vector-menu-heading"> General </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="t-whatlinkshere" class="mw-list-item"><a href="/wiki/Special:WhatLinksHere/Chinese_hyperinflation" title="List of all English Wikipedia pages containing links to this page [j]" accesskey="j"><span>What links here</span></a></li><li id="t-recentchangeslinked" class="mw-list-item"><a href="/wiki/Special:RecentChangesLinked/Chinese_hyperinflation" rel="nofollow" title="Recent changes in pages linked from this page [k]" accesskey="k"><span>Related changes</span></a></li><li id="t-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_Upload_Wizard" title="Upload files [u]" accesskey="u"><span>Upload file</span></a></li><li id="t-specialpages" class="mw-list-item"><a href="/wiki/Special:SpecialPages" title="A list of all special pages [q]" accesskey="q"><span>Special pages</span></a></li><li id="t-permalink" class="mw-list-item"><a href="/w/index.php?title=Chinese_hyperinflation&oldid=1259637537" title="Permanent link to this revision of this page"><span>Permanent link</span></a></li><li id="t-info" class="mw-list-item"><a href="/w/index.php?title=Chinese_hyperinflation&action=info" title="More information about this page"><span>Page information</span></a></li><li id="t-cite" class="mw-list-item"><a href="/w/index.php?title=Special:CiteThisPage&page=Chinese_hyperinflation&id=1259637537&wpFormIdentifier=titleform" title="Information on how to cite this page"><span>Cite this page</span></a></li><li id="t-urlshortener" class="mw-list-item"><a href="/w/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FChinese_hyperinflation"><span>Get shortened URL</span></a></li><li id="t-urlshortener-qrcode" class="mw-list-item"><a href="/w/index.php?title=Special:QrCode&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FChinese_hyperinflation"><span>Download QR code</span></a></li> </ul> </div> </div> <div id="p-coll-print_export" class="vector-menu mw-portlet mw-portlet-coll-print_export" > <div class="vector-menu-heading"> Print/export </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="coll-download-as-rl" class="mw-list-item"><a href="/w/index.php?title=Special:DownloadAsPdf&page=Chinese_hyperinflation&action=show-download-screen" title="Download this page as a PDF file"><span>Download as PDF</span></a></li><li id="t-print" class="mw-list-item"><a href="/w/index.php?title=Chinese_hyperinflation&printable=yes" title="Printable version of this page [p]" accesskey="p"><span>Printable version</span></a></li> </ul> </div> </div> <div id="p-wikibase-otherprojects" class="vector-menu mw-portlet mw-portlet-wikibase-otherprojects" > <div class="vector-menu-heading"> In other projects </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="t-wikibase" class="wb-otherproject-link wb-otherproject-wikibase-dataitem mw-list-item"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q10874776" title="Structured data on this page hosted by Wikidata [g]" accesskey="g"><span>Wikidata item</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> </div> </div> </div> <div class="vector-column-end"> <div class="vector-sticky-pinned-container"> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-pinned-container" class="vector-pinned-container"> </div> </nav> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-pinned-container" class="vector-pinned-container"> <div id="vector-appearance" class="vector-appearance vector-pinnable-element"> <div class="vector-pinnable-header vector-appearance-pinnable-header vector-pinnable-header-pinned" data-feature-name="appearance-pinned" data-pinnable-element-id="vector-appearance" data-pinned-container-id="vector-appearance-pinned-container" data-unpinned-container-id="vector-appearance-unpinned-container" > <div class="vector-pinnable-header-label">Appearance</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-appearance.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Inflation in China from the 1930s to 1950s</div><style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox vevent"><caption class="infobox-title summary">Chinese hyperinflation</caption><tbody><tr><td colspan="2" class="infobox-subheader">Part of the <a href="/wiki/Chinese_civil_war" class="mw-redirect" title="Chinese civil war">Chinese civil war</a> and the <a href="/wiki/Second_Sino-Japanese_war" class="mw-redirect" title="Second Sino-Japanese war">Second Sino-Japanese war</a></td></tr><tr><td colspan="2" class="infobox-image" style="border-bottom:#aaa solid 1px"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:Carrying_Cash_in_Republican_China_-_Preparing_to_pay_wages.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/Carrying_Cash_in_Republican_China_-_Preparing_to_pay_wages.jpg/240px-Carrying_Cash_in_Republican_China_-_Preparing_to_pay_wages.jpg" decoding="async" width="240" height="226" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/Carrying_Cash_in_Republican_China_-_Preparing_to_pay_wages.jpg/360px-Carrying_Cash_in_Republican_China_-_Preparing_to_pay_wages.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/00/Carrying_Cash_in_Republican_China_-_Preparing_to_pay_wages.jpg/480px-Carrying_Cash_in_Republican_China_-_Preparing_to_pay_wages.jpg 2x" data-file-width="500" data-file-height="471" /></a></span><div class="infobox-caption">Preparing to pay wages in the 1940s China</div></td></tr><tr><th scope="row" class="infobox-label">Date</th><td class="infobox-data" style="text-align: left;">Late 1930s to early 1950s</td></tr><tr><th scope="row" class="infobox-label">Location</th><td class="infobox-data location" style="text-align: left;"><a href="/wiki/Mainland_China" title="Mainland China">Mainland China</a> <br />(Extended to <a href="/wiki/Taiwan" title="Taiwan">Taiwan</a> in 1945)</td></tr><tr><th scope="row" class="infobox-label">Cause</th><td class="infobox-data" style="text-align: left;"> <ul><li>State monopoly of money supply since the <a href="/wiki/1935_currency_reform" title="1935 currency reform">1935 currency reform</a></li> <li><a href="/wiki/Deficit_spending" title="Deficit spending">Deficit spending</a></li> <li>Poor financial governance and corruption</li> <li>Nationalist military failures</li></ul> </td></tr></tbody></table> <p>The <b>Chinese hyperinflation</b> was the <a href="/wiki/Hyperinflation" title="Hyperinflation">extreme inflation</a> that emerged in <a href="/wiki/China" title="China">China</a> during the late 1930s,<sup id="cite_ref-:19_1-0" class="reference"><a href="#cite_note-:19-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> extended to <a href="/wiki/Taiwan" title="Taiwan">Taiwan</a> after the <a href="/wiki/Surrender_of_Japan" title="Surrender of Japan">Japanese surrender</a> in 1945, and concluded in the early 1950s.<sup id="cite_ref-:10_2-0" class="reference"><a href="#cite_note-:10-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>In the <a href="/wiki/1935_currency_reform" title="1935 currency reform">1935 currency reform</a>, the <a href="/wiki/Nationalist_government" title="Nationalist government">Nationalist government</a> of China abandoned the traditional <a href="/wiki/Silver_standard" title="Silver standard">silver standard</a>, in response to deflation caused by rising silver prices, and introduced its own <a href="/wiki/Banknote" title="Banknote">paper currency</a>, the <a href="/wiki/Chinese_National_Currency" title="Chinese National Currency">Chinese National Currency</a> (CNC).<sup id="cite_ref-:19_1-1" class="reference"><a href="#cite_note-:19-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> However, this currency was issued without sufficient credit or reserve backing. The Nationalist government's reliance on <a href="/wiki/Deficit_spending" title="Deficit spending">deficit spending</a> led to unchecked monetary expansion, resulting in rapid currency depreciation. This situation was aggravated by the financial burden of the <a href="/wiki/Second_Sino-Japanese_War" title="Second Sino-Japanese War">Second Sino-Japanese War</a> and the subsequent <a href="/wiki/Chinese_Civil_War" title="Chinese Civil War">Chinese Civil War</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> To control the price hike, the government tried to introduce a new currency, namely the <a href="/wiki/Chinese_gold_yuan" title="Chinese gold yuan">Chinese gold yuan</a> (GY) in 1948,<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> along with price and wage controls, which proved infeasible due to extensive corruption and administrative failures. </p><p>The hyperinflation eroded popular support for <a href="/wiki/Kuomintang" title="Kuomintang">Nationalists</a> across China, contributing to the collapse of the <a href="/wiki/Republic_of_China_(1912%E2%80%931949)" title="Republic of China (1912–1949)">Republic of China</a> on <a href="/wiki/Mainland_China" title="Mainland China">Mainland</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> In contrast, the Communists' ability to control it, aided their rise to power on <a href="/wiki/Mainland_China" title="Mainland China">Mainland China</a>.<sup id="cite_ref-:17_6-0" class="reference"><a href="#cite_note-:17-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> On <a href="/wiki/Taiwan" title="Taiwan">Taiwan</a>, the Nationalists eventually restored financial stability using the Chinese gold they took to the island during their <a href="/wiki/Retreat_of_the_government_of_the_Republic_of_China_to_Taiwan" title="Retreat of the government of the Republic of China to Taiwan">retreat</a> from the mainland<sup id="cite_ref-:11_7-0" class="reference"><a href="#cite_note-:11-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> and American financial support.<sup id="cite_ref-:9_8-0" class="reference"><a href="#cite_note-:9-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Origins">Origins</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=1" title="Edit section: Origins"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:5_Yuan_-_Central_Bank_of_China_(1936)_01.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5a/5_Yuan_-_Central_Bank_of_China_%281936%29_01.png/220px-5_Yuan_-_Central_Bank_of_China_%281936%29_01.png" decoding="async" width="220" height="219" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5a/5_Yuan_-_Central_Bank_of_China_%281936%29_01.png/330px-5_Yuan_-_Central_Bank_of_China_%281936%29_01.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5a/5_Yuan_-_Central_Bank_of_China_%281936%29_01.png/440px-5_Yuan_-_Central_Bank_of_China_%281936%29_01.png 2x" data-file-width="803" data-file-height="800" /></a><figcaption>A 5-yuan CNC banknote in 1936</figcaption></figure> <p>In 1905, the <a href="/wiki/Qing_dynasty" title="Qing dynasty">Imperial Chinese government</a> founded the <a href="/wiki/Da-Qing_Bank" title="Da-Qing Bank">Hubu Bank</a>, granting it the authority to issue banknotes. At the time, Chinese leaders, whether conservative or revolutionary, believed that increasing the issuance of banknotes would allow them to outspend their revenues. Although subsequent republican governments sought to unify the national currency, progress was slow by 1937 due to internal conflicts and concerns about foreign intervention, as the plan potentially required substantial foreign loans. As a result, <a href="/wiki/Silver_standard" title="Silver standard">silver bullion</a> still dominated the market, circulated and exchanged in various forms and weights without fixed ratios.<sup id="cite_ref-:0_9-0" class="reference"><a href="#cite_note-:0-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Silver_outflow_in_the_1930s">Silver outflow in the 1930s</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=2" title="Edit section: Silver outflow in the 1930s"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1933, China was the only major country to use a <a href="/wiki/Silver_standard" title="Silver standard">silver standard</a>. The use of silver protected China from the initial impact of the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> in 1929, as it primarily traded with <a href="/wiki/Gold_standard" title="Gold standard">gold-standard</a> countries, which saw a reduced silver price, effectively <a href="/wiki/Debasement" title="Debasement">debasing</a> the Chinese currency.<sup id="cite_ref-:17_6-1" class="reference"><a href="#cite_note-:17-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Nevertheless, the rising global silver prices in the early 1930s, primarily due to the silver purchase policies in the West, led to significant deflation in China, which discouraged Chinese exports and resulting in continuous <a href="/wiki/Balance_of_trade" title="Balance of trade">trade deficit</a>. Cheap agricultural produces flooded into China while silver flowed out.<sup id="cite_ref-:0_9-1" class="reference"><a href="#cite_note-:0-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="1935_currency_reform">1935 currency reform</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=3" title="Edit section: 1935 currency reform"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/1935_currency_reform" title="1935 currency reform">1935 currency reform</a></div> <p>In 1935, the Nationalist government imposed a reform to replace the <a href="/wiki/Silver_standard" title="Silver standard">silver standard</a> with the foreign exchange standard, in which a new paper currency, namely <a href="/wiki/Chinese_National_Currency" title="Chinese National Currency">Chinese National Currency</a> (CNC), was created. The government pledged to establish an independent <a href="/wiki/Central_Bank_of_the_Republic_of_China_(Taiwan)" title="Central Bank of the Republic of China (Taiwan)">Central Bank</a> to act as the reserve bank and to create a supervisory committee with responsible members from the business community to oversee the money supply. However, none of these promises was fulfilled. Instead it paved ways for the government to expand money supply without constraints.<sup id="cite_ref-:0_9-2" class="reference"><a href="#cite_note-:0-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Second_Sino-Japanese_War">Second Sino-Japanese War</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=4" title="Edit section: Second Sino-Japanese War"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Wartime_inflation_in_Chinese_cities,_1938-1945.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Wartime_inflation_in_Chinese_cities%2C_1938-1945.svg/220px-Wartime_inflation_in_Chinese_cities%2C_1938-1945.svg.png" decoding="async" width="220" height="247" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Wartime_inflation_in_Chinese_cities%2C_1938-1945.svg/330px-Wartime_inflation_in_Chinese_cities%2C_1938-1945.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/Wartime_inflation_in_Chinese_cities%2C_1938-1945.svg/440px-Wartime_inflation_in_Chinese_cities%2C_1938-1945.svg.png 2x" data-file-width="2017" data-file-height="2264" /></a><figcaption>Wartime inflation in Chinese cities, 1938-1945<sup id="cite_ref-:3_10-0" class="reference"><a href="#cite_note-:3-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup></figcaption></figure> <table class="wikitable" style="text-align:right"> <caption>Inflation in wartime China<sup id="cite_ref-:3_10-1" class="reference"><a href="#cite_note-:3-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </caption> <tbody><tr> <th rowspan="2">Year </th> <th colspan="2">Nationalist </th> <th>Communist </th> <th>Japanese </th></tr> <tr> <th><a href="/wiki/Chongqing" title="Chongqing">Chongqing</a> </th> <th><a href="/wiki/Chengdu" title="Chengdu">Chengdu</a> </th> <th><a href="/wiki/Fuping_County,_Hebei" title="Fuping County, Hebei">Fuping</a> </th> <th><a href="/wiki/Tianjin" title="Tianjin">Tianjin</a> </th></tr> <tr> <td>1938 </td> <td>126 </td> <td>128 </td> <td>100 </td> <td>143 </td></tr> <tr> <td>1939 </td> <td>220 </td> <td>225 </td> <td>272 </td> <td>232 </td></tr> <tr> <td>1940 </td> <td>569 </td> <td>665 </td> <td>1,092 </td> <td>506 </td></tr> <tr> <td>1941 </td> <td>1,576 </td> <td>1,769 </td> <td>899 </td> <td>1,099 </td></tr> <tr> <td>1942 </td> <td>4,408 </td> <td>4,559 </td> <td>1,469 </td> <td>3,453 </td></tr> <tr> <td>1943 </td> <td>13,298 </td> <td>14,720 </td> <td>9,774 </td> <td>14,362 </td></tr> <tr> <td>1944 </td> <td>43,050 </td> <td>56,965 </td> <td>34,483 </td> <td>284,302 </td></tr> <tr> <td>1945 </td> <td>156,195 </td> <td>170,379 </td> <td>54,601 </td> <td>9,740,248 </td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Nationalist_China">Nationalist China</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=5" title="Edit section: Nationalist China"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Air_Transport_Command_C-46_flying_The_Hump.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Air_Transport_Command_C-46_flying_The_Hump.jpg/220px-Air_Transport_Command_C-46_flying_The_Hump.jpg" decoding="async" width="220" height="166" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Air_Transport_Command_C-46_flying_The_Hump.jpg/330px-Air_Transport_Command_C-46_flying_The_Hump.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Air_Transport_Command_C-46_flying_The_Hump.jpg/440px-Air_Transport_Command_C-46_flying_The_Hump.jpg 2x" data-file-width="1000" data-file-height="755" /></a><figcaption><a href="/wiki/The_Hump" title="The Hump">The Hump</a> was the only route of imports for China in 1942-1944</figcaption></figure> <p>The initial inflation after abandoning the silver standard was moderate. In Shanghai, wholesale prices dropped 23% from 1931 to 1934, then fell another 1% by 1935, but rose 24% over the following two years. However, in 1937, with the outbreak of the <a href="/wiki/Second_Sino-Japanese_War" title="Second Sino-Japanese War">Second Sino-Japanese War</a>, government spending surged for war efforts. The paper standard and inflation weakened the Chinese as they had to deplete silver reserves, which could have been used for war financing, for maintaining the currency.<sup id="cite_ref-:17_6-2" class="reference"><a href="#cite_note-:17-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>Starting in July 1937, the Japanese military advanced through northern and eastern China, forcing the Chinese government to retreat inland and abandon significant manufacturing and agricultural regions, as well as key transport hubs vital for imports and exports. This retreat, combined with Japanese blockades of Chinese transport routes, led to immediate price surges in <a href="/wiki/Free_China_(Second_Sino-Japanese_War)" title="Free China (Second Sino-Japanese War)">Free China</a>. Each successive Japanese victory exacerbated the situation. For instance, the fall of <a href="/wiki/Battle_of_Wuhan" title="Battle of Wuhan">Wuhan</a> and <a href="/wiki/Canton_Operation" title="Canton Operation">Guangzhou</a> in late 1938 caused import prices to rise by 72%. Similarly, the <a href="/wiki/Battle_of_South_Guangxi" title="Battle of South Guangxi">Japanese invasion of Guangxi</a> in late 1939 nearly doubled import prices in <a href="/wiki/Chongqing" title="Chongqing">Chongqing</a>. In contrast, locally produced goods, including food and agricultural raw materials, maintained stable prices until 1938, supported by a robust harvest in <a href="/wiki/Sichuan" title="Sichuan">Sichuan</a> that year. However, from 1939 onwards, the prices of both imported and local goods began to rise in tandem as around five million refugees moved westward into Free China.<sup id="cite_ref-:1_11-0" class="reference"><a href="#cite_note-:1-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>Since the start of the war, the Chinese government began funding its efforts through the issuance of <a href="/wiki/War_bond" title="War bond">war bonds</a>, which initially enjoyed strong public support. By late 1938, government spending expanded not only for the war effort but also for reconstruction and the development of inland industries and transport infrastructure. This expansion aimed to reinforce infrastructure and sustain the war effort within the remaining Chinese-controlled territories. Consequently, government spending increased by 33%, despite the administration now managing only about half of the country. However, public confidence in war bonds waned, leading to a decline in bond sales since 1938. Additionally, the limited new taxes, which were not introduced until late 1939, failed to offset the government's excessive spending. As a result, the budget deficit continued to grow unchecked.<sup id="cite_ref-:1_11-1" class="reference"><a href="#cite_note-:1-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>Inflation, previously moderate, surged after the <a href="/wiki/Pacific_War" title="Pacific War">Pacific War</a> began.<sup id="cite_ref-:13_12-0" class="reference"><a href="#cite_note-:13-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> After the <a href="/wiki/Attack_on_Pearl_Harbor" title="Attack on Pearl Harbor">Pearl Harbour attack</a> in 1941, Japan quickly seized the whole of <a href="/wiki/Shanghai_International_Settlement" title="Shanghai International Settlement">Shanghai</a> and, in 1942, cut off the <a href="/wiki/Burma_Road" title="Burma Road">Burma Road</a>, a crucial supply route for China. This led to a 50% decrease in imports in 1942 compared to the previous year. Despite efforts to compensate with <a href="/wiki/The_Hump" title="The Hump">The Hump</a> air transport route over the Himalayas, by 1944, China was only receiving 6% of the total imports it had in 1937. Additionally, rice production in southern China faced unfavourable outcomes, although wheat and barley production in Henan and Hebei saw slight increases. Due to administrative failures, the Nationalist government struggled to enforce price control measures, despite issuing decrees to this effect. None of the government's strategies addressed the need to curb its own budget deficit, which continued to generate inflation.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Building_B-29_bases_in_China_February_1944.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/Building_B-29_bases_in_China_February_1944.jpg/220px-Building_B-29_bases_in_China_February_1944.jpg" decoding="async" width="220" height="172" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/Building_B-29_bases_in_China_February_1944.jpg/330px-Building_B-29_bases_in_China_February_1944.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/05/Building_B-29_bases_in_China_February_1944.jpg/440px-Building_B-29_bases_in_China_February_1944.jpg 2x" data-file-width="963" data-file-height="754" /></a><figcaption>Building <a href="/wiki/Boeing_B-29_Superfortress" title="Boeing B-29 Superfortress">B-29</a> bases in China, February 1944</figcaption></figure> <p>Although American shipment of gold to China played a critical role in reducing inflation,<sup id="cite_ref-:12_15-0" class="reference"><a href="#cite_note-:12-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> China's insistence on the official exchange rate of CNC created serious tension with its major ally, the United States. The US <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">Department of the Treasury</a> was also unhappy with the Chinese government's handling of the sale of gold that the United States had supplied to China.<sup id="cite_ref-FOOTNOTECoble2023Chapter_1._Ichigo_and_Its_Aftermath_16-0" class="reference"><a href="#cite_note-FOOTNOTECoble2023Chapter_1._Ichigo_and_Its_Aftermath-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:12_15-1" class="reference"><a href="#cite_note-:12-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> American military operations in China also added to the financial difficulty of China. Besides providing food and lodging for US forces, China was responsible for constructing and maintaining military airfields, including costly <a href="/wiki/Boeing_B-29_Superfortress" title="Boeing B-29 Superfortress">B-29 bomber</a> bases, which far exceeded initial budgets, costing C$79.9 billion CNC.<sup id="cite_ref-:13_12-1" class="reference"><a href="#cite_note-:13-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>With limited tax revenue from occupied regions and no bond market, China relied on banking institutions to fund deficits, leading to monetary expansion. In 1943, the US offered to cover some expenses in US dollars at an official 20:1 exchange rate, but as the Chinese currency devalued sharply, the agreement became unsustainable. By 1945, the currency's value dropped to 1/2,500 of its pre-war level, with even more severe inflation at major bases like <a href="/wiki/Kunming" title="Kunming">Kunming</a>. This led to the eventual abandonment of the 20:1 rate for payments to US forces. Payments from the US ceased after a final US$45 million settlement for late 1944, forcing China to cover expenses, which accounted for 15%–22% of its fiscal spending. From 1942 to 1945, China disbursed C$246 billion for US military aid, about 7% of its total military expenditures.<sup id="cite_ref-:13_12-2" class="reference"><a href="#cite_note-:13-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Shanghai">Shanghai</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=6" title="Edit section: Shanghai"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Impact_of_Japanese_occupation_on_inflation_(Tianjin_vs._Shanghai).pdf" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/25/Impact_of_Japanese_occupation_on_inflation_%28Tianjin_vs._Shanghai%29.pdf/page1-220px-Impact_of_Japanese_occupation_on_inflation_%28Tianjin_vs._Shanghai%29.pdf.jpg" decoding="async" width="220" height="164" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/25/Impact_of_Japanese_occupation_on_inflation_%28Tianjin_vs._Shanghai%29.pdf/page1-330px-Impact_of_Japanese_occupation_on_inflation_%28Tianjin_vs._Shanghai%29.pdf.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/25/Impact_of_Japanese_occupation_on_inflation_%28Tianjin_vs._Shanghai%29.pdf/page1-440px-Impact_of_Japanese_occupation_on_inflation_%28Tianjin_vs._Shanghai%29.pdf.jpg 2x" data-file-width="783" data-file-height="585" /></a><figcaption>Compared with Tianjin under Japanese rule, Shanghai maintained price stability between 1937 and 1941<sup id="cite_ref-:8_17-0" class="reference"><a href="#cite_note-:8-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>Between 1937 and 1941, <a href="/wiki/Shanghai_International_Settlement" title="Shanghai International Settlement">Shanghai</a> remained prosperous, due to foreign protection. In Shanghai, international connections helped it recover quickly as a trade hub. By 1938, after initial setbacks due to the Sino-Japanese War, imports had rebounded from 3.76 billion yuan in 1938 to 34.1 billion yuan by 1941. Exports also rose from 2.22 billion yuan in 1938 to 19.29 billion yuan in 1941.<sup id="cite_ref-:14_18-0" class="reference"><a href="#cite_note-:14-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>However, the city constantly saw a shortage of rice.<sup id="cite_ref-:15_19-0" class="reference"><a href="#cite_note-:15-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:16_20-0" class="reference"><a href="#cite_note-:16-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Traditionally sustained by the surplus from nearby <a href="/wiki/Zhejiang" title="Zhejiang">Zhejiang</a> and <a href="/wiki/Jiangsu" title="Jiangsu">Jiangsu</a> provinces, Shanghai had to import more rice from <a href="/wiki/Saigon" class="mw-redirect" title="Saigon">Saigon</a> due to conflicts in neighbouring areas. While rice prices stabilised when transport links with <a href="/wiki/Inland_China" class="mw-redirect" title="Inland China">inland China</a> were restored in 1938, they surged again in 1939 as the Japanese military began forcibly requisitioning rice from surrounding provinces. By 1940, Shanghai was entirely reliant on rice imports from <a href="/wiki/Southeast_Asia" title="Southeast Asia">Southeast Asia</a>.<sup id="cite_ref-:15_19-1" class="reference"><a href="#cite_note-:15-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Notes_typical_of_the_smaller_Chinese_shops._Most_carried_the_%27chop%27,_or_seal,_of_the_manager,_or_in_many_cases_were_hand_signed_by_the_manager_himself.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/07/Notes_typical_of_the_smaller_Chinese_shops._Most_carried_the_%27chop%27%2C_or_seal%2C_of_the_manager%2C_or_in_many_cases_were_hand_signed_by_the_manager_himself.jpg/220px-Notes_typical_of_the_smaller_Chinese_shops._Most_carried_the_%27chop%27%2C_or_seal%2C_of_the_manager%2C_or_in_many_cases_were_hand_signed_by_the_manager_himself.jpg" decoding="async" width="220" height="249" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/07/Notes_typical_of_the_smaller_Chinese_shops._Most_carried_the_%27chop%27%2C_or_seal%2C_of_the_manager%2C_or_in_many_cases_were_hand_signed_by_the_manager_himself.jpg/330px-Notes_typical_of_the_smaller_Chinese_shops._Most_carried_the_%27chop%27%2C_or_seal%2C_of_the_manager%2C_or_in_many_cases_were_hand_signed_by_the_manager_himself.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/07/Notes_typical_of_the_smaller_Chinese_shops._Most_carried_the_%27chop%27%2C_or_seal%2C_of_the_manager%2C_or_in_many_cases_were_hand_signed_by_the_manager_himself.jpg/440px-Notes_typical_of_the_smaller_Chinese_shops._Most_carried_the_%27chop%27%2C_or_seal%2C_of_the_manager%2C_or_in_many_cases_were_hand_signed_by_the_manager_himself.jpg 2x" data-file-width="452" data-file-height="512" /></a><figcaption>Emergency banknotes issued by various Chinese shops in Shanghai during 1937-1941</figcaption></figure> <p>The economic boom of wartime Shanghai was marked by <a href="/wiki/Speculation" title="Speculation">speculative behaviour</a> and a lack of regulation.<sup id="cite_ref-:14_18-1" class="reference"><a href="#cite_note-:14-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> People <a href="/wiki/Hoard" title="Hoard">hoarded</a> rice and other materials, which led to daily inflation. By 1940, the price of fine rice had grown to four times the pre-war price.<sup id="cite_ref-:16_20-1" class="reference"><a href="#cite_note-:16-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> In 1939, stock market activity became uncontrollable, and trading of war-related commodities like cotton drove prices up. Cotton that sold for 1,000 yuan per bale in September 1939 doubled to 2,000 yuan by May 1940. However, the <a href="/wiki/Battle_of_France" title="Battle of France">French surrender to Germany</a> in June 1940 led to the collapse of inflated prices. This resulted in the overnight bankruptcy of over 50 import-export firms and steep declines in stock values.<sup id="cite_ref-:14_18-2" class="reference"><a href="#cite_note-:14-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>Although factories attempted to provide substitutes for workers, these efforts were insufficient to maintain a decent standard of living due to rampant inflation. This led to a surge in protests, demonstrations, and violent crimes. <a href="/wiki/Labour_movement" title="Labour movement">Labour movements</a> increased significantly, rising from 21 instances in 1938 to 282 in 1941. Following the Japanese capture of Shanghai in December 1941, inflation in the city further worsened, unemployment rose, and production declined, as a result of inadequate supplies under the Japanese rationing system.<sup id="cite_ref-:15_19-2" class="reference"><a href="#cite_note-:15-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Occupied_China">Occupied China</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=7" title="Edit section: Occupied China"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:5000_Yuan_-_Federal_Reserve_Bank_of_China_(Republic_34_-_1945)_01.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/5000_Yuan_-_Federal_Reserve_Bank_of_China_%28Republic_34_-_1945%29_01.jpg/220px-5000_Yuan_-_Federal_Reserve_Bank_of_China_%28Republic_34_-_1945%29_01.jpg" decoding="async" width="220" height="125" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/5000_Yuan_-_Federal_Reserve_Bank_of_China_%28Republic_34_-_1945%29_01.jpg/330px-5000_Yuan_-_Federal_Reserve_Bank_of_China_%28Republic_34_-_1945%29_01.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/5000_Yuan_-_Federal_Reserve_Bank_of_China_%28Republic_34_-_1945%29_01.jpg/440px-5000_Yuan_-_Federal_Reserve_Bank_of_China_%28Republic_34_-_1945%29_01.jpg 2x" data-file-width="600" data-file-height="340" /></a><figcaption>5000-yuan FRB banknote in 1945</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Wholesale_price_index_of_Shanghai,_1930-1948.pdf" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7b/Wholesale_price_index_of_Shanghai%2C_1930-1948.pdf/page1-220px-Wholesale_price_index_of_Shanghai%2C_1930-1948.pdf.jpg" decoding="async" width="220" height="206" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7b/Wholesale_price_index_of_Shanghai%2C_1930-1948.pdf/page1-330px-Wholesale_price_index_of_Shanghai%2C_1930-1948.pdf.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7b/Wholesale_price_index_of_Shanghai%2C_1930-1948.pdf/page1-440px-Wholesale_price_index_of_Shanghai%2C_1930-1948.pdf.jpg 2x" data-file-width="956" data-file-height="893" /></a><figcaption>Wholesale price index in Shanghai surged after Japanese occupation in 1941<sup id="cite_ref-:8_17-1" class="reference"><a href="#cite_note-:8-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>Despite its military success, Japan did not outline any specific plan for China until late 1938, when the Japanese premier declared the intent to establish a <a href="/wiki/Greater_East_Asia_Co-Prosperity_Sphere" title="Greater East Asia Co-Prosperity Sphere">New Order in East Asia</a>.<sup id="cite_ref-FOOTNOTECoble2003Chapter_2._Japan's_New_Order_21-0" class="reference"><a href="#cite_note-FOOTNOTECoble2003Chapter_2._Japan's_New_Order-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> A key aspect of this New Order was currency control. However, Japan failed to allocate sufficient funding to support the issuance of stable, credible currencies that could gain broad acceptance. Additionally, the <a href="/wiki/Shanghai_International_Settlement" title="Shanghai International Settlement">International Settlement of Shanghai</a>, which was the banking centre of China, maintained its neutral status until 1941. This neutrality allowed a free currency market to continue operating independently of directives from <a href="/wiki/Empire_of_Japan" title="Empire of Japan">Tokyo</a> or <a href="/wiki/Free_China_(Second_Sino-Japanese_War)" title="Free China (Second Sino-Japanese War)">Chongqing</a>.<sup id="cite_ref-FOOTNOTECoble2003Chapter_3._Establishing_Control_22-0" class="reference"><a href="#cite_note-FOOTNOTECoble2003Chapter_3._Establishing_Control-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>Japan viewed north China as an extension of its homeland, planning to integrate its currency into the yen bloc. The <a href="/wiki/Central_Bank_of_Manchou" title="Central Bank of Manchou">Central Bank of Manchuria</a>, established in 1932, issued <a href="/wiki/Japanese_yen" title="Japanese yen">yen</a>-pegged yuan banknotes by 1935. In east <a href="/wiki/Hebei" title="Hebei">Hebei</a>, under a <a href="/wiki/Puppet_state" title="Puppet state">puppet regime</a> created by the <a href="/wiki/He%E2%80%93Umezu_Agreement" title="He–Umezu Agreement">He-Umezu Agreement</a> of 1935, the Japanese circulated <a href="/wiki/Bank_of_Ch%C5%8Dsen" title="Bank of Chōsen">Bank of Chosen</a> notes. These notes, used heavily from July 1937, depreciated due to overuse. To stabilise the situation, Japan's puppet the <a href="/wiki/Provisional_Government_of_the_Republic_of_China_(1937%E2%80%931940)" title="Provisional Government of the Republic of China (1937–1940)">Provisional Government of the Republic of China</a> established the <a href="/w/index.php?title=Federated_Reserve_Bank_of_China&action=edit&redlink=1" class="new" title="Federated Reserve Bank of China (page does not exist)">Federated Reserve Bank (FRB) of China</a> in March 1938, issuing new notes that replaced the Bank of Chosen notes.<sup id="cite_ref-FOOTNOTECoble2003Chapter_3._Establishing_Control_22-1" class="reference"><a href="#cite_note-FOOTNOTECoble2003Chapter_3._Establishing_Control-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>The new notes depreciated due to overprinting, leading to inflation. Japanese businessmen also avoided the currency, as it was difficult to convert even to yen. By December 1938, the <a href="/wiki/British_concession_of_Tianjin" title="British concession of Tianjin">British Municipal Council of Tianjin</a>, under Japanese pressure, banned the use of CNC. From 1938 to 1941, the note issuance grew by 450%, exacerbating inflation.<sup id="cite_ref-FOOTNOTECoble2003Chapter_3._Establishing_Control_22-2" class="reference"><a href="#cite_note-FOOTNOTECoble2003Chapter_3._Establishing_Control-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> The Japanese effectively attracted deposits to these puppet banks by offering higher interest rates. This allowed the Japanese to collect CNC for international trades.<sup id="cite_ref-:3_10-2" class="reference"><a href="#cite_note-:3-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Additionally, from 1939 onwards, the Japanese <a href="/wiki/Noborito_Research_Institute" title="Noborito Research Institute">Noborito Research Institute</a> engaged in large-scale counterfeiting, producing approximately 4 billion yuan to bolster Japan's war efforts.<sup id="cite_ref-:2_23-0" class="reference"><a href="#cite_note-:2-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> In early May 1940, Chongqing gave up on efforts to maintain the value of CNC, following significant Japanese purchases of foreign exchange with CNC. By late 1940, the value of FRB notes had surpassed that of CNC notes. In 1941, FRB notes became the primary currency in occupied northern China.<sup id="cite_ref-FOOTNOTECoble2003Chapter_3._Establishing_Control_22-3" class="reference"><a href="#cite_note-FOOTNOTECoble2003Chapter_3._Establishing_Control-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:100.000_Yuan_-_Central_Reserve_Bank_of_China_(Republic_34_-_1945)_01.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d1/100.000_Yuan_-_Central_Reserve_Bank_of_China_%28Republic_34_-_1945%29_01.jpg/220px-100.000_Yuan_-_Central_Reserve_Bank_of_China_%28Republic_34_-_1945%29_01.jpg" decoding="async" width="220" height="113" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d1/100.000_Yuan_-_Central_Reserve_Bank_of_China_%28Republic_34_-_1945%29_01.jpg/330px-100.000_Yuan_-_Central_Reserve_Bank_of_China_%28Republic_34_-_1945%29_01.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d1/100.000_Yuan_-_Central_Reserve_Bank_of_China_%28Republic_34_-_1945%29_01.jpg/440px-100.000_Yuan_-_Central_Reserve_Bank_of_China_%28Republic_34_-_1945%29_01.jpg 2x" data-file-width="600" data-file-height="309" /></a><figcaption>100,000-yuan CRB banknote in 1945</figcaption></figure> <p>In central and southern China, no immediate effort was made to establish a new currency or banking system, as Japan aimed to treat central and southern China more like foreign territories, similar to <a href="/wiki/British_Hong_Kong" title="British Hong Kong">Hong Kong</a>. The Japanese military used <a href="/wiki/Japanese_military_currency_(1937%E2%80%931945)" title="Japanese military currency (1937–1945)">Military Yen</a>. This currency lacked security and was not backed by reserves, but it was difficult to refuse when presented by Japanese forces. By mid-1940, over 100 million yen was reported to circulate, with estimates reaching up to 600 million. The first significant attempt to introduce a puppet bank was the <a href="/w/index.php?title=Huaxing_Commercial_Bank&action=edit&redlink=1" class="new" title="Huaxing Commercial Bank (page does not exist)">Huaxing Commercial Bank</a> in May 1939, but it lacked reserves and the currency saw limited use. It was only in 1941, under the <a href="/wiki/Wang_Jingwei_regime" title="Wang Jingwei regime">Wang Jingwei regime</a>, that serious efforts were made to introduce a new currency in central China.<sup id="cite_ref-FOOTNOTECoble2003Chapter_3._Establishing_Control_22-4" class="reference"><a href="#cite_note-FOOTNOTECoble2003Chapter_3._Establishing_Control-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>The Japanese military, reluctant to abandon the use of military yen, was slow to respond to <a href="/wiki/Wang_Jingwei" title="Wang Jingwei">Wang Jingwei</a>'s efforts. The depreciation of the CNC slowed in late 1940, giving the Wang regime enough time to secure funding for the new bank, which was eventually founded as the <a href="/w/index.php?title=Central_Reserve_Bank_(China)&action=edit&redlink=1" class="new" title="Central Reserve Bank (China) (page does not exist)">Central Reserve Bank</a> (CRB) in January 1941. In response, Chongqing warned Shanghai businesspeople that accepting the currency would be considered <a href="/wiki/Treason" title="Treason">treason</a>. <a href="/wiki/Assassination" title="Assassination">Assassination</a> attempts were made by both the Wang regime and the Nationalist government until CNC was fully banned and the Japanese government agreed to replace military yen with CRB notes, following the Pearl Harbor attack. Despite this, the Wang regime struggled to maintain the value of its currency, and was forced to ban exchanges with FRB notes in northern China, allowing currency transfers only through eleven official banks.<sup id="cite_ref-FOOTNOTECoble2003Chapter_4._Puppet_Governments_and_Chinese_Capitalists_24-0" class="reference"><a href="#cite_note-FOOTNOTECoble2003Chapter_4._Puppet_Governments_and_Chinese_Capitalists-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Communist_China">Communist China</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=8" title="Edit section: Communist China"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:5_Yuan_-_Kansu-Ninghsia_Border_Area_Bank_(1941)_01.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/5_Yuan_-_Kansu-Ninghsia_Border_Area_Bank_%281941%29_01.png/220px-5_Yuan_-_Kansu-Ninghsia_Border_Area_Bank_%281941%29_01.png" decoding="async" width="220" height="117" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/5_Yuan_-_Kansu-Ninghsia_Border_Area_Bank_%281941%29_01.png/330px-5_Yuan_-_Kansu-Ninghsia_Border_Area_Bank_%281941%29_01.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/5_Yuan_-_Kansu-Ninghsia_Border_Area_Bank_%281941%29_01.png/440px-5_Yuan_-_Kansu-Ninghsia_Border_Area_Bank_%281941%29_01.png 2x" data-file-width="900" data-file-height="477" /></a><figcaption>A 5-yuan Communist banknote in 1941</figcaption></figure><p>The <a href="/wiki/Communist-controlled_China_(1927%E2%80%931949)" title="Communist-controlled China (1927–1949)">Communist-controlled areas</a> suffered less from the inflation as they each issued their own currencies and had a <a href="/wiki/Autarky" title="Autarky">self-sufficient economy</a>.<sup id="cite_ref-:3_10-3" class="reference"><a href="#cite_note-:3-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Prior to 1942, the Communist-controlled areas in Shandong primarily relied on CNC, which was exchangeable for <a href="/wiki/Pound_sterling" title="Pound sterling">British Pound Sterling</a> and <a href="/wiki/United_States_dollar" title="United States dollar">US dollars</a>, with Communist-issued currencies pegged to CNC. However, following the outbreak of the <a href="/wiki/Pacific_War" title="Pacific War">Pacific War</a> in 1941, the Japanese authorities banned CNC in territories under their control. They dumped hundreds of millions of CNC to acquire essential war supplies, posing a risk of depleting valuable resources from Communist-controlled areas. In response, the Communists decided to prohibit CNC usage. In 1943, the Communist government in Shandong established the Bureau of Industry and Commerce to stabilise their own currency. By purchasing strategic materials and providing financial support to agricultural and industrial production, the Bureau effectively curbed price hikes.<sup id="cite_ref-:5_25-0" class="reference"><a href="#cite_note-:5-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> Faced with significant inflation, the Communists <a href="/wiki/Opium_trade_in_Yan%27an_Soviet" title="Opium trade in Yan'an Soviet">allegedly planted and sold opium</a> to alleviate their financial difficulty, which supported their currency.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><div class="mw-heading mw-heading2"><h2 id="Civil_War">Civil War</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=9" title="Edit section: Civil War"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Nationalist_China_2">Nationalist China</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=10" title="Edit section: Nationalist China"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Depreciation_of_Chinese_National_Currency,_1946-1948_(baseline_Jan_1946_as_100).svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Depreciation_of_Chinese_National_Currency%2C_1946-1948_%28baseline_Jan_1946_as_100%29.svg/220px-Depreciation_of_Chinese_National_Currency%2C_1946-1948_%28baseline_Jan_1946_as_100%29.svg.png" decoding="async" width="220" height="299" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Depreciation_of_Chinese_National_Currency%2C_1946-1948_%28baseline_Jan_1946_as_100%29.svg/330px-Depreciation_of_Chinese_National_Currency%2C_1946-1948_%28baseline_Jan_1946_as_100%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Depreciation_of_Chinese_National_Currency%2C_1946-1948_%28baseline_Jan_1946_as_100%29.svg/440px-Depreciation_of_Chinese_National_Currency%2C_1946-1948_%28baseline_Jan_1946_as_100%29.svg.png 2x" data-file-width="1503" data-file-height="2040" /></a><figcaption>Depreciation of Chinese National Currency, 1946-1948 (Jan 1946 as 100)<sup id="cite_ref-FOOTNOTEChang1958Table_25._The_foreign_exchange_rate_and_internal_prices_(Jan._1946_-_Jul._1948)_27-0" class="reference"><a href="#cite_note-FOOTNOTEChang1958Table_25._The_foreign_exchange_rate_and_internal_prices_(Jan._1946_-_Jul._1948)-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup></figcaption></figure> <table class="wikitable" style="text-align:right"> <caption>Postwar financial statistics of CNC<sup id="cite_ref-FOOTNOTEChang1958Table_25._The_foreign_exchange_rate_and_internal_prices_(Jan._1946_-_Jul._1948)_27-1" class="reference"><a href="#cite_note-FOOTNOTEChang1958Table_25._The_foreign_exchange_rate_and_internal_prices_(Jan._1946_-_Jul._1948)-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </caption> <tbody><tr> <th colspan="2">Date </th> <th>Market rate <p>(CNC per US$) </p> </th> <th>Price index </th></tr> <tr> <td rowspan="2">1946 </td> <td>June </td> <td>2,665 </td> <td>378,217 </td></tr> <tr> <td>December </td> <td>6,063 </td> <td>681,563 </td></tr> <tr> <td rowspan="4">1947 </td> <td>March </td> <td>14,000 </td> <td>1,386,593 </td></tr> <tr> <td>June </td> <td>36,826 </td> <td>2,905,700 </td></tr> <tr> <td>September </td> <td>50,365 </td> <td>4,635,700 </td></tr> <tr> <td>December </td> <td>149,615 </td> <td>10,063,000 </td></tr> <tr> <td rowspan="3">1948 </td> <td>March </td> <td>449,620 </td> <td>32,576,900 </td></tr> <tr> <td>June </td> <td>2,311,250 </td> <td>197,690,000 </td></tr> <tr> <td>September </td> <td>8,683,000 </td> <td>558,900,000 </td></tr></tbody></table> <p>As the war came to a sudden end in August 1945, the <a href="/wiki/Free_China_(Second_Sino-Japanese_War)" title="Free China (Second Sino-Japanese War)">Chongqing government</a> was ill prepared to make the transition to a stable peacetime economy and currency. The military failures of the late war period and the loss of much of its already inadequate income led to a rapid acceleration of hyperinflation.<sup id="cite_ref-FOOTNOTECoble2023Chapter_1._Ichigo_and_Its_Aftermath_16-1" class="reference"><a href="#cite_note-FOOTNOTECoble2023Chapter_1._Ichigo_and_Its_Aftermath-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> At the end of the war, the industrial output of non-occupied China had dropped to just over 12% of its prewar production. The rural economy was severely affected by manpower shortages, excessive taxes, and natural disasters.<sup id="cite_ref-:6_28-0" class="reference"><a href="#cite_note-:6-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>However, the Nationalist government continued high military spending to counter the Communist threat. This led to a budget deficit and an increase in currency circulation. From 1946 to 1948, military expenses made up about 60% of total government spending. Despite rising revenues, they fell far short of matching expenditure, leading to a growing deficit that doubled tax revenue after 1946. The shortfall was largely addressed by printing more money.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> The government's reliance on printing money to fund the war effort led to hyperinflation, with wholesale prices in Shanghai increasing fivefold from September 1945 to February 1946, and then thirtyfold the following year.<sup id="cite_ref-:6_28-1" class="reference"><a href="#cite_note-:6-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="1948_currency_reform">1948 currency reform</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=11" title="Edit section: 1948 currency reform"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Chinese_gold_yuan" title="Chinese gold yuan">Chinese gold yuan</a></div> <table class="wikitable" style="text-align:right"> <caption>Financial statistics of gold yuan (GY)<sup id="cite_ref-FOOTNOTEChang1958Table_26._Gold_yuan_note_issue,_exchange_rates_and_whole_sale_price_index,_Shanghai,_August_31,_1948-July_31,_1949_30-0" class="reference"><a href="#cite_note-FOOTNOTEChang1958Table_26._Gold_yuan_note_issue,_exchange_rates_and_whole_sale_price_index,_Shanghai,_August_31,_1948-July_31,_1949-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </caption> <tbody><tr> <th colspan="2">Date </th> <th>Note issue <p>(in million GY) </p> </th> <th>Market rate <p>(GY per US$) </p> </th> <th>Price index </th></tr> <tr> <td rowspan="2">1948 </td> <td>31 August </td> <td>296.8 </td> <td>4 </td> <td>100 </td></tr> <tr> <td>30 November </td> <td>3,204.3 </td> <td>42 </td> <td>1,365 </td></tr> <tr> <td rowspan="3">1949 </td> <td>28 February </td> <td>59,663.5 </td> <td>2,980 </td> <td>- </td></tr> <tr> <td>25 April </td> <td>2,037,105.7 </td> <td>813,880 </td> <td>112,490 </td></tr> <tr> <td>31 July </td> <td>125,124,637.2 </td> <td>- </td> <td>- </td></tr></tbody></table> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1948%E5%B9%B4%E4%B8%8A%E6%B5%B7%E5%B8%82%E6%B0%91%E6%8A%A2%E8%B4%AD%E5%B8%83%E5%8C%B9.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9b/1948%E5%B9%B4%E4%B8%8A%E6%B5%B7%E5%B8%82%E6%B0%91%E6%8A%A2%E8%B4%AD%E5%B8%83%E5%8C%B9.jpg/220px-1948%E5%B9%B4%E4%B8%8A%E6%B5%B7%E5%B8%82%E6%B0%91%E6%8A%A2%E8%B4%AD%E5%B8%83%E5%8C%B9.jpg" decoding="async" width="220" height="133" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9b/1948%E5%B9%B4%E4%B8%8A%E6%B5%B7%E5%B8%82%E6%B0%91%E6%8A%A2%E8%B4%AD%E5%B8%83%E5%8C%B9.jpg/330px-1948%E5%B9%B4%E4%B8%8A%E6%B5%B7%E5%B8%82%E6%B0%91%E6%8A%A2%E8%B4%AD%E5%B8%83%E5%8C%B9.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9b/1948%E5%B9%B4%E4%B8%8A%E6%B5%B7%E5%B8%82%E6%B0%91%E6%8A%A2%E8%B4%AD%E5%B8%83%E5%8C%B9.jpg/440px-1948%E5%B9%B4%E4%B8%8A%E6%B5%B7%E5%B8%82%E6%B0%91%E6%8A%A2%E8%B4%AD%E5%B8%83%E5%8C%B9.jpg 2x" data-file-width="621" data-file-height="375" /></a><figcaption><a href="/wiki/Panic_buying" title="Panic buying">Panic buys</a> in Shanghai after the 1948 currency reform</figcaption></figure> <p>On 19 August 1948, a currency reform was implemented with the aim of achieving price stability by changing the currency standard. CNC was replaced by the Chinese gold yuan (GY), with an exchange rate set at GY 1 for every CNC$3,000,000.<sup id="cite_ref-:20_31-0" class="reference"><a href="#cite_note-:20-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEStuart1954Chapter_10._The_Dream_that_Did_Not_Come_True_32-0" class="reference"><a href="#cite_note-FOOTNOTEStuart1954Chapter_10._The_Dream_that_Did_Not_Come_True-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> The currency was said to be pegged at four to one dollar, backed by actual government assets.<sup id="cite_ref-FOOTNOTEStuart1954Chapter_10._The_Dream_that_Did_Not_Come_True_32-1" class="reference"><a href="#cite_note-FOOTNOTEStuart1954Chapter_10._The_Dream_that_Did_Not_Come_True-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> The government advised their citizens to exchange their silver or gold holdings for the new currency.<sup id="cite_ref-FOOTNOTEStuart1954Chapter_10._The_Dream_that_Did_Not_Come_True_32-2" class="reference"><a href="#cite_note-FOOTNOTEStuart1954Chapter_10._The_Dream_that_Did_Not_Come_True-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Additionally, commodity prices were frozen at their 19 August levels, requiring government approval for any changes.<sup id="cite_ref-:20_31-1" class="reference"><a href="#cite_note-:20-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>However, the government continued deficit spending, resulting in an excessive increase in money circulation.<sup id="cite_ref-:20_31-2" class="reference"><a href="#cite_note-:20-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> The loss of major cities, including <a href="/wiki/Tianjin" title="Tianjin">Tianjin</a>, <a href="/wiki/Xuzhou" title="Xuzhou">Xuzhou</a>, and <a href="/wiki/Hankou" title="Hankou">Hankou</a>, further lowered public morale.<sup id="cite_ref-FOOTNOTEStuart1954Chapter_10._The_Dream_that_Did_Not_Come_True_32-3" class="reference"><a href="#cite_note-FOOTNOTEStuart1954Chapter_10._The_Dream_that_Did_Not_Come_True-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> By October 1948, the circulation of the GY had reached nearly eight times the permitted maximum. The continued printing of money meant the reform failed to stabilise prices, leading to the new currency depreciating even faster than its predecessor CNC.<sup id="cite_ref-:20_31-3" class="reference"><a href="#cite_note-:20-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Failed_price_control_attempt">Failed price control attempt</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=12" title="Edit section: Failed price control attempt"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:China_100,000_Gold_Yuan_1949_obverse.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/China_100%2C000_Gold_Yuan_1949_obverse.jpg/220px-China_100%2C000_Gold_Yuan_1949_obverse.jpg" decoding="async" width="220" height="91" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/China_100%2C000_Gold_Yuan_1949_obverse.jpg/330px-China_100%2C000_Gold_Yuan_1949_obverse.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d0/China_100%2C000_Gold_Yuan_1949_obverse.jpg/440px-China_100%2C000_Gold_Yuan_1949_obverse.jpg 2x" data-file-width="3698" data-file-height="1532" /></a><figcaption>100,000-yuan <a href="/wiki/Chinese_gold_yuan" title="Chinese gold yuan">Chinese gold yuan</a> banknote in 1949</figcaption></figure> <p><a href="/wiki/Chiang_Ching-kuo" title="Chiang Ching-kuo">Chiang Kai-shek's son</a> was appointed to oversee the implementation of price controls. However, these measures were only applied in Shanghai and proved effective for just two months. The introduction of the Gold Yuan was accompanied by significant fanfare as a supposed solution to economic problems, but sceptics argued that it merely removed six zeros from the value of the CNC. Initially set at four GY per US dollar, the exchange rate quickly fell under the pressures of inflation and speculation, returning to the CNC level from August 1948 by May 1949.<sup id="cite_ref-:7_33-0" class="reference"><a href="#cite_note-:7-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Currency_substitution">Currency substitution</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=13" title="Edit section: Currency substitution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The inflation, depreciating exchange rate of Nationalist currencies, and political instability in China created ideal conditions for currency substitution. The US dollar was popular as a store of value, but the open border with Hong Kong and the stability of the <a href="/wiki/Hong_Kong_dollar" title="Hong Kong dollar">Hong Kong dollar</a> (HKD) made it a preferred choice in port cities and southern China. The region's geography made it difficult to control the flow of people, goods, and currency between Hong Kong and China, especially since Hong Kong authorities were hesitant to impose restrictions that could impact their trade hub status. HKD was backed by foreign exchange reserves through a currency board, maintaining stable prices until late 1949. Around two-thirds of the increase in Hong Kong's note issue between 1945 and 1947 thus flowed into China.<sup id="cite_ref-:7_33-1" class="reference"><a href="#cite_note-:7-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Taiwan">Taiwan</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=14" title="Edit section: Taiwan"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Old_Taiwan_dollar" title="Old Taiwan dollar">Old Taiwan dollar</a></div> <p>During the Second Sino-Japanese War, Taiwan, as a <a href="/wiki/Taiwan_under_Japanese_rule" title="Taiwan under Japanese rule">Japanese colony</a>, had to purchase Japanese debts through the purchase by the <a href="/wiki/Bank_of_Taiwan" title="Bank of Taiwan">Bank of Taiwan</a>. In 1945, the bank offered significant advance payments to the Japanese government, which contributed to the wartime inflation.<sup id="cite_ref-:9_8-1" class="reference"><a href="#cite_note-:9-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> In November 1945, Taiwan was handed over to the Nationalist government of China.<sup id="cite_ref-:10_2-1" class="reference"><a href="#cite_note-:10-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The government attempted to create isolate the former Japanese-controlled areas, such as Taiwan and <a href="/wiki/Manchuria" title="Manchuria">Manchuria</a>, from the mainland, with new currencies.<sup id="cite_ref-:18_34-0" class="reference"><a href="#cite_note-:18-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> Therefore, they authorised the <a href="/wiki/Bank_of_Taiwan" title="Bank of Taiwan">Bank of Taiwan</a> to issue a new currency called <a href="/wiki/Old_Taiwan_dollar" title="Old Taiwan dollar">Taiwan dollar</a>, to replace the existing Japanese currency, yet without reserve backing, in May 1946.<sup id="cite_ref-:18_34-1" class="reference"><a href="#cite_note-:18-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> The bank soon became a key financier for the <a href="/wiki/Taiwan_Provincial_Government" title="Taiwan Provincial Government">Taiwan Provincial Government</a> and gave unsecured loans to state enterprises, which led to stead inflation in 1947 and early 1948.<sup id="cite_ref-:10_2-2" class="reference"><a href="#cite_note-:10-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>In late 1948, the inflation on Taiwan spiked, as a result of the currency reform on the mainland. Despite the weakening of the Chinese <a href="/wiki/Chinese_gold_yuan" title="Chinese gold yuan">gold yuan</a>, the exchange rate with the Taiwan Dollar remained unchanged, attracting significant capital inflows that inflated the money supply. Adjusting the exchange rate caused an eightfold rise in capital outflow by November 1948, but December saw deflation at 9.01%. The Nationalists' weakening position on the mainland led to capital flight and resource transfers to Taiwan. By November 1948, the limit on gold yuan issuance was lifted due to rising deficits. Economic decline on the mainland further fuelled capital movement to Taiwan, shifting a November outflow of 23,277 million Taiwan Dollars to a major inflow of 214,495 million in December, representing 73.4% of that month's currency increase.<sup id="cite_ref-:10_2-3" class="reference"><a href="#cite_note-:10-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Manchuria">Manchuria</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=15" title="Edit section: Manchuria"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>After Japan's surrender in 1945, the Communists focused on making Manchuria their base. In November 1945, they issued their own currency in Manchuria, which later competed with the Nationalist-backed currencies during the Chinese civil war. By late 1947, the Communists gained control by keeping their currency stable, unlike the Nationalists. A major factor behind their success was the prevention of private speculation through the sale of essential goods at controlled, low prices. The General Trade Bureau in Harbin, the only main city they controlled before 1948, helped keep prices steady by releasing goods like cotton cloth into the market.<sup id="cite_ref-:5_25-1" class="reference"><a href="#cite_note-:5-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Communist_China_2">Communist China</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=16" title="Edit section: Communist China"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Renminbi#History" title="Renminbi">Renminbi § History</a></div><figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:RMB1-10000-1A.gif" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/RMB1-10000-1A.gif/220px-RMB1-10000-1A.gif" decoding="async" width="220" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/RMB1-10000-1A.gif/330px-RMB1-10000-1A.gif 1.5x, //upload.wikimedia.org/wikipedia/commons/b/b1/RMB1-10000-1A.gif 2x" data-file-width="379" data-file-height="206" /></a><figcaption>10,000-yuan <a href="/wiki/Renminbi" title="Renminbi">renminbi</a> issued in 1949</figcaption></figure><p> As the Communists advanced, the <a href="/wiki/Renminbi" title="Renminbi">renminbi</a> replaced the <a href="/wiki/Chinese_gold_yuan" title="Chinese gold yuan">gold yuan</a> as the legal currency at an exchange rate of 100,000:1 on October 1, 1949. Military expenditures in 1949 drove significant renminbi issuance, contributing to high inflation, although not as extreme as in the Nationalist China. By March 1950, stabilisation efforts were underway, despite wholesale prices being over 200 times their mid-1949 levels.<sup id="cite_ref-:4_35-0" class="reference"><a href="#cite_note-:4-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> Fiscal data for 1949 was fragmented, as there was no unified national budget, with budgetary details only available for regional administrations. In northern China, 69.5% of April 1949 expenditures came from deficit spending, with money issuance exceeding stable levels by 14-16 times. Fiscal pressures increased as the Communists pushed in the south. Manchuria reported a balanced budget, while Shanghai had severe deficits, peaking at over 87% of expenditures in mid-1949. National estimates for the 1949 deficit suggest it was substantial, ranging from 47.74% to as high as two-thirds of total spending.<sup id="cite_ref-:4_35-1" class="reference"><a href="#cite_note-:4-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> To combat inflation, the Communist regime used a variety of strategies focused on indexation, state-controlled trade, and fiscal consolidation.<sup id="cite_ref-:4_35-2" class="reference"><a href="#cite_note-:4-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup></p><figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1959_Chen_Yun_(cropped).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/12/1959_Chen_Yun_%28cropped%29.jpg/220px-1959_Chen_Yun_%28cropped%29.jpg" decoding="async" width="220" height="274" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/1/12/1959_Chen_Yun_%28cropped%29.jpg 1.5x" data-file-width="323" data-file-height="402" /></a><figcaption>Communist leader <a href="/wiki/Chen_Yun" title="Chen Yun">Chen Yun</a> managed to secure financial stability in Shanghai in mid-1949</figcaption></figure> <div class="mw-heading mw-heading4"><h4 id="Commodity_control">Commodity control</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=17" title="Edit section: Commodity control"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Introduced in April 1949, the parity deposit system indexed bank deposits to a commodity unit representing local consumption patterns. This protected the real value of deposits from inflation and helped stabilize the velocity of money, reducing the pressure of panic spending. To ensure real wages kept up with inflation, the government implemented a wage parity system in 1949, later replacing it with "wage points" in 1950. These points represented shares of a basket of goods, linking wages to the cost of essential items like food, cloth, and fuel. State Trading Companies were central to controlling inflation by manipulating the supply of key commodities like grain, cotton, and coal. The state trading companies purchased goods through taxes, state enterprises, and private sector output, and used these resources to intervene in urban markets. By doing so, they sought to lower prices, withdraw currency from circulation, and combat speculation. While their operations were complex and often met with resistance, especially in rural areas, they did help stabilize urban prices to some extent.<sup id="cite_ref-:4_35-3" class="reference"><a href="#cite_note-:4-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Capital_control">Capital control</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=18" title="Edit section: Capital control"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On May 28, 1949, the Shanghai Military Control Commission declared the Renminbi as the only legal currency. The decree required all financial transactions, tax payments, and contracts to use the Renminbi, banning silver yuan, gold yuan, and foreign currencies for settlements. The conversion of gold yuan to Renminbi began on May 30 at a rate of 1 Renminbi to 100,000 gold yuan and concluded by June 5, with over 35 trillion gold yuan converted, effectively eliminating it from Shanghai. Speculation on the silver yuan surged as many businessmen doubted the Renminbi's stability and expected it to fail like the gold yuan. Between June 1 and June 10, 1949, the black market price of the Yinyuan tripled, sparking inflation. At its height, silver yuan trading was widespread, and the Renminbi was either rejected or only partially accepted in the wholesale market. To stabilise the Renminbi, Mayor Yi Chen's government released 410,000 silver yuan into the market on 5-6 June, but this did not reduce prices. On 10 June, stricter measures were implemented: authorities seized the Securities Exchange Building—an epicentre of speculation—and arrested over 1,000 dealers, with more than 200 receiving punishment. The silver yuan price dropped rapidly, and speculation ceased.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Budget_control">Budget control</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=19" title="Edit section: Budget control"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:%E4%B8%AD%E5%A4%AE%E4%BA%BA%E6%B0%91%E6%94%BF%E5%BA%9C%E6%94%BF%E5%8A%A1%E9%99%A2%E8%B4%A2%E6%94%BF%E7%BB%8F%E6%B5%8E%E5%A7%94%E5%91%98%E4%BC%9A%E6%88%90%E7%AB%8B%E5%90%88%E5%BD%B1.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/95/%E4%B8%AD%E5%A4%AE%E4%BA%BA%E6%B0%91%E6%94%BF%E5%BA%9C%E6%94%BF%E5%8A%A1%E9%99%A2%E8%B4%A2%E6%94%BF%E7%BB%8F%E6%B5%8E%E5%A7%94%E5%91%98%E4%BC%9A%E6%88%90%E7%AB%8B%E5%90%88%E5%BD%B1.jpg/220px-%E4%B8%AD%E5%A4%AE%E4%BA%BA%E6%B0%91%E6%94%BF%E5%BA%9C%E6%94%BF%E5%8A%A1%E9%99%A2%E8%B4%A2%E6%94%BF%E7%BB%8F%E6%B5%8E%E5%A7%94%E5%91%98%E4%BC%9A%E6%88%90%E7%AB%8B%E5%90%88%E5%BD%B1.jpg" decoding="async" width="220" height="164" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/95/%E4%B8%AD%E5%A4%AE%E4%BA%BA%E6%B0%91%E6%94%BF%E5%BA%9C%E6%94%BF%E5%8A%A1%E9%99%A2%E8%B4%A2%E6%94%BF%E7%BB%8F%E6%B5%8E%E5%A7%94%E5%91%98%E4%BC%9A%E6%88%90%E7%AB%8B%E5%90%88%E5%BD%B1.jpg/330px-%E4%B8%AD%E5%A4%AE%E4%BA%BA%E6%B0%91%E6%94%BF%E5%BA%9C%E6%94%BF%E5%8A%A1%E9%99%A2%E8%B4%A2%E6%94%BF%E7%BB%8F%E6%B5%8E%E5%A7%94%E5%91%98%E4%BC%9A%E6%88%90%E7%AB%8B%E5%90%88%E5%BD%B1.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/95/%E4%B8%AD%E5%A4%AE%E4%BA%BA%E6%B0%91%E6%94%BF%E5%BA%9C%E6%94%BF%E5%8A%A1%E9%99%A2%E8%B4%A2%E6%94%BF%E7%BB%8F%E6%B5%8E%E5%A7%94%E5%91%98%E4%BC%9A%E6%88%90%E7%AB%8B%E5%90%88%E5%BD%B1.jpg/440px-%E4%B8%AD%E5%A4%AE%E4%BA%BA%E6%B0%91%E6%94%BF%E5%BA%9C%E6%94%BF%E5%8A%A1%E9%99%A2%E8%B4%A2%E6%94%BF%E7%BB%8F%E6%B5%8E%E5%A7%94%E5%91%98%E4%BC%9A%E6%88%90%E7%AB%8B%E5%90%88%E5%BD%B1.jpg 2x" data-file-width="1200" data-file-height="895" /></a><figcaption>Formation of the Financial and Economic Committee of the <a href="/wiki/State_Council_of_the_People%27s_Republic_of_China" title="State Council of the People's Republic of China">State Council of the People's Republic of China</a> in October 1949</figcaption></figure> <p>Despite the state trading companies' role, the government's fiscal policies were crucial. The March 3, 1950 fiscal consolidation helped control government spending, which had been inflated by military costs and public sector wages. By constraining spending and balancing the budget, the government aimed to reduce inflationary pressures, leading to a gradual stabilisation of the currency and prices by mid-1950. In March 1950, a government decree required state organs and military funds to be deposited in state banks, limiting unnecessary spending and curbing the velocity of money. This measure, combined with a sharp drop in private bank deposit turnover, helped reduce inflation and prevent further price hikes.<sup id="cite_ref-:4_35-4" class="reference"><a href="#cite_note-:4-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Aftermath">Aftermath</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=20" title="Edit section: Aftermath"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Communist_revolution_of_China">Communist revolution of China</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=21" title="Edit section: Communist revolution of China"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Chinese_Communist_Revolution" title="Chinese Communist Revolution">Chinese Communist Revolution</a></div> <p>Wartime inflation was particularly challenging for salaried individuals like teachers, bureaucrats, and military officers. However, the severity of the issue escalated significantly in the final stages of the war. For those with fixed incomes, survival often led to corruption. Hyperinflation also undermined the appeal of modern banking, as people chose to hold tangible assets such as gold, silver, jewellery, foodstuffs, and foreign currencies to safeguard against the worsening inflation.<sup id="cite_ref-FOOTNOTECoble2023Chapter_1._Ichigo_and_Its_Aftermath_16-2" class="reference"><a href="#cite_note-FOOTNOTECoble2023Chapter_1._Ichigo_and_Its_Aftermath-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> These severe economic conditions eroded the support of the Nationalists, especially among the urban middle class, which had traditionally been its base. As inflation worsened, disillusionment with Chiang Kai-shek's economic policies grew, leading to widespread hostility or indifference toward the Nationalists. The government's attempt to control inflation through administrative measures only worsened the situation, making the Nationalist policies extremely unpopular and causing it to lose credibility and support.<sup id="cite_ref-:6_28-2" class="reference"><a href="#cite_note-:6-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:12_15-2" class="reference"><a href="#cite_note-:12-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> noted that bureaucracy, corruption, and poor financial management, which caused the collapse of the money market and hyperinflation, were significant factors in the Nationalists' defeat in the civil war. The severe hyperinflation in China, coupled with the Communists' ability to control it, aided their rise to power.<sup id="cite_ref-:17_6-3" class="reference"><a href="#cite_note-:17-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Restoring_financial_stability_on_Taiwan">Restoring financial stability on Taiwan</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=22" title="Edit section: Restoring financial stability on Taiwan"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1950%E5%B9%B4%E5%8F%B0%E6%B9%BE%E9%93%B6%E8%A1%8C%E5%B0%81%E5%AD%98%E7%9A%84%E9%87%91%E5%9C%86%E5%88%B8%E5%87%86%E5%A4%87%E9%87%91.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/07/1950%E5%B9%B4%E5%8F%B0%E6%B9%BE%E9%93%B6%E8%A1%8C%E5%B0%81%E5%AD%98%E7%9A%84%E9%87%91%E5%9C%86%E5%88%B8%E5%87%86%E5%A4%87%E9%87%91.jpg/220px-1950%E5%B9%B4%E5%8F%B0%E6%B9%BE%E9%93%B6%E8%A1%8C%E5%B0%81%E5%AD%98%E7%9A%84%E9%87%91%E5%9C%86%E5%88%B8%E5%87%86%E5%A4%87%E9%87%91.jpg" decoding="async" width="220" height="236" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/07/1950%E5%B9%B4%E5%8F%B0%E6%B9%BE%E9%93%B6%E8%A1%8C%E5%B0%81%E5%AD%98%E7%9A%84%E9%87%91%E5%9C%86%E5%88%B8%E5%87%86%E5%A4%87%E9%87%91.jpg/330px-1950%E5%B9%B4%E5%8F%B0%E6%B9%BE%E9%93%B6%E8%A1%8C%E5%B0%81%E5%AD%98%E7%9A%84%E9%87%91%E5%9C%86%E5%88%B8%E5%87%86%E5%A4%87%E9%87%91.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/07/1950%E5%B9%B4%E5%8F%B0%E6%B9%BE%E9%93%B6%E8%A1%8C%E5%B0%81%E5%AD%98%E7%9A%84%E9%87%91%E5%9C%86%E5%88%B8%E5%87%86%E5%A4%87%E9%87%91.jpg/440px-1950%E5%B9%B4%E5%8F%B0%E6%B9%BE%E9%93%B6%E8%A1%8C%E5%B0%81%E5%AD%98%E7%9A%84%E9%87%91%E5%9C%86%E5%88%B8%E5%87%86%E5%A4%87%E9%87%91.jpg 2x" data-file-width="450" data-file-height="483" /></a><figcaption>Gold reserve for <a href="/wiki/Chinese_gold_yuan" title="Chinese gold yuan">Chinese gold yuan</a> was secretly transported to Taiwan</figcaption></figure> <p>Starting in late 1948, Chiang Kai-shek covertly moved China's gold reserves from Shanghai to Taiwan, estimated at around 113.6 to 115.2 tonnes, as his government gradually lost the civil war.<sup id="cite_ref-:11_7-1" class="reference"><a href="#cite_note-:11-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> British journalist George Vine witnessed the transfer on 2 December 1948 from her room at the <a href="/wiki/Peace_Hotel" title="Peace Hotel">Peace Hotel</a>.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> Although his account was met with scepticism, it sparked a nationwide <a href="/wiki/Bank_run" title="Bank run">bank run</a>. Later, the <a href="/wiki/New_Taiwan_dollar" title="New Taiwan dollar">New Taiwan dollar</a> was introduced, replacing the old Taiwan dollar at an exchange rate of one to 40,000. The estimated 800,000 taels of gold, along with US$10 million brought from Shanghai, provided essential stability to a nation that had experienced severe hyperinflation since 1945.<sup id="cite_ref-:11_7-2" class="reference"><a href="#cite_note-:11-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Due to the <a href="/wiki/Retreat_of_the_government_of_the_Republic_of_China_to_Taiwan" title="Retreat of the government of the Republic of China to Taiwan">relocation of the central government to Taiwan</a> at the end of 1949, the Bank of Taiwan had to make even more advance payments for the central government agencies. Despite the <a href="/wiki/New_Taiwan_dollar" title="New Taiwan dollar">reform on Taiwan dollar</a>, the budget deficit continued to worsen, placing even greater pressure on prices. Yet, the outbreak of the Korean War on 25 June 1950 led to the immediate resumption of US aid to Taiwan. This assistance allowed the Nationalist government to reduce the budget deficit and ultimately bring an end to the hyperinflation.<sup id="cite_ref-:9_8-2" class="reference"><a href="#cite_note-:9-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=23" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Chinese_Communist_Revolution" title="Chinese Communist Revolution">Chinese Communist Revolution</a></li> <li><a href="/wiki/Economic_warfare" title="Economic warfare">Economic warfare</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=24" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Citations">Citations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=25" title="Edit section: Citations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-:19-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-:19_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:19_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFHabegger1988" class="citation web cs1">Habegger, Jay (1988-09-01). <a rel="nofollow" class="external text" href="https://fee.org/articles/origins-of-the-chinese-hyperinflation/">"Origins of the Chinese Hyperinflation"</a>. <i><a href="/wiki/Foundation_for_Economic_Education" title="Foundation for Economic Education">Foundation for Economic Education</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240613003938/https://fee.org/articles/origins-of-the-chinese-hyperinflation/">Archived</a> from the original on 2024-06-13<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-15</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Foundation+for+Economic+Education&rft.atitle=Origins+of+the+Chinese+Hyperinflation&rft.date=1988-09-01&rft.aulast=Habegger&rft.aufirst=Jay&rft_id=https%3A%2F%2Ffee.org%2Farticles%2Forigins-of-the-chinese-hyperinflation%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-:10-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-:10_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:10_2-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:10_2-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-:10_2-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBurdekinWhited2005" class="citation journal cs1">Burdekin, Richard C. K.; Whited, Hsin-hui I. H. (2005-01-01). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/abs/pii/S1043951X04000550">"Exporting hyperinflation: The long arm of Chiang Kai-shek"</a>. <i>China Economic Review</i>. <b>16</b> (1): 71–89. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.chieco.2004.09.001">10.1016/j.chieco.2004.09.001</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/10419%2F94620">10419/94620</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1043-951X">1043-951X</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220412135551/https://www.sciencedirect.com/science/article/abs/pii/S1043951X04000550">Archived</a> from the original on 2022-04-12<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-15</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=China+Economic+Review&rft.atitle=Exporting+hyperinflation%3A+The+long+arm+of+Chiang+Kai-shek&rft.volume=16&rft.issue=1&rft.pages=71-89&rft.date=2005-01-01&rft_id=info%3Ahdl%2F10419%2F94620&rft.issn=1043-951X&rft_id=info%3Adoi%2F10.1016%2Fj.chieco.2004.09.001&rft.aulast=Burdekin&rft.aufirst=Richard+C.+K.&rft.au=Whited%2C+Hsin-hui+I.+H.&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fabs%2Fpii%2FS1043951X04000550&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBabcockMakinen1975" class="citation journal cs1">Babcock, J. M.; Makinen, G. E. (1975). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1830861">"The Chinese Hyperinflation Reexamined"</a></span>. <i>Journal of Political Economy</i>. <b>83</b> (6): 1259–1267. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F260394">10.1086/260394</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0022-3808">0022-3808</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1830861">1830861</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240505022119/https://www.jstor.org/stable/1830861">Archived</a> from the original on 2024-05-05<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-15</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Political+Economy&rft.atitle=The+Chinese+Hyperinflation+Reexamined&rft.volume=83&rft.issue=6&rft.pages=1259-1267&rft.date=1975&rft.issn=0022-3808&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1830861%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1086%2F260394&rft.aulast=Babcock&rft.aufirst=J.+M.&rft.au=Makinen%2C+G.+E.&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1830861&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEbeling2020" class="citation web cs1">Ebeling, Richard M. (2020-07-05). <a rel="nofollow" class="external text" href="https://fee.org/articles/the-great-chinese-inflation/">"The Great Chinese Inflation: Inflation Undermined Popular Support Against Communism"</a>. <i><a href="/wiki/Foundation_for_Economic_Education" title="Foundation for Economic Education">Foundation for Economic Education</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240528010444/https://fee.org/articles/the-great-chinese-inflation/">Archived</a> from the original on 2024-05-28<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-15</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Foundation+for+Economic+Education&rft.atitle=The+Great+Chinese+Inflation%3A+Inflation+Undermined+Popular+Support+Against+Communism&rft.date=2020-07-05&rft.aulast=Ebeling&rft.aufirst=Richard+M.&rft_id=https%3A%2F%2Ffee.org%2Farticles%2Fthe-great-chinese-inflation%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFReed2022" class="citation web cs1">Reed, Lawrence W. (2022-05-11). <a rel="nofollow" class="external text" href="https://fee.org/articles/what-china-s-hyperinflation-in-the-1940s-can-teach-americans/">"What China's Hyperinflation in the 1940s Can Teach Americans"</a>. <i><a href="/wiki/Foundation_for_Economic_Education" title="Foundation for Economic Education">Foundation for Economic Education</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Foundation+for+Economic+Education&rft.atitle=What+China%27s+Hyperinflation+in+the+1940s+Can+Teach+Americans&rft.date=2022-05-11&rft.aulast=Reed&rft.aufirst=Lawrence+W.&rft_id=https%3A%2F%2Ffee.org%2Farticles%2Fwhat-china-s-hyperinflation-in-the-1940s-can-teach-americans%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-:17-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-:17_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:17_6-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:17_6-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-:17_6-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedman1992" class="citation journal cs1"><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman, Milton</a> (1992). <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2138806">"Franklin D. Roosevelt, Silver, and China"</a>. <i>Journal of Political Economy</i>. <b>100</b> (1): 62–83. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F261807">10.1086/261807</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0022-3808">0022-3808</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2138806">2138806</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Political+Economy&rft.atitle=Franklin+D.+Roosevelt%2C+Silver%2C+and+China&rft.volume=100&rft.issue=1&rft.pages=62-83&rft.date=1992&rft.issn=0022-3808&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2138806%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1086%2F261807&rft.aulast=Friedman&rft.aufirst=Milton&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2138806&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-:11-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-:11_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:11_7-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:11_7-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSkoyles2013" class="citation web cs1">Skoyles, Jan (2013-09-26). <a rel="nofollow" class="external text" href="https://www.mining.com/web/how-one-man-took-chinas-gold/">"How one man took China's gold"</a>. <i>The Northern Miner</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20231125003815/https://www.mining.com/web/how-one-man-took-chinas-gold/">Archived</a> from the original on 2023-11-25<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-16</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Northern+Miner&rft.atitle=How+one+man+took+China%27s+gold&rft.date=2013-09-26&rft.aulast=Skoyles&rft.aufirst=Jan&rft_id=https%3A%2F%2Fwww.mining.com%2Fweb%2Fhow-one-man-took-chinas-gold%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-:9-8"><span class="mw-cite-backlink">^ <a href="#cite_ref-:9_8-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:9_8-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:9_8-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWu2006" class="citation journal cs1 cs1-prop-foreign-lang-source">Wu, Tsong-min (2006). <a rel="nofollow" class="external text" href="https://homepage.ntu.edu.tw/~ntut019/ltes/BigInflation-Historica.pdf">"Taiwan's Hyperinflation: 1945-1950"</a> <span class="cs1-format">(PDF)</span>. <i>Bulletin of Academia Historica</i> (in Chinese) (10): 129–159. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.7058%2FBAH.200612.0129">10.7058/BAH.200612.0129</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bulletin+of+Academia+Historica&rft.atitle=Taiwan%27s+Hyperinflation%3A+1945-1950&rft.issue=10&rft.pages=129-159&rft.date=2006&rft_id=info%3Adoi%2F10.7058%2FBAH.200612.0129&rft.aulast=Wu&rft.aufirst=Tsong-min&rft_id=https%3A%2F%2Fhomepage.ntu.edu.tw%2F~ntut019%2Fltes%2FBigInflation-Historica.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-:0-9"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_9-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_9-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:0_9-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFChang1958">Chang 1958</a>, 1.1 Prewar Background</span> </li> <li id="cite_note-:3-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-:3_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:3_10-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:3_10-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-:3_10-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLi2019" class="citation journal cs1">Li, Michell (2019). <a rel="nofollow" class="external text" href="https://sites.krieger.jhu.edu/iae/files/2020/01/Inflation-in-Eastern-China-during-the-Second-Sino-Japanese-War.pdf">"Inflation in Eastern China during the Second Sino-Japanese War"</a> <span class="cs1-format">(PDF)</span>. <i>Studies in Applied Economics</i>. Baltimore: The Johns Hopkins University. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240528055818/https://sites.krieger.jhu.edu/iae/files/2020/01/Inflation-in-Eastern-China-during-the-Second-Sino-Japanese-War.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 2024-05-28<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-15</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Studies+in+Applied+Economics&rft.atitle=Inflation+in+Eastern+China+during+the+Second+Sino-Japanese+War&rft.date=2019&rft.aulast=Li&rft.aufirst=Michell&rft_id=https%3A%2F%2Fsites.krieger.jhu.edu%2Fiae%2Ffiles%2F2020%2F01%2FInflation-in-Eastern-China-during-the-Second-Sino-Japanese-War.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-:1-11"><span class="mw-cite-backlink">^ <a href="#cite_ref-:1_11-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:1_11-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFChang1958">Chang 1958</a>, 1.2 The First Period of War Inflation, 1937-1939</span> </li> <li id="cite_note-:13-12"><span class="mw-cite-backlink">^ <a href="#cite_ref-:13_12-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:13_12-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:13_12-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGuoDong2020" class="citation journal cs1">Guo, Yibei; Dong, Baomin (2020-06-01). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/abs/pii/S1043951X1830172X">"Where is the beef? The costs of American aid and wartime China's hyperinflation"</a>. <i>China Economic Review</i>. <b>61</b>: 101260. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.chieco.2018.12.003">10.1016/j.chieco.2018.12.003</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1043-951X">1043-951X</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=China+Economic+Review&rft.atitle=Where+is+the+beef%3F+The+costs+of+American+aid+and+wartime+China%27s+hyperinflation&rft.volume=61&rft.pages=101260&rft.date=2020-06-01&rft_id=info%3Adoi%2F10.1016%2Fj.chieco.2018.12.003&rft.issn=1043-951X&rft.aulast=Guo&rft.aufirst=Yibei&rft.au=Dong%2C+Baomin&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fabs%2Fpii%2FS1043951X1830172X&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><a href="#CITEREFChang1958">Chang 1958</a>, 2 War Inflation, 1940-1945</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOffice_of_Strategic_Services_Research_and_Analysis_Branch1945" class="citation report cs1"><a href="/wiki/Office_of_Strategic_Services" title="Office of Strategic Services">Office of Strategic Services</a> Research and Analysis Branch (1945-08-17). <a rel="nofollow" class="external text" href="https://www.cia.gov/readingroom/docs/DOC_0000710368.pdf">Inflation in Free China</a> <span class="cs1-format">(PDF)</span> (Report). Langley, VA: <a href="/wiki/Central_Intelligence_Agency" title="Central Intelligence Agency">Central Intelligence Agency</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=Inflation+in+Free+China&rft.place=Langley%2C+VA&rft.pub=Central+Intelligence+Agency&rft.date=1945-08-17&rft.au=Office+of+Strategic+Services+Research+and+Analysis+Branch&rft_id=https%3A%2F%2Fwww.cia.gov%2Freadingroom%2Fdocs%2FDOC_0000710368.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-:12-15"><span class="mw-cite-backlink">^ <a href="#cite_ref-:12_15-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:12_15-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:12_15-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHuff2015" class="citation cs2">Huff, Gregg (2015), Tooze, Adam; Geyer, Michael (eds.), <a rel="nofollow" class="external text" href="https://www.cambridge.org/core/books/abs/cambridge-history-of-the-second-world-war/finance-for-war-in-asia-and-its-aftermath/9AF986C1FCA331EAA6EF3480ADC60EE4">"Finance for war in Asia and its aftermath"</a>, <i>Total War: Economy, Society and Culture</i>, The Cambridge History of the Second World War, vol. 3, Cambridge: Cambridge University Press, pp. 56–93, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-107-03995-7" title="Special:BookSources/978-1-107-03995-7"><bdi>978-1-107-03995-7</bdi></a><span class="reference-accessdate">, retrieved <span class="nowrap">2024-11-16</span></span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Total+War%3A+Economy%2C+Society+and+Culture&rft.atitle=Finance+for+war+in+Asia+and+its+aftermath&rft.volume=3&rft.pages=56-93&rft.date=2015&rft.isbn=978-1-107-03995-7&rft.aulast=Huff&rft.aufirst=Gregg&rft_id=https%3A%2F%2Fwww.cambridge.org%2Fcore%2Fbooks%2Fabs%2Fcambridge-history-of-the-second-world-war%2Ffinance-for-war-in-asia-and-its-aftermath%2F9AF986C1FCA331EAA6EF3480ADC60EE4&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTECoble2023Chapter_1._Ichigo_and_Its_Aftermath-16"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTECoble2023Chapter_1._Ichigo_and_Its_Aftermath_16-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTECoble2023Chapter_1._Ichigo_and_Its_Aftermath_16-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTECoble2023Chapter_1._Ichigo_and_Its_Aftermath_16-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFCoble2023">Coble 2023</a>, Chapter 1. Ichigo and Its Aftermath.</span> </li> <li id="cite_note-:8-17"><span class="mw-cite-backlink">^ <a href="#cite_ref-:8_17-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:8_17-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWang2008" class="citation report cs1">Wang, Yuru (2008). <a rel="nofollow" class="external text" href="https://typeset.io/pdf/urban-wholesale-price-change-and-economic-growth-in-modern-1psaxklts7.pdf">Urban wholesale price change and economic growth in modern China</a> <span class="cs1-format">(PDF)</span> (Report). Tianjin: <a href="/wiki/Nankai_University" title="Nankai University">Nankai University</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=Urban+wholesale+price+change+and+economic+growth+in+modern+China&rft.place=Tianjin&rft.pub=Nankai+University&rft.date=2008&rft.aulast=Wang&rft.aufirst=Yuru&rft_id=https%3A%2F%2Ftypeset.io%2Fpdf%2Furban-wholesale-price-change-and-economic-growth-in-modern-1psaxklts7.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-:14-18"><span class="mw-cite-backlink">^ <a href="#cite_ref-:14_18-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:14_18-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:14_18-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://news.ifeng.com/history/zhongguojindaishi/200909/0921_7180_1357490_1.shtml">"日军侵华上海成为"孤岛" 经济何以空前繁荣？"</a> [Japanese Invasion Turns Shanghai into an "Isolated Island": How Did Its Economy Flourish Unprecedentedly?]. <i><a href="/wiki/Phoenix_Television" title="Phoenix Television">Phenix News</a></i> (in Chinese). Hong Kong<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-16</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Phenix+News&rft.atitle=%E6%97%A5%E5%86%9B%E4%BE%B5%E5%8D%8E%E4%B8%8A%E6%B5%B7%E6%88%90%E4%B8%BA%22%E5%AD%A4%E5%B2%9B%22+%E7%BB%8F%E6%B5%8E%E4%BD%95%E4%BB%A5%E7%A9%BA%E5%89%8D%E7%B9%81%E8%8D%A3%EF%BC%9F&rft_id=https%3A%2F%2Fnews.ifeng.com%2Fhistory%2Fzhongguojindaishi%2F200909%2F0921_7180_1357490_1.shtml&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-:15-19"><span class="mw-cite-backlink">^ <a href="#cite_ref-:15_19-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:15_19-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:15_19-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJiang2017" class="citation journal cs1 cs1-prop-foreign-lang-source">Jiang, Jie (2017). <a rel="nofollow" class="external text" href="https://www.academia.edu/43780726">"Property Crime in Wartime Shanghai: Unemployment, Inflation and Hunger (1937—1942)"</a>. <i>Historical Research in Auhui</i> (in Chinese) (5): 72–81.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Historical+Research+in+Auhui&rft.atitle=Property+Crime+in+Wartime+Shanghai%3A+Unemployment%2C+Inflation+and+Hunger+%281937%E2%80%941942%29&rft.issue=5&rft.pages=72-81&rft.date=2017&rft.aulast=Jiang&rft.aufirst=Jie&rft_id=https%3A%2F%2Fwww.academia.edu%2F43780726&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-:16-20"><span class="mw-cite-backlink">^ <a href="#cite_ref-:16_20-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:16_20-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFei2014" class="citation journal cs1">Fei, Yao (2014). <a rel="nofollow" class="external text" href="https://www.tandfonline.com/doi/full/10.2753/CSH0009-4633470302">"A Study of Daily Life in Shanghai During the Isolated Island Period"</a>. <i>Chinese Studies in History</i>. <b>47</b> (3): 29–52. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2753%2FCSH0009-4633470302">10.2753/CSH0009-4633470302</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0009-4633">0009-4633</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Chinese+Studies+in+History&rft.atitle=A+Study+of+Daily+Life+in+Shanghai+During+the+Isolated+Island+Period&rft.volume=47&rft.issue=3&rft.pages=29-52&rft.date=2014&rft_id=info%3Adoi%2F10.2753%2FCSH0009-4633470302&rft.issn=0009-4633&rft.aulast=Fei&rft.aufirst=Yao&rft_id=https%3A%2F%2Fwww.tandfonline.com%2Fdoi%2Ffull%2F10.2753%2FCSH0009-4633470302&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTECoble2003Chapter_2._Japan's_New_Order-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTECoble2003Chapter_2._Japan's_New_Order_21-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFCoble2003">Coble 2003</a>, Chapter 2. Japan's New Order.</span> </li> <li id="cite_note-FOOTNOTECoble2003Chapter_3._Establishing_Control-22"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTECoble2003Chapter_3._Establishing_Control_22-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTECoble2003Chapter_3._Establishing_Control_22-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTECoble2003Chapter_3._Establishing_Control_22-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-FOOTNOTECoble2003Chapter_3._Establishing_Control_22-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-FOOTNOTECoble2003Chapter_3._Establishing_Control_22-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFCoble2003">Coble 2003</a>, Chapter 3. Establishing Control.</span> </li> <li id="cite_note-:2-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-:2_23-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://nnp.library.wustl.edu/concern/articles/Article18428?locale=fr">"WWII JAPANESE COUNTERFEITING OF CHINESE CURRENCY"</a>. <i>Newman Numismatic Portal, Washington University in St. Louis</i>. 2015-01-11.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Newman+Numismatic+Portal%2C+Washington+University+in+St.+Louis&rft.atitle=WWII+JAPANESE+COUNTERFEITING+OF+CHINESE+CURRENCY&rft.date=2015-01-11&rft_id=https%3A%2F%2Fnnp.library.wustl.edu%2Fconcern%2Farticles%2FArticle18428%3Flocale%3Dfr&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTECoble2003Chapter_4._Puppet_Governments_and_Chinese_Capitalists-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTECoble2003Chapter_4._Puppet_Governments_and_Chinese_Capitalists_24-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFCoble2003">Coble 2003</a>, Chapter 4. Puppet Governments and Chinese Capitalists.</span> </li> <li id="cite_note-:5-25"><span class="mw-cite-backlink">^ <a href="#cite_ref-:5_25-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:5_25-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHuang2013" class="citation report cs1">Huang, Yanjie (2013). <a rel="nofollow" class="external text" href="https://research.nus.edu.sg/eai/wp-content/uploads/sites/2/2017/11/EWP161.pdf">China's great monetary revolution, 1942-1950</a> <span class="cs1-format">(PDF)</span> (Report). Singapore: NUS East Asian Institute. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-981-07-5140-1" title="Special:BookSources/978-981-07-5140-1"><bdi>978-981-07-5140-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=China%27s+great+monetary+revolution%2C+1942-1950&rft.place=Singapore&rft.pub=NUS+East+Asian+Institute&rft.date=2013&rft.isbn=978-981-07-5140-1&rft.aulast=Huang&rft.aufirst=Yanjie&rft_id=https%3A%2F%2Fresearch.nus.edu.sg%2Feai%2Fwp-content%2Fuploads%2Fsites%2F2%2F2017%2F11%2FEWP161.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChen1995" class="citation book cs1"><a href="/wiki/Chen_Yung-fa" title="Chen Yung-fa">Chen, Yung-fa</a> (1995). <a rel="nofollow" class="external text" href="https://www.taylorfrancis.com/chapters/edit/10.4324/9781315702124-13/blooming-poppy-red-sun-yan-way-opium-trade-chen-yung-fa">"The Blooming Poppy under the Red Sun: The Yan'an Way and the Opium Trade"</a>. In Saich, Tony; Van De Ven, Hans J. (eds.). <i>New Perspectives on the Chinese Revolution</i>. New York, NY: Routledge. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.4324%2F9781315702124-13%2Fblooming-poppy-red-sun-yan-way-opium-trade-chen-yung-fa">10.4324/9781315702124-13/blooming-poppy-red-sun-yan-way-opium-trade-chen-yung-fa</a> (inactive 2024-11-17). <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781315702124" title="Special:BookSources/9781315702124"><bdi>9781315702124</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230626220520/https://www.taylorfrancis.com/chapters/edit/10.4324/9781315702124-13/blooming-poppy-red-sun-yan-way-opium-trade-chen-yung-fa">Archived</a> from the original on 2023-06-26<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-18</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=The+Blooming+Poppy+under+the+Red+Sun%3A+The+Yan%27an+Way+and+the+Opium+Trade&rft.btitle=New+Perspectives+on+the+Chinese+Revolution&rft.place=New+York%2C+NY&rft.pub=Routledge&rft.date=1995&rft_id=info%3Adoi%2F10.4324%2F9781315702124-13%2Fblooming-poppy-red-sun-yan-way-opium-trade-chen-yung-fa&rft.isbn=9781315702124&rft.aulast=Chen&rft.aufirst=Yung-fa&rft_id=https%3A%2F%2Fwww.taylorfrancis.com%2Fchapters%2Fedit%2F10.4324%2F9781315702124-13%2Fblooming-poppy-red-sun-yan-way-opium-trade-chen-yung-fa&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: DOI inactive as of November 2024 (<a href="/wiki/Category:CS1_maint:_DOI_inactive_as_of_November_2024" title="Category:CS1 maint: DOI inactive as of November 2024">link</a>)</span></span> </li> <li id="cite_note-FOOTNOTEChang1958Table_25._The_foreign_exchange_rate_and_internal_prices_(Jan._1946_-_Jul._1948)-27"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEChang1958Table_25._The_foreign_exchange_rate_and_internal_prices_(Jan._1946_-_Jul._1948)_27-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEChang1958Table_25._The_foreign_exchange_rate_and_internal_prices_(Jan._1946_-_Jul._1948)_27-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFChang1958">Chang 1958</a>, Table 25. The foreign exchange rate and internal prices (Jan. 1946 - Jul. 1948).</span> </li> <li id="cite_note-:6-28"><span class="mw-cite-backlink">^ <a href="#cite_ref-:6_28-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:6_28-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:6_28-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOsinsky2010" class="citation journal cs1">Osinsky, Pavel (2010-09-01). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.tandfonline.com/doi/full/10.1111/j.1533-8525.2010.01184.x">"Modernization Interrupted? Total War, State Breakdown, and the Communist Conquest of China"</a></span>. <i>The Sociological Quarterly</i>. <b>51</b> (4): 576–599. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fj.1533-8525.2010.01184.x">10.1111/j.1533-8525.2010.01184.x</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0038-0253">0038-0253</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Sociological+Quarterly&rft.atitle=Modernization+Interrupted%3F+Total+War%2C+State+Breakdown%2C+and+the+Communist+Conquest+of+China&rft.volume=51&rft.issue=4&rft.pages=576-599&rft.date=2010-09-01&rft_id=info%3Adoi%2F10.1111%2Fj.1533-8525.2010.01184.x&rft.issn=0038-0253&rft.aulast=Osinsky&rft.aufirst=Pavel&rft_id=https%3A%2F%2Fwww.tandfonline.com%2Fdoi%2Ffull%2F10.1111%2Fj.1533-8525.2010.01184.x&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFZhaoLi2015" class="citation journal cs1">Zhao, Liuyan; Li, Lianfa (2015-07-01). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/abs/pii/S1043951X15000607">"Interest rate, money demand and seigniorage: The Chinese hyperinflation 1946–1949"</a>. <i>China Economic Review</i>. <b>34</b>: 169–179. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.chieco.2015.05.002">10.1016/j.chieco.2015.05.002</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1043-951X">1043-951X</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200613065428/https://www.sciencedirect.com/science/article/abs/pii/S1043951X15000607">Archived</a> from the original on 2020-06-13<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-16</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=China+Economic+Review&rft.atitle=Interest+rate%2C+money+demand+and+seigniorage%3A+The+Chinese+hyperinflation+1946%E2%80%931949&rft.volume=34&rft.pages=169-179&rft.date=2015-07-01&rft_id=info%3Adoi%2F10.1016%2Fj.chieco.2015.05.002&rft.issn=1043-951X&rft.aulast=Zhao&rft.aufirst=Liuyan&rft.au=Li%2C+Lianfa&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fabs%2Fpii%2FS1043951X15000607&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTEChang1958Table_26._Gold_yuan_note_issue,_exchange_rates_and_whole_sale_price_index,_Shanghai,_August_31,_1948-July_31,_1949-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEChang1958Table_26._Gold_yuan_note_issue,_exchange_rates_and_whole_sale_price_index,_Shanghai,_August_31,_1948-July_31,_1949_30-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFChang1958">Chang 1958</a>, Table 26. Gold yuan note issue, exchange rates and whole sale price index, Shanghai, August 31, 1948-July 31, 1949.</span> </li> <li id="cite_note-:20-31"><span class="mw-cite-backlink">^ <a href="#cite_ref-:20_31-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:20_31-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:20_31-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-:20_31-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFZhao2017" class="citation journal cs1">Zhao, Liuyan (2017-02-01). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/abs/pii/S1043951X15000814">"The behavior of money demand in the Chinese hyperinflation"</a></span>. <i>China Economic Review</i>. <b>42</b>: 145–154. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.chieco.2015.06.001">10.1016/j.chieco.2015.06.001</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1043-951X">1043-951X</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=China+Economic+Review&rft.atitle=The+behavior+of+money+demand+in+the+Chinese+hyperinflation&rft.volume=42&rft.pages=145-154&rft.date=2017-02-01&rft_id=info%3Adoi%2F10.1016%2Fj.chieco.2015.06.001&rft.issn=1043-951X&rft.aulast=Zhao&rft.aufirst=Liuyan&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fabs%2Fpii%2FS1043951X15000814&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTEStuart1954Chapter_10._The_Dream_that_Did_Not_Come_True-32"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEStuart1954Chapter_10._The_Dream_that_Did_Not_Come_True_32-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEStuart1954Chapter_10._The_Dream_that_Did_Not_Come_True_32-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FOOTNOTEStuart1954Chapter_10._The_Dream_that_Did_Not_Come_True_32-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-FOOTNOTEStuart1954Chapter_10._The_Dream_that_Did_Not_Come_True_32-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFStuart1954">Stuart 1954</a>, Chapter 10. The Dream that Did Not Come True.</span> </li> <li id="cite_note-:7-33"><span class="mw-cite-backlink">^ <a href="#cite_ref-:7_33-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:7_33-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSchenk2000" class="citation journal cs1">Schenk, Catherine (2000). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.cambridge.org/core/journals/modern-asian-studies/article/abs/another-asian-financial-crisis-monetary-links-between-hong-kong-and-china-194550/A1B5BAADF2B6B23E45F61A916E495690">"Another Asian Financial Crisis: Monetary Links between Hong Kong and China 1945—50"</a></span>. <i>Modern Asian Studies</i>. <b>34</b> (3): 739–764. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0026749X00003826">10.1017/S0026749X00003826</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1469-8099">1469-8099</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Modern+Asian+Studies&rft.atitle=Another+Asian+Financial+Crisis%3A+Monetary+Links+between+Hong+Kong+and+China+1945%E2%80%9450&rft.volume=34&rft.issue=3&rft.pages=739-764&rft.date=2000&rft_id=info%3Adoi%2F10.1017%2FS0026749X00003826&rft.issn=1469-8099&rft.aulast=Schenk&rft.aufirst=Catherine&rft_id=https%3A%2F%2Fwww.cambridge.org%2Fcore%2Fjournals%2Fmodern-asian-studies%2Farticle%2Fabs%2Fanother-asian-financial-crisis-monetary-links-between-hong-kong-and-china-194550%2FA1B5BAADF2B6B23E45F61A916E495690&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-:18-34"><span class="mw-cite-backlink">^ <a href="#cite_ref-:18_34-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:18_34-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMakinenWoodward1989" class="citation journal cs1">Makinen, Gail E.; Woodward, G. Thomas (1989). <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1992580">"The Taiwanese Hyperinflation and Stabilization of 1945-1952"</a>. <i>Journal of Money, Credit and Banking</i>. <b>21</b> (1): 90–105. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F1992580">10.2307/1992580</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0022-2879">0022-2879</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1992580">1992580</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240530111339/https://www.jstor.org/stable/1992580">Archived</a> from the original on 2024-05-30<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-18</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Money%2C+Credit+and+Banking&rft.atitle=The+Taiwanese+Hyperinflation+and+Stabilization+of+1945-1952&rft.volume=21&rft.issue=1&rft.pages=90-105&rft.date=1989&rft.issn=0022-2879&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1992580%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.2307%2F1992580&rft.aulast=Makinen&rft.aufirst=Gail+E.&rft.au=Woodward%2C+G.+Thomas&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1992580&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-:4-35"><span class="mw-cite-backlink">^ <a href="#cite_ref-:4_35-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:4_35-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:4_35-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-:4_35-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-:4_35-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBurdekinWang1999" class="citation journal cs1">Burdekin, Richard C. K.; Wang, Fang (1999-10-01). <a rel="nofollow" class="external text" href="https://link.springer.com/article/10.1023/A:1003616005474">"A Novel End to the Big Inflation in China in 1950*"</a>. <i>Economics of Planning</i>. <b>32</b> (3): 211–229. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1023%2FA%3A1003616005474">10.1023/A:1003616005474</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1573-0808">1573-0808</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economics+of+Planning&rft.atitle=A+Novel+End+to+the+Big+Inflation+in+China+in+1950%2A&rft.volume=32&rft.issue=3&rft.pages=211-229&rft.date=1999-10-01&rft_id=info%3Adoi%2F10.1023%2FA%3A1003616005474&rft.issn=1573-0808&rft.aulast=Burdekin&rft.aufirst=Richard+C.+K.&rft.au=Wang%2C+Fang&rft_id=https%3A%2F%2Flink.springer.com%2Farticle%2F10.1023%2FA%3A1003616005474&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHe2023" class="citation journal cs1">He, Zengping (2023-10-02). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.tandfonline.com/doi/full/10.1080/00213624.2023.2273144">"How Is Money Driven? The Case in Shanghai (1949–1950)"</a></span>. <i>Journal of Economic Issues</i>. <b>57</b> (4): 1229–1240. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F00213624.2023.2273144">10.1080/00213624.2023.2273144</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0021-3624">0021-3624</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240114023117/https://www.tandfonline.com/doi/full/10.1080/00213624.2023.2273144">Archived</a> from the original on 2024-01-14<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-16</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Issues&rft.atitle=How+Is+Money+Driven%3F+The+Case+in+Shanghai+%281949%E2%80%931950%29&rft.volume=57&rft.issue=4&rft.pages=1229-1240&rft.date=2023-10-02&rft_id=info%3Adoi%2F10.1080%2F00213624.2023.2273144&rft.issn=0021-3624&rft.aulast=He&rft.aufirst=Zengping&rft_id=https%3A%2F%2Fwww.tandfonline.com%2Fdoi%2Ffull%2F10.1080%2F00213624.2023.2273144&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.scmp.com/article/716329/how-chiang-spirited-chinas-gold-away-reds">"How Chiang spirited China's gold away from the Reds"</a>. <i>South China Morning Post</i>. 2010-06-06. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230420112910/https://www.scmp.com/article/716329/how-chiang-spirited-chinas-gold-away-reds">Archived</a> from the original on 2023-04-20<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-16</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=South+China+Morning+Post&rft.atitle=How+Chiang+spirited+China%27s+gold+away+from+the+Reds&rft.date=2010-06-06&rft_id=https%3A%2F%2Fwww.scmp.com%2Farticle%2F716329%2Fhow-chiang-spirited-chinas-gold-away-reds&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPackard" class="citation web cs1">Packard, Wingate. <a rel="nofollow" class="external text" href="https://archive.seattletimes.com/archive/20000512/4021308/city-on-the-edge--shanghais-prosperity-and-pleasures-plumbed-by-seattle-native">"City on the edge ; Shanghai's prosperity and pleasures plumbed by Seattle native"</a>. <i>The Seattle Times</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-16</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Seattle+Times&rft.atitle=City+on+the+edge+%3B+Shanghai%27s+prosperity+and+pleasures+plumbed+by+Seattle+native&rft.aulast=Packard&rft.aufirst=Wingate&rft_id=https%3A%2F%2Farchive.seattletimes.com%2Farchive%2F20000512%2F4021308%2Fcity-on-the-edge--shanghais-prosperity-and-pleasures-plumbed-by-seattle-native&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading3"><h3 id="Sources">Sources</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=26" title="Edit section: Sources"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChang1958" class="citation book cs1"><a href="/wiki/Chang_Kia-ngau" title="Chang Kia-ngau">Chang, Kia-Ngau</a> (1958). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/inflationaryspir0000chan/"><i>The Inflationary Spiral: The Experience in China 1939–1950</i></a></span>. Cambridge, MA: <a href="/wiki/Technology_Press_of_Massachusetts_Institute_of_Technology" class="mw-redirect" title="Technology Press of Massachusetts Institute of Technology">Technology Press of Massachusetts Institute of Technology</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780262532181" title="Special:BookSources/9780262532181"><bdi>9780262532181</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Inflationary+Spiral%3A+The+Experience+in+China+1939%E2%80%931950&rft.place=Cambridge%2C+MA&rft.pub=Technology+Press+of+Massachusetts+Institute+of+Technology&rft.date=1958&rft.isbn=9780262532181&rft.aulast=Chang&rft.aufirst=Kia-Ngau&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Finflationaryspir0000chan%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChou1963" class="citation book cs1">Chou, Shun-Hsin (1963). <i>The Chinese Inflation, 1937-1949</i>. New York, NY: <a href="/wiki/Columbia_University_Press" title="Columbia University Press">Columbia University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780231892490" title="Special:BookSources/9780231892490"><bdi>9780231892490</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Chinese+Inflation%2C+1937-1949&rft.place=New+York%2C+NY&rft.pub=Columbia+University+Press&rft.date=1963&rft.isbn=9780231892490&rft.aulast=Chou&rft.aufirst=Shun-Hsin&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCoble2003" class="citation book cs1"><a href="/wiki/Parks_Coble" class="mw-redirect" title="Parks Coble">Coble, Parks</a> (2003). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=l7Ga3x6b4Q8C&dq=%22Hong+Kong%22+%22inflation%22+%22Japanese%22+%E2%80%9C1942%E2%80%9D&pg=PP1"><i>Chinese Capitalists in Japan's New Order: The Occupied Lower Yangzi, 1937-1945</i></a>. Berkeley, CA: University of California Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-520-92829-9" title="Special:BookSources/978-0-520-92829-9"><bdi>978-0-520-92829-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Chinese+Capitalists+in+Japan%27s+New+Order%3A+The+Occupied+Lower+Yangzi%2C+1937-1945&rft.place=Berkeley%2C+CA&rft.pub=University+of+California+Press&rft.date=2003&rft.isbn=978-0-520-92829-9&rft.aulast=Coble&rft.aufirst=Parks&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dl7Ga3x6b4Q8C%26dq%3D%2522Hong%2BKong%2522%2B%2522inflation%2522%2B%2522Japanese%2522%2B%25E2%2580%259C1942%25E2%2580%259D%26pg%3DPP1&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCoble2023" class="citation book cs1"><a href="/wiki/Parks_Coble" class="mw-redirect" title="Parks Coble">Coble, Parks M.</a> (2023). <a rel="nofollow" class="external text" href="https://www.cambridge.org/core/books/collapse-of-nationalist-china/80E9CAEE26BF8CD96149B8207B16A1A9"><i>The Collapse of Nationalist China: How Chiang Kai-shek Lost China's Civil War</i></a>. Cambridge, UK: Cambridge University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-009-29761-5" title="Special:BookSources/978-1-009-29761-5"><bdi>978-1-009-29761-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Collapse+of+Nationalist+China%3A+How+Chiang+Kai-shek+Lost+China%27s+Civil+War&rft.place=Cambridge%2C+UK&rft.pub=Cambridge+University+Press&rft.date=2023&rft.isbn=978-1-009-29761-5&rft.aulast=Coble&rft.aufirst=Parks+M.&rft_id=https%3A%2F%2Fwww.cambridge.org%2Fcore%2Fbooks%2Fcollapse-of-nationalist-china%2F80E9CAEE26BF8CD96149B8207B16A1A9&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStuart1954" class="citation book cs1"><a href="/wiki/John_Leighton_Stuart" title="John Leighton Stuart">Stuart, John Leighton</a> (1954). <a rel="nofollow" class="external text" href="https://archive.org/details/fiftyyearsinchin012639mbp/"><i>Fifty Years in China: The Memoirs of John Leighton Stuart, Missionary and Ambassador</i></a>. New York, NY: <a href="/wiki/Random_House" title="Random House">Random House</a>, Inc.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Fifty+Years+in+China%3A+The+Memoirs+of+John+Leighton+Stuart%2C+Missionary+and+Ambassador&rft.place=New+York%2C+NY&rft.pub=Random+House%2C+Inc.&rft.date=1954&rft.aulast=Stuart&rft.aufirst=John+Leighton&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Ffiftyyearsinchin012639mbp%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Chinese_hyperinflation&action=edit&section=27" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.boc.cn/en/aboutboc/ab7/200809/t20080926_1601861.html">"One Hundred Yuan for A Grain: Grave Impact of Galloping Inflation (1946 - 1949)"</a>. <i><a href="/wiki/Bank_of_China" title="Bank of China">Bank of China</a></i>. 2008-09-26<span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-17</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Bank+of+China&rft.atitle=One+Hundred+Yuan+for+A+Grain%3A+Grave+Impact+of+Galloping+Inflation+%281946+-+1949%29&rft.date=2008-09-26&rft_id=https%3A%2F%2Fwww.boc.cn%2Fen%2Faboutboc%2Fab7%2F200809%2Ft20080926_1601861.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTanous2020" class="citation web cs1">Tanous, Matthew (2020-09-07). <a rel="nofollow" class="external text" href="https://mises.org/power-market/hyperinflation-civil-war-china">"Hyperinflation in Civil War China"</a>. <i><a href="/wiki/Mises_Institute" title="Mises Institute">Mises Institute</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-17</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Mises+Institute&rft.atitle=Hyperinflation+in+Civil+War+China&rft.date=2020-09-07&rft.aulast=Tanous&rft.aufirst=Matthew&rft_id=https%3A%2F%2Fmises.org%2Fpower-market%2Fhyperinflation-civil-war-china&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMontier2013" class="citation report cs1">Montier, James (2013-02-15). <a rel="nofollow" class="external text" href="https://www.gmo.com/globalassets/articles/white-paper/2013/jm_hyperinflations_2-13.pdf">Hyperinflations, Hysteria, and False Memories</a> <span class="cs1-format">(PDF)</span> (Report). <a href="/wiki/GMO_LLC" title="GMO LLC">GMO LLC</a><span class="reference-accessdate">. Retrieved <span class="nowrap">2024-11-17</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=Hyperinflations%2C+Hysteria%2C+and+False+Memories&rft.pub=GMO+LLC&rft.date=2013-02-15&rft.aulast=Montier&rft.aufirst=James&rft_id=https%3A%2F%2Fwww.gmo.com%2Fglobalassets%2Farticles%2Fwhite-paper%2F2013%2Fjm_hyperinflations_2-13.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AChinese+hyperinflation" class="Z3988"></span></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · ";font-weight:bold}.mw-parser-output .hlist dd:last-child::after,.mw-parser-output .hlist dt:last-child::after,.mw-parser-output .hlist li:last-child::after{content:none}.mw-parser-output .hlist dd dd:first-child::before,.mw-parser-output .hlist dd dt:first-child::before,.mw-parser-output .hlist dd li:first-child::before,.mw-parser-output .hlist dt dd:first-child::before,.mw-parser-output .hlist dt dt:first-child::before,.mw-parser-output .hlist dt li:first-child::before,.mw-parser-output .hlist li dd:first-child::before,.mw-parser-output .hlist li dt:first-child::before,.mw-parser-output .hlist li li:first-child::before{content:" (";font-weight:normal}.mw-parser-output .hlist dd dd:last-child::after,.mw-parser-output .hlist dd dt:last-child::after,.mw-parser-output .hlist dd li:last-child::after,.mw-parser-output .hlist dt dd:last-child::after,.mw-parser-output .hlist dt dt:last-child::after,.mw-parser-output .hlist dt li:last-child::after,.mw-parser-output .hlist li dd:last-child::after,.mw-parser-output .hlist li dt:last-child::after,.mw-parser-output .hlist li li:last-child::after{content:")";font-weight:normal}.mw-parser-output .hlist ol{counter-reset:listitem}.mw-parser-output .hlist ol>li{counter-increment:listitem}.mw-parser-output .hlist ol>li::before{content:" "counter(listitem)"\a0 "}.mw-parser-output .hlist dd ol>li:first-child::before,.mw-parser-output .hlist dt ol>li:first-child::before,.mw-parser-output .hlist li ol>li:first-child::before{content:" ("counter(listitem)"\a0 "}</style><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Financial_crises" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_crises" title="Template:Financial crises"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_crises" title="Template talk:Financial crises"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_crises" title="Special:EditPage/Template:Financial crises"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_crises" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crises</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/Bank_run" title="Bank run">Bank run</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Commodity price shocks</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></span></li> <li><span class="nowrap"><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Debt_crisis" title="Debt crisis">Debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis" title="Energy crisis">Energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a></span> <ul><li><span class="nowrap"><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Flash_crash" title="Flash crash">Flash crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Accounting_liquidity" title="Accounting liquidity">Accounting</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquid_capital" title="Liquid capital">Capital</a></span></li> <li><span class="nowrap"><a href="/wiki/Funding_liquidity" title="Funding liquidity">Funding</a></span></li> <li><span class="nowrap"><a href="/wiki/Market_liquidity" title="Market liquidity">Market</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Minsky_moment" title="Minsky moment">Minsky moment</a></span></li> <li><span class="nowrap"><a href="/wiki/Social_crisis" title="Social crisis">Social crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-<a href="/wiki/Commercial_revolution" title="Commercial revolution">1000</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Financial_crisis_of_33" title="Financial crisis of 33">Financial crisis of 33 CE</a></span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_the_Third_Century" title="Crisis of the Third Century">Crisis of the Third Century</a> (235–284 CE)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Great_Bullion_Famine" title="Great Bullion Famine">Great Bullion Famine</a> (c. 1400–c. 1500)</span></li> <li><span class="nowrap"><a href="/wiki/The_Great_Debasement" title="The Great Debasement">The Great Debasement</a> (1544–1551)</span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic stock market crashes</a> (c. 1600–1760)</span></li> <li><span class="nowrap"><i><a href="/wiki/Kipper_und_Wipper" title="Kipper und Wipper">Kipper und Wipper</a></i> (1621–1623)</span></li> <li><span class="nowrap"><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania crash</a> (1637)</span></li> <li><span class="nowrap"><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble crash</a> (1720)</span></li> <li><span class="nowrap"><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble crash</a> (1720)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Amsterdam_banking_crisis_of_1763" title="Amsterdam banking crisis of 1763">Amsterdam banking crisis of 1763</a></span></li> <li><span class="nowrap"><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal bubble crash</a> (1769–1784)</span></li> <li><span class="nowrap"><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic financial collapse</a> (c. 1780–1795)</span></li> <li><span class="nowrap"><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a></span></li> <li><span class="nowrap"><a href="/wiki/Danish_state_bankruptcy_of_1813" title="Danish state bankruptcy of 1813">Danish state bankruptcy of 1813</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Post-Napoleonic Irish grain price and land use shocks</a> (1815–1816)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/European_potato_failure" title="European potato failure">European potato failure</a> (1845–1856)</span> <ul><li><span class="nowrap"><a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Great Irish Famine</a></span></li> <li><span class="nowrap"><a href="/wiki/Highland_Potato_Famine" title="Highland Potato Famine">Highland Potato Famine</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a></span></li> <li><span class="nowrap"><a href="/wiki/Paris_Bourse_crash_of_1882" title="Paris Bourse crash of 1882">Paris Bourse crash of 1882</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1884" title="Panic of 1884">Panic of 1884</a></span></li> <li><span class="nowrap"><a href="/wiki/Arendal_crash" title="Arendal crash">Arendal crash</a> (1886)</span></li> <li><span class="nowrap"><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890)</span></li> <li><span class="nowrap"><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1890–1893)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Australian banking crisis of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1894)" title="Black Monday (1894)">Black Monday</a> (1894)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1896" title="Panic of 1896">Panic of 1896</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a></span></li> <li><span class="nowrap"><a href="/wiki/Shanghai_rubber_stock_market_crisis" title="Shanghai rubber stock market crisis">Shanghai rubber stock market crisis</a> (1910)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_early_Soviet_Russia" title="Hyperinflation in early Soviet Russia">Early Soviet hyperinflation</a> (1917–1924)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">Weimar Republic hyperinflation</a> (1921–1923)</span></li> <li><span class="nowrap"><a href="/wiki/Sh%C5%8Dwa_financial_crisis" title="Shōwa financial crisis">Shōwa financial crisis</a> (1927)</span></li> <li><span class="nowrap"><a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1930" title="Panic of 1930">Panic of 1930</a></span></li> <li><span class="nowrap"><a class="mw-selflink selflink">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/World_War_II" title="World War II">Wartime period</a><br />(1939–1945)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Greece" title="Hyperinflation in Greece">Greek hyperinflation</a> (1941–1946)</span></li> <li><span class="nowrap"><a class="mw-selflink selflink">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hungarian_peng%C5%91#Hyperinflation" title="Hungarian pengő">Hungarian pengő hyperinflation</a> (1945–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Kennedy_Slide_of_1962" title="Kennedy Slide of 1962">Kennedy Slide of 1962</a></span></li> <li><span class="nowrap"><a href="/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1" class="new" title="1963–1965 Indonesian hyperinflation (page does not exist)">1963–1965 Indonesian hyperinflation</a></span></li> <li><span class="nowrap"><a class="mw-selflink selflink">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">1970s energy crisis</a> (1973–1980)</span></li> <li><span class="nowrap"><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Secondary_banking_crisis_of_1973%E2%80%931975" title="Secondary banking crisis of 1973–1975">Secondary banking crisis of 1973–1975</a></span></li> <li><span class="nowrap"><a href="/wiki/Steel_crisis" title="Steel crisis">Steel crisis</a> (1973–1982)</span></li> <li><span class="nowrap"><a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a> (1975–1982)</span></li> <li><span class="nowrap"><a href="/wiki/1976_sterling_crisis" title="1976 sterling crisis">1976 British currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1980–1982)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1982–1994)</span></li> <li><span class="nowrap"><a href="/wiki/Souk_Al-Manakh_stock_market_crash" title="Souk Al-Manakh stock market crash">Souk Al-Manakh stock market crash</a> (1982)</span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_1982" title="Crisis of 1982">Chilean crisis of 1982</a></span></li> <li><span class="nowrap"><a href="/wiki/1983_Israel_bank_stock_crisis" title="1983 Israel bank stock crisis">1983 Israel bank stock crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Saturday_(1983)" title="Black Saturday (1983)">Black Saturday (1983)</a></span></li> <li><span class="nowrap"><a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">Savings and loan crisis</a> (1986–1995)</span></li> <li><span class="nowrap"><a href="/wiki/Cameroonian_economic_crisis" title="Cameroonian economic crisis">Cameroonian economic crisis</a> (1987–2000s)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday (1987)</a></span></li> <li><span class="nowrap"><a href="/wiki/1988%E2%80%931992_Norwegian_banking_crisis" title="1988–1992 Norwegian banking crisis">1988–1992 Norwegian banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble crash</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/Rhode_Island_banking_crisis" title="Rhode Island banking crisis">Rhode Island banking crisis</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Sweden_financial_crisis_1990%E2%80%931994" class="mw-redirect" title="Sweden financial crisis 1990–1994">1990s Swedish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1990s_Finnish_banking_crisis" title="1990s Finnish banking crisis">1990s Finnish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Armenian_energy_crisis_of_1990s" class="mw-redirect" title="Armenian energy crisis of 1990s">1990s Armenian energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Special_Period" title="Special Period">Cuban Special Period</a> (1991–2000)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday (1992 Sterling crisis)</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Federal_Republic_of_Yugoslavia" title="Hyperinflation in the Federal Republic of Yugoslavia">Yugoslav hyperinflation</a> (1992–1994)</span></li> <li><span class="nowrap"><a href="/wiki/1994_bond_market_crisis" title="1994 bond market crisis">1994 bond market crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_1994" title="Venezuelan banking crisis of 1994">Venezuelan banking crisis of 1994</a></span></li> <li><span class="nowrap"><a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a> (1994–1996)</span></li> <li><span class="nowrap"><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/October_27,_1997,_mini-crash" title="October 27, 1997, mini-crash">October 1997 mini-crash</a></span></li> <li><span class="nowrap"><a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%931999_Ecuador_economic_crisis" title="1998–1999 Ecuador economic crisis">1998–1999 Ecuador economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%932002_Argentine_great_depression" title="1998–2002 Argentine great depression">1998–2002 Argentine great depression</a></span></li> <li><span class="nowrap"><a href="/wiki/Samba_effect" title="Samba effect">Samba effect</a> (1999)</span></li> <li><span class="nowrap"><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble crash</a> (2000–2004)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_the_September_11_attacks" title="Economic effects of the September 11 attacks">9/11 stock market crash</a> (2001)</span></li> <li><span class="nowrap"><a href="/wiki/2001_Turkish_economic_crisis" title="2001 Turkish economic crisis">2001 Turkish economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/South_American_economic_crisis_of_2002" title="South American economic crisis of 2002">South American economic crisis of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/2002_Uruguay_banking_crisis" title="2002 Uruguay banking crisis">2002 Uruguay banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2003_Myanmar_banking_crisis" title="2003 Myanmar banking crisis">2003 Myanmar banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> (2003–2008)</span></li> <li><span class="nowrap"><a href="/wiki/2004_Argentine_energy_crisis" title="2004 Argentine energy crisis">2004 Argentine energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">2007 Chinese stock bubble crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Zimbabwe" title="Hyperinflation in Zimbabwe">Zimbabwean hyperinflation</a> (2007–present)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a><br />(2007–2009)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_September_2008" title="Global financial crisis in September 2008">September 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_October_2008" title="Global financial crisis in October 2008">October 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_November_2008" title="Global financial crisis in November 2008">November 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_December_2008" title="Global financial crisis in December 2008">December 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_2009" title="Global financial crisis in 2009">2009</a></span></li> <li><span class="nowrap"><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_United_States_housing_market_correction" title="2000s United States housing market correction">2000s U.S. housing market correction</a></span></li> <li><span class="nowrap"><a href="/wiki/United_States_bear_market_of_2007%E2%80%932009" title="United States bear market of 2007–2009">U.S. bear market of 2007–2009</a></span></li> <li><span class="nowrap"><a href="/wiki/2008_Latvian_financial_crisis" title="2008 Latvian financial crisis">2008 Latvian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Belgian_financial_crisis" title="2008–2009 Belgian financial crisis">2008–2009 Belgian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Great_Recession_in_Russia" title="Great Recession in Russia">2008–2009 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Ukrainian_financial_crisis" title="2008–2009 Ukrainian financial crisis">2008–2009 Ukrainian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">2008–2011 Icelandic financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Post-2008_Irish_banking_crisis" title="Post-2008 Irish banking crisis">2008–2011 Irish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932014_Spanish_financial_crisis" title="2008–2014 Spanish financial crisis">2008–2014 Spanish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Blue_Monday_Crash_2009" title="Blue Monday Crash 2009">Blue Monday Crash 2009</a></span></li> <li><span class="nowrap"><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a></span></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2009–present)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Dubai_World" title="Dubai World">2009 Dubai debt standstill</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_2009%E2%80%932010" title="Venezuelan banking crisis of 2009–2010">Venezuelan banking crisis of 2009–2010</a></span></li> <li><span class="nowrap"><a href="/wiki/2010%E2%80%932014_Portuguese_financial_crisis" title="2010–2014 Portuguese financial crisis">2010–2014 Portuguese financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis_in_Venezuela" title="Energy crisis in Venezuela">Energy crisis in Venezuela</a> (2010–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economy_of_Syria" title="Economy of Syria">Syrian economic crisis</a> (2011–present)</span></li> <li><span class="nowrap"><a href="/wiki/August_2011_stock_markets_fall" title="August 2011 stock markets fall">August 2011 stock markets fall</a></span></li> <li><span class="nowrap"><a href="/wiki/2011_Bangladesh_share_market_scam" title="2011 Bangladesh share market scam">2011 Bangladesh share market scam</a></span></li> <li><span class="nowrap"><a href="/wiki/2012%E2%80%932013_Cypriot_financial_crisis" title="2012–2013 Cypriot financial crisis">2012–2013 Cypriot financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_Banking_Liquidity_Crisis_of_2013" title="Chinese Banking Liquidity Crisis of 2013">2013 Chinese banking liquidity crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela" title="2013–present economic crisis in Venezuela">Venezuela economic crisis</a> (2013–present)</span></li> <li><span class="nowrap"><a href="/wiki/2014_Brazilian_economic_crisis" title="2014 Brazilian economic crisis">2014–2016 Brazilian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Puerto_Rican_government-debt_crisis" title="Puerto Rican government-debt crisis">Puerto Rican government-debt crisis</a> (2014–2022)</span></li> <li><span class="nowrap"><a href="/wiki/Russian_financial_crisis_(2014%E2%80%932016)" title="Russian financial crisis (2014–2016)">Russian financial crisis (2014–2016)</a></span></li> <li><span class="nowrap"><a href="/wiki/2015_Nepal_blockade" title="2015 Nepal blockade">2015 Nepal blockade</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_Chinese_stock_market_turbulence" title="2015–2016 Chinese stock market turbulence">2015–2016 Chinese stock market turbulence</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_stock_market_selloff" title="2015–2016 stock market selloff">2015–2016 stock market selloff</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_Brexit" title="Economic effects of Brexit">Brexit stock market crash</a> (2016)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Venezuelan hyperinflation</a> (2016–2022)</span></li> <li><span class="nowrap"><a href="/wiki/2017_Sri_Lankan_fuel_crisis" title="2017 Sri Lankan fuel crisis">2017 Sri Lankan fuel crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Ghana_banking_crisis" title="Ghana banking crisis">Ghana banking crisis</a> (2017–2018)</span></li> <li><span class="nowrap"><a href="/wiki/Turkish_economic_crisis_(2018%E2%80%93current)" title="Turkish economic crisis (2018–current)">Turkish economic crisis</a> (2018–present)</span></li> <li><span class="nowrap"><a href="/wiki/Lebanese_liquidity_crisis" title="Lebanese liquidity crisis">Lebanese liquidity crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Sri_Lankan_economic_crisis_(2019%E2%80%93present)" title="Sri Lankan economic crisis (2019–present)">Sri Lankan economic crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic" title="Economic impact of the COVID-19 pandemic">COVID-19 pandemic</a></span> <ul><li><span class="nowrap"><a href="/wiki/Financial_market_impact_of_the_COVID-19_pandemic" title="Financial market impact of the COVID-19 pandemic">Financial market impact</a></span></li> <li><span class="nowrap"><a href="/wiki/2020_stock_market_crash" title="2020 stock market crash">2020 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Early_2020s_recession" class="mw-redirect" title="Early 2020s recession">Recession</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Chinese_property_sector_crisis_(2020%E2%80%93present)" title="Chinese property sector crisis (2020–present)">Chinese property sector crisis</a> (2020–present)</span></li> <li><span class="nowrap"><a href="/wiki/2021%E2%80%932023_inflation_surge" title="2021–2023 inflation surge">2021–2023 inflation surge</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_Russian_invasion_of_Ukraine" title="Economic impact of the Russian invasion of Ukraine">2022 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Pakistani_economic_crisis_(2022%E2%80%93present)" title="Pakistani economic crisis (2022–present)">Pakistani economic crisis</a> (2022–present)</span></li> <li><span class="nowrap"><a href="/wiki/2022_stock_market_decline" title="2022 stock market decline">2022 stock market decline</a></span></li> <li><span class="nowrap"><a href="/wiki/German_economic_crisis_(2022%E2%80%93present)" title="German economic crisis (2022–present)">2022–2024 German economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023_United_States_banking_crisis" title="2023 United States banking crisis">2023 United States banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023%E2%80%932024_Egyptian_financial_crisis" title="2023–2024 Egyptian financial crisis">2023–2024 Egyptian financial crisis</a></span></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/List_of_banking_crises" title="List of banking crises">List of banking crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_sovereign_debt_crises" title="List of sovereign debt crises">List of sovereign debt crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></span></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Second_Sino-Japanese_War_(1937–1945)" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background-color:#DCDCDC;color:inherit;;background-color:#C3D6EF;color:inherit;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Second_Sino-Japanese_War" title="Template:Second Sino-Japanese War"><abbr title="View this template" style="color:inherit">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Second_Sino-Japanese_War" title="Template talk:Second Sino-Japanese War"><abbr title="Discuss this template" style="color:inherit">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Second_Sino-Japanese_War" title="Special:EditPage/Template:Second Sino-Japanese War"><abbr title="Edit this template" style="color:inherit">e</abbr></a></li></ul></div><div id="Second_Sino-Japanese_War_(1937–1945)" style="font-size:114%;margin:0 4em"><a href="/wiki/Second_Sino-Japanese_War" title="Second Sino-Japanese War">Second Sino-Japanese War</a> (1937–1945)</div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background-color:#DCDCDC;color:inherit;"><div id="Background" style="font-size:114%;margin:0 4em">Background</div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Nanjing_decade" title="Nanjing decade">Nanjing decade</a></li> <li><a href="/wiki/Chinese_Civil_War" title="Chinese Civil War">Chinese Civil War</a></li> <li><a href="/wiki/Mukden_Incident" class="mw-redirect" title="Mukden Incident">Mukden Incident</a></li> <li><a href="/wiki/Japanese_invasion_of_Manchuria" title="Japanese invasion of Manchuria">Japanese invasion of Manchuria</a></li> <li><a href="/wiki/Pacification_of_Manchukuo" title="Pacification of Manchukuo">Pacification of Manchukuo</a></li> <li><a href="/wiki/January_28_incident" title="January 28 incident">January 28 incident</a></li> <li><a href="/wiki/Defense_of_the_Great_Wall" title="Defense of the Great Wall">Defense of the Great Wall</a></li> <li><a href="/wiki/Battle_of_Rehe" title="Battle of Rehe">Battle of Rehe</a></li> <li><a href="/wiki/Tanggu_Truce" title="Tanggu Truce">Tanggu Truce</a></li> <li><a href="/wiki/Actions_in_Inner_Mongolia_(1933%E2%80%931936)" title="Actions in Inner Mongolia (1933–1936)">Inner Mongolia Campaign</a></li> <li><a href="/wiki/1935_currency_reform" title="1935 currency reform">1935 currency reform</a></li> <li><a href="/wiki/North_Chahar_incident" title="North Chahar incident">North Chahar incident</a></li> <li><a href="/wiki/He%E2%80%93Umezu_Agreement" title="He–Umezu Agreement">He–Umezu Agreement</a></li> <li><a href="/wiki/Chin%E2%80%93Doihara_Agreement" class="mw-redirect" title="Chin–Doihara Agreement">Chin–Doihara Agreement</a></li> <li><a href="/wiki/August_1_Declaration" title="August 1 Declaration">August 1 Declaration</a></li> <li><a href="/wiki/December_9th_Movement" title="December 9th Movement">December 9th Movement</a></li> <li><a href="/wiki/Hebei%E2%80%93Chahar_Political_Council" title="Hebei–Chahar Political Council">Hebei–Chahar Political Council</a></li> <li><a href="/wiki/Wayaobu_Manifesto" title="Wayaobu Manifesto">Wayaobu Manifesto</a></li> <li><a href="/wiki/Suiyuan_campaign" title="Suiyuan campaign">Suiyuan campaign</a></li> <li><a href="/wiki/Xi%27an_Incident" title="Xi'an Incident">Xi'an Incident</a></li> <li><a href="/wiki/Second_United_Front" title="Second United Front">Second United Front</a></li> <li><a href="/wiki/Marco_Polo_Bridge_Incident" class="mw-redirect" title="Marco Polo Bridge Incident">Marco Polo Bridge Incident</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background-color:#DCDCDC;color:inherit;"><div id="Participants" style="font-size:114%;margin:0 4em">Participants</div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0;;wide"><tbody><tr><th scope="row" class="navbox-group" style="width:9.0em;background-color:#DCDCDC;color:inherit;">Governments</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0;;wide"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;background-color:#DCDCDC;color:inherit;font-weight:normal; background-color:#DCDCDC;color:inherit;">Chinese</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Republic_of_China_(1912%E2%80%931949)" title="Republic of China (1912–1949)">Republic of China</a> <ul><li><a href="/wiki/Kuomintang" title="Kuomintang">Kuomintang</a></li></ul></li> <li><a href="/wiki/Communist-controlled_China_(1927%E2%80%931949)" title="Communist-controlled China (1927–1949)">Communist China</a> <ul><li><a href="/wiki/Chinese_Communist_Party" title="Chinese Communist Party">Chinese Communist Party</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background-color:#DCDCDC;color:inherit;font-weight:normal; background-color:#DCDCDC;color:inherit;">Japanese and collaborators</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Empire_of_Japan" title="Empire of Japan">Empire of Japan</a></li> <li><a href="/wiki/Manchukuo" title="Manchukuo">Manchukuo</a></li> <li><a href="/wiki/Mengjiang" title="Mengjiang">Mengjiang</a></li> <li><a href="/wiki/East_Hebei_Autonomous_Government" title="East Hebei Autonomous Government">East Hebei Autonomous Government</a></li> <li><a href="/wiki/Great_Way_Government" title="Great Way Government">Great Way Government</a></li> <li><a href="/wiki/Provisional_Government_of_the_Republic_of_China_(1937%E2%80%931940)" title="Provisional Government of the Republic of China (1937–1940)">Provisional Chinese Government</a></li> <li><a href="/wiki/Reformed_Government_of_the_Republic_of_China" title="Reformed Government of the Republic of China">Reformed Chinese Government</a></li> <li><a href="/wiki/Wang_Jingwei_regime" title="Wang Jingwei regime">Wang Jingwei regime</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:9.0em;background-color:#DCDCDC;color:inherit;"><a href="/wiki/Combatants_of_the_Second_Sino-Japanese_War" title="Combatants of the Second Sino-Japanese War">Armed Forces</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0;;wide"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;background-color:#DCDCDC;color:inherit;font-weight:normal; background-color:#DCDCDC;color:inherit;">Chinese</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/National_Revolutionary_Army" title="National Revolutionary Army">Nationalist Armed Forces</a> <ul><li><a href="/wiki/Republic_of_China_Army" title="Republic of China Army">Army</a></li> <li><a href="/wiki/Republic_of_China_Air_Force" title="Republic of China Air Force">Air Force</a></li> <li><a href="/wiki/Republic_of_China_Navy" title="Republic of China Navy">Navy</a> <ul><li><a href="/wiki/Republic_of_China_Marine_Corps" title="Republic of China Marine Corps">Marine Corps</a></li></ul></li></ul></li> <li><a href="/wiki/People%27s_Liberation_Army" title="People's Liberation Army">Communist Armed Forces</a> <ul><li><a href="/wiki/Eighth_Route_Army" title="Eighth Route Army">Eighth Route Army</a></li> <li><a href="/wiki/New_Fourth_Army" title="New Fourth Army">New Fourth Army</a></li> <li><a href="/wiki/Northeast_Anti-Japanese_United_Army" class="mw-redirect" title="Northeast Anti-Japanese United Army">Northeast Anti-Japanese United Army</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background-color:#DCDCDC;color:inherit;font-weight:normal; background-color:#DCDCDC;color:inherit;">Japanese and collaborators</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Imperial_Japanese_Armed_Forces" title="Imperial Japanese Armed Forces">Imperial Japanese Armed Forces</a> <ul><li><a href="/wiki/Imperial_Japanese_Army" title="Imperial Japanese Army">Army</a></li> <li><a href="/wiki/Imperial_Japanese_Army_Air_Service" title="Imperial Japanese Army Air Service">Army Air Service</a></li> <li><a href="/wiki/Imperial_Japanese_Navy" title="Imperial Japanese Navy">Navy</a></li> <li><a href="/wiki/Imperial_Japanese_Navy_Air_Service" title="Imperial Japanese Navy Air Service">Navy Air Service</a></li> <li><a href="/wiki/Imperial_Japanese_Marines" class="mw-redirect" title="Imperial Japanese Marines">Naval Infantry</a></li></ul></li> <li>Manchukuo Armed Forces <ul><li><a href="/wiki/Manchukuo_Imperial_Army" title="Manchukuo Imperial Army">Army</a></li> <li><a href="/wiki/Manchukuo_Imperial_Air_Force" title="Manchukuo Imperial Air Force">Air Force</a></li> <li><a href="/wiki/Manchukuo_Imperial_Navy" title="Manchukuo Imperial Navy">Navy</a></li> <li><a href="/wiki/Manchukuo_Imperial_Guards" title="Manchukuo Imperial Guards">Guards</a></li></ul></li> <li><a href="/wiki/Inner_Mongolian_Army" title="Inner Mongolian Army">Inner Mongolian Army</a></li> <li><a href="/wiki/East_Hebei_Army" title="East Hebei Army">East Hebei Army</a></li> <li><a href="/wiki/Collaborationist_Chinese_Army" title="Collaborationist Chinese Army">Collaborationist Chinese Army</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:9.0em;background-color:#DCDCDC;color:inherit;">Political Leaders</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0;;wide"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;background-color:#DCDCDC;color:inherit;font-weight:normal; background-color:#DCDCDC;color:inherit;">Chinese</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Chiang_Kai-shek" title="Chiang Kai-shek">Chiang Kai-shek</a></li> <li><a href="/wiki/Mao_Zedong" title="Mao Zedong">Mao Zedong</a></li> <li><a href="/wiki/Lin_Sen" title="Lin Sen">Lin Sen</a></li> <li><a href="/wiki/Kung_Hsiang-hsi" class="mw-redirect" title="Kung Hsiang-hsi">Kung Hsiang-hsi</a></li> <li><a href="/wiki/Soong_Tse-ven" class="mw-redirect" title="Soong Tse-ven">Soong Tse-ven</a></li> <li><a href="/wiki/He_Yingqin" title="He Yingqin">He Yingqin</a></li> <li><a href="/wiki/Chen_Cheng" title="Chen Cheng">Chen Cheng</a></li> <li><a href="/wiki/Zhang_Wentian" title="Zhang Wentian">Zhang Wentian</a></li> <li><a href="/wiki/Wang_Ruofei" title="Wang Ruofei">Wang Ruofei</a></li> <li><a href="/wiki/Ren_Bishi" title="Ren Bishi">Ren Bishi</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background-color:#DCDCDC;color:inherit;font-weight:normal; background-color:#DCDCDC;color:inherit;">Japanese and collaborators</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Emperor_Hirohito" class="mw-redirect" title="Emperor Hirohito">Emperor Hirohito</a></li> <li><a href="/wiki/Fumimaro_Konoe" title="Fumimaro Konoe">Fumimaro Konoe</a></li> <li><a href="/wiki/Kiichir%C5%8D_Hiranuma" class="mw-redirect" title="Kiichirō Hiranuma">Kiichirō Hiranuma</a></li> <li><a href="/wiki/Nobuyuki_Abe" title="Nobuyuki Abe">Nobuyuki Abe</a></li> <li><a href="/wiki/Mitsumasa_Yonai" title="Mitsumasa Yonai">Mitsumasa Yonai</a></li> <li><a href="/wiki/Hideki_Tojo" title="Hideki Tojo">Hideki Tojo</a></li> <li><a href="/wiki/Kuniaki_Koiso" title="Kuniaki Koiso">Kuniaki Koiso</a></li> <li><a href="/wiki/Kantar%C5%8D_Suzuki" title="Kantarō Suzuki">Kantarō Suzuki</a></li> <li><a href="/wiki/Naruhiko_Higashikuni" class="mw-redirect" title="Naruhiko Higashikuni">Naruhiko Higashikuni</a></li> <li><a href="/wiki/Seishir%C5%8D_Itagaki" title="Seishirō Itagaki">Seishirō Itagaki</a></li> <li><a href="/wiki/Shunroku_Hata" title="Shunroku Hata">Shunroku Hata</a></li> <li><a href="/wiki/Korechika_Anami" title="Korechika Anami">Korechika Anami</a></li> <li><a href="/wiki/Mitsumasa_Yonai" title="Mitsumasa Yonai">Mitsumasa Yonai</a></li> <li><a href="/wiki/Zengo_Yoshida" title="Zengo Yoshida">Zengo Yoshida</a></li> <li><a href="/wiki/Shigetar%C5%8D_Shimada" title="Shigetarō Shimada">Shigetarō Shimada</a></li> <li><a href="/wiki/Puyi" title="Puyi">Puyi</a></li> <li><a href="/wiki/Zhang_Jinghui" title="Zhang Jinghui">Zhang Jinghui</a></li> <li><a href="/wiki/Yu_Zhishan" title="Yu Zhishan">Yu Zhishan</a></li> <li><a href="/wiki/Demchugdongrub" title="Demchugdongrub">Demchugdongrub</a></li> <li><a href="/wiki/Wang_Jingwei" title="Wang Jingwei">Wang Jingwei</a></li> <li><a href="/wiki/Chen_Gongbo" title="Chen Gongbo">Chen Gongbo</a></li> <li><a href="/w/index.php?title=Chi_Zongmo&action=edit&redlink=1" class="new" title="Chi Zongmo (page does not exist)">Chi Zongmo</a></li> <li><a href="/wiki/Wang_Kemin" title="Wang Kemin">Wang Kemin</a></li> <li><a href="/wiki/Liang_Hongzhi" title="Liang Hongzhi">Liang Hongzhi</a></li> <li><a href="/wiki/Ren_Yuandao" title="Ren Yuandao">Ren Yuandao</a></li> <li><a href="/wiki/Bao_Wenyue" title="Bao Wenyue">Bao Wenyue</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:9.0em;background-color:#DCDCDC;color:inherit;">Military Leaders</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0;;wide"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;background-color:#DCDCDC;color:inherit;font-weight:normal; background-color:#DCDCDC;color:inherit;">Chinese</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bai_Chongxi" title="Bai Chongxi">Bai Chongxi</a></li> <li><a href="/wiki/Yan_Xishan" title="Yan Xishan">Yan Xishan</a></li> <li><a href="/wiki/Sun_Li-jen" title="Sun Li-jen">Sun Li-jen</a></li> <li><a href="/wiki/Ma_Zhanshan" title="Ma Zhanshan">Ma Zhanshan</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;background-color:#DCDCDC;color:inherit;font-weight:normal; background-color:#DCDCDC;color:inherit;">Japanese and collaborators</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Prince_Kan%27in_Kotohito" title="Prince Kan'in Kotohito">Prince Kan'in Kotohito</a></li> <li><a href="/wiki/Hajime_Sugiyama" title="Hajime Sugiyama">Hajime Sugiyama</a></li> <li><a href="/wiki/Yoshijir%C5%8D_Umezu" title="Yoshijirō Umezu">Yoshijirō Umezu</a></li> <li><a href="/wiki/Prince_Fushimi_Hiroyasu" title="Prince Fushimi Hiroyasu">Prince Fushimi Hiroyasu</a></li> <li><a href="/wiki/Osami_Nagano" title="Osami Nagano">Osami Nagano</a></li> <li><a href="/wiki/Soemu_Toyoda" title="Soemu Toyoda">Soemu Toyoda</a></li> <li><a href="/wiki/Koshir%C5%8D_Oikawa" title="Koshirō Oikawa">Koshirō Oikawa</a></li> <li><a href="/wiki/Li_Shouxin" title="Li Shouxin">Li Shouxin</a></li> <li><a href="/wiki/Ye_Peng" title="Ye Peng">Ye Peng</a></li> <li><a href="/wiki/Yang_Kuiyi" title="Yang Kuiyi">Yang Kuiyi</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background-color:#DCDCDC;color:inherit;"><div id="Course_of_War" style="font-size:114%;margin:0 4em">Course of War</div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0;;wide"><tbody><tr><th id="Campaigns" scope="row" class="navbox-group" style="width:9.0em;background-color:#DCDCDC;color:inherit;">Campaigns</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Battle_of_Shanghai" title="Battle of Shanghai">Battle of Shanghai</a> <ul><li><a href="/wiki/Battle_of_Jianqiao" title="Battle of Jianqiao">Battle of Jianqiao</a></li> <li><a href="/wiki/Bloody_Saturday_(Shanghai)" title="Bloody Saturday (Shanghai)">Bloody Saturday</a></li></ul></li> <li><a href="/wiki/Battle_of_Taiyuan" title="Battle of Taiyuan">Battle of Taiyuan</a></li> <li><a href="/wiki/Battle_of_Nanjing" class="mw-redirect" title="Battle of Nanjing">Battle of Nanjing</a></li> <li><a href="/wiki/Bombing_of_Chongqing" title="Bombing of Chongqing">Bombing of Chongqing</a></li> <li><a href="/wiki/Battle_of_Northern_and_Eastern_Henan" title="Battle of Northern and Eastern Henan">Battle of Northern and Eastern Henan</a></li> <li><a href="/wiki/Battle_of_Wuhan" title="Battle of Wuhan">Battle of Wuhan</a></li> <li><a href="/wiki/Battle_of_Xuzhou" title="Battle of Xuzhou">Battle of Xuzhou</a></li> <li><a href="/wiki/Battle_of_Nanchang" title="Battle of Nanchang">Battle of Nanchang</a></li> <li><a href="/wiki/Battle_of_Suixian%E2%80%93Zaoyang" title="Battle of Suixian–Zaoyang">Battle of Suixian–Zaoyang</a></li> <li><a href="/wiki/Battle_of_Changsha_(1939)" title="Battle of Changsha (1939)">1939 Changsha campaign</a></li> <li><a href="/wiki/Battle_of_South_Guangxi" title="Battle of South Guangxi">First Guangxi campaign</a></li> <li><a href="/wiki/1939%E2%80%931940_Winter_Offensive" title="1939–1940 Winter Offensive">1939–1940 Winter Offensive</a></li> <li><a href="/wiki/Battle_of_Zaoyang%E2%80%93Yichang" title="Battle of Zaoyang–Yichang">Battle of Zaoyang–Yichang</a></li> <li><a href="/wiki/Hundred_Regiments_Offensive" title="Hundred Regiments Offensive">Hundred Regiments Offensive</a></li> <li><a href="/wiki/Battle_of_South_Henan" title="Battle of South Henan">Battle of South Henan</a></li> <li><a href="/wiki/Battle_of_Shanggao" title="Battle of Shanggao">Battle of Shanggao</a></li> <li><a href="/wiki/Battle_of_South_Shanxi" title="Battle of South Shanxi">Battle of South Shanxi</a></li> <li><a href="/wiki/Battle_of_Changsha_(1941)" title="Battle of Changsha (1941)">1941 Changsha campaign</a></li> <li><a href="/wiki/Battle_of_Changsha_(1941%E2%80%931942)" title="Battle of Changsha (1941–1942)">1941-1942 Changsha campaign</a></li> <li><a href="/wiki/Japanese_invasion_of_Burma" title="Japanese invasion of Burma">Japanese invasion of Burma</a></li> <li><a href="/wiki/Zhejiang-Jiangxi_campaign" title="Zhejiang-Jiangxi campaign">Zhejiang-Jiangxi campaign</a></li> <li><a href="/wiki/Linnan_Campaign" title="Linnan Campaign">Linnan campaign</a></li> <li><a href="/wiki/Battle_of_Northern_Burma_and_Western_Yunnan" title="Battle of Northern Burma and Western Yunnan">Battle of Northern Burma and Western Yunnan</a></li> <li><a href="/wiki/Battle_of_West_Hubei" title="Battle of West Hubei">Battle of West Hubei</a></li> <li><a href="/wiki/Battle_of_Changde" title="Battle of Changde">Changde campaign</a></li> <li><a href="/wiki/Burma_campaign_(1944)" title="Burma campaign (1944)">1944 Burma campaign</a></li> <li><a href="/wiki/Operation_Ichi-Go" title="Operation Ichi-Go">Operation Ichi-Go</a></li> <li><a href="/wiki/Burma_campaign_(1944%E2%80%931945)" title="Burma campaign (1944–1945)">1944-1945 Burma campaign</a></li> <li><a href="/wiki/Battle_of_West_Henan%E2%80%93North_Hubei" title="Battle of West Henan–North Hubei">West Henan–North Hubei campaign</a></li> <li><a href="/wiki/Battle_of_West_Hunan" title="Battle of West Hunan">Zhijiang campaign</a></li> <li><a href="/wiki/Second_Guangxi_campaign" title="Second Guangxi campaign">Second Guangxi campaign</a></li> <li><a href="/wiki/Battle_of_Lanfeng" title="Battle of Lanfeng">Battle of Lanfeng</a></li> <li><a href="/wiki/Operation_Ichi-Go" title="Operation Ichi-Go">Battle of Central Henan</a></li> <li><a href="/wiki/Battle_of_Changsha_(1944)" title="Battle of Changsha (1944)">1944 Battle of Changsha</a></li> <li><a href="/wiki/Siege_of_Myitkyina" title="Siege of Myitkyina">Siege of Myitkyina</a></li> <li><a href="/wiki/Battle_of_Mount_Song" title="Battle of Mount Song">Battle of Mount Song</a></li> <li><a href="/wiki/Battle_of_Hengyang" title="Battle of Hengyang">Battle of Hengyang</a></li> <li><a href="/wiki/Battle_of_Guilin%E2%80%93Liuzhou" title="Battle of Guilin–Liuzhou">Battle of Guilin–Liuzhou</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:9.0em;background-color:#DCDCDC;color:inherit;">Incidents</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Tientsin_Incident_(1931)" title="Tientsin Incident (1931)">Tientsin Incident (1931)</a></li> <li><a href="/wiki/January_28_incident" title="January 28 incident">January 28 incident</a></li> <li><a href="/wiki/Pingdingshan_massacre" title="Pingdingshan massacre">Pingdingshan massacre</a></li> <li><a href="/wiki/North_Chahar_incident" title="North Chahar incident">North Chahar incident</a></li> <li><a href="/wiki/Xi%27an_Incident" title="Xi'an Incident">Xi'an Incident</a></li> <li><a href="/wiki/Murder_of_Pamela_Werner" title="Murder of Pamela Werner">Murder of Pamela Werner</a></li> <li><a href="/wiki/Marco_Polo_Bridge_Incident" class="mw-redirect" title="Marco Polo Bridge Incident">Marco Polo Bridge Incident</a></li> <li><a href="/wiki/Battle_of_Beiping%E2%80%93Tianjin" title="Battle of Beiping–Tianjin">Langfang Incident</a></li> <li><a href="/wiki/Guanganmen_incident" title="Guanganmen incident">Guanganmen incident</a></li> <li><a href="/wiki/Tongzhou_mutiny" title="Tongzhou mutiny">Tongzhou mutiny</a></li> <li><a href="/wiki/Zhengding_Missionary_Murder" title="Zhengding Missionary Murder">Zhengding Missionary Murder</a></li> <li><a href="/wiki/Nanking_Massacre" class="mw-redirect" title="Nanking Massacre">Nanking Massacre</a></li> <li><a href="/wiki/USS_Panay_incident" title="USS Panay incident">USS Panay incident</a></li> <li><a href="/wiki/Kweilin_incident" title="Kweilin incident">Kweilin incident</a></li> <li><a href="/wiki/1938_Dalfram_dispute" title="1938 Dalfram dispute">1938 Dalfram dispute</a></li> <li><a href="/wiki/Tientsin_Incident" class="mw-redirect" title="Tientsin Incident">Tientsin Incident (1939)</a></li> <li><a href="/wiki/Kaimingjie_germ_weapon_attack" title="Kaimingjie germ weapon attack">Kaimingjie germ weapon attack</a></li> <li><a href="/wiki/Huang_Yiguang" title="Huang Yiguang">Execution of Huang Yiguang</a></li> <li><a href="/wiki/New_Fourth_Army_incident" title="New Fourth Army incident">New Fourth Army incident</a></li> <li><a href="/wiki/Panjiayu_massacre" class="mw-redirect" title="Panjiayu massacre">Panjiayu massacre</a></li> <li><a href="/wiki/Doolittle_Raid" title="Doolittle Raid">Rape of Nancheng</a></li> <li><a href="/wiki/Zhejiang-Jiangxi_campaign" title="Zhejiang-Jiangxi campaign">Zhejiang-Jiangxi massacres</a></li> <li><a href="/wiki/Changjiao_massacre" title="Changjiao massacre">Changjiao massacre</a></li> <li><a href="/wiki/Gegenmiao_massacre" title="Gegenmiao massacre">Gegenmiao massacre</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:9.0em;background-color:#DCDCDC;color:inherit;">Political events</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Nine_Power_Treaty_Conference" title="Nine Power Treaty Conference">Nine Power Treaty Conference</a></li> <li><a href="/wiki/Konoe_Declarations" class="mw-redirect" title="Konoe Declarations">Konoe Declarations</a></li> <li><a href="/wiki/Yan%27an_Rectification_Movement" title="Yan'an Rectification Movement">Yan'an Rectification Movement</a></li> <li><a href="/wiki/Cairo_Conference" title="Cairo Conference">Cairo Conference</a></li> <li><a href="/wiki/United_Nations_Conference_on_International_Organization" title="United Nations Conference on International Organization">United Nations Conference on International Organization</a></li> <li><a href="/wiki/Sino-Soviet_Treaty_of_Friendship_and_Alliance" title="Sino-Soviet Treaty of Friendship and Alliance">Sino-Soviet Treaty of Friendship and Alliance</a></li> <li><a href="/wiki/Hirohito_surrender_broadcast" title="Hirohito surrender broadcast">Hirohito surrender broadcast</a></li> <li><a href="/wiki/Chongqing_Negotiations" title="Chongqing Negotiations">Chongqing Negotiations</a></li> <li><a href="/wiki/Surrender_of_Japan" title="Surrender of Japan">Surrender of Japan</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background-color:#DCDCDC;color:inherit;"><div id="Aftermath" style="font-size:114%;margin:0 4em">Aftermath</div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Occupation_of_Japan" title="Occupation of Japan">Occupation of Japan</a></li> <li><a href="/wiki/Double_Tenth_Agreement" title="Double Tenth Agreement">Double Tenth Agreement</a></li> <li><a href="/wiki/Retrocession_of_Taiwan" title="Retrocession of Taiwan">Retrocession of Taiwan</a></li></ul> <ul><li><ul><li><a href="/wiki/Retrocession_Day" title="Retrocession Day">Retrocession Day</a></li></ul></li> <li><a href="/wiki/Chinese_Communist_Revolution" title="Chinese Communist Revolution">Chinese Communist Revolution</a></li> <li><a href="/wiki/Sino-Soviet_Treaty_of_Friendship,_Alliance_and_Mutual_Assistance" title="Sino-Soviet Treaty of Friendship, Alliance and Mutual Assistance">Sino-Soviet Treaty of Friendship, Alliance and Mutual Assistance</a></li> <li><a href="/wiki/Treaty_of_San_Francisco" title="Treaty of San Francisco">Treaty of San Francisco</a></li> <li><a href="/wiki/Treaty_of_Taipei" title="Treaty of Taipei">Treaty of Taipei</a></li> <li><a href="/wiki/Murayama_Statement" title="Murayama Statement">Murayama Statement</a></li> <li><a class="mw-selflink selflink">Chinese hyperinflation</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background-color:#DCDCDC;color:inherit;"><div id="Related_topics" style="font-size:114%;margin:0 4em"><div class="hlist"><ul><li>Related topics</li></ul></div></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0;;wide"><tbody><tr><th scope="row" class="navbox-group" style="width:5.0em;background-color:#DCDCDC;color:inherit;">Lists</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aerial_engagements_of_the_Second_Sino-Japanese_War" title="Aerial engagements of the Second Sino-Japanese War">Aerial engagements</a></li> <li><a href="/wiki/Army_groups_of_the_National_Revolutionary_Army" title="Army groups of the National Revolutionary Army">Army groups of the National Revolutionary Army</a></li> <li><a href="/wiki/List_of_Japanese_aircraft_in_use_during_the_Second_Sino-Japanese_War" title="List of Japanese aircraft in use during the Second Sino-Japanese War">Japanese Aircraft</a></li> <li><a href="/wiki/List_of_armoured_fighting_vehicles_used_by_the_Imperial_Japanese_Army_in_the_Second_Sino-Japanese_War" title="List of armoured fighting vehicles used by the Imperial Japanese Army in the Second Sino-Japanese War">Japanese armoured fighting vehicles</a></li> <li><a href="/wiki/List_of_Japanese_campaigns_of_the_Second_Sino-Japanese_War" class="mw-redirect" title="List of Japanese campaigns of the Second Sino-Japanese War">Japanese campaigns</a></li> <li><a href="/wiki/List_of_Japanese_infantry_weapons_used_in_the_Second-Sino_Japanese_War" title="List of Japanese infantry weapons used in the Second-Sino Japanese War">Japanese infantry weapons</a></li> <li><a href="/wiki/List_of_military_engagements_of_the_Second_Sino-Japanese_War" title="List of military engagements of the Second Sino-Japanese War">Military engagements</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5.0em;background-color:#DCDCDC;color:inherit;">Military</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Anti-Japanese_resistance_volunteers_in_China" class="mw-redirect" title="Anti-Japanese resistance volunteers in China">Anti-Japanese resistance volunteers in China</a></li> <li><a href="/wiki/American_Volunteer_Group" title="American Volunteer Group">American Volunteer Group</a></li> <li><a href="/wiki/Flying_Tigers" title="Flying Tigers">Flying Tigers</a></li> <li><a href="/wiki/Soviet_Volunteer_Group" title="Soviet Volunteer Group">Soviet Volunteer Group</a></li> <li><a href="/wiki/Soviet_invasion_of_Manchuria" title="Soviet invasion of Manchuria">Soviet invasion of Manchuria</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5.0em;background-color:#DCDCDC;color:inherit;">Political</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/China%E2%80%93Nazi_Germany_relations" class="mw-redirect" title="China–Nazi Germany relations">Sino-German cooperation</a></li> <li><a href="/wiki/Free_China_(Second_Sino-Japanese_War)" title="Free China (Second Sino-Japanese War)">Free China</a></li> <li><a href="/wiki/Lend-Lease" title="Lend-Lease">Lend-Lease</a></li> <li><a href="/wiki/Declaration_by_United_Nations" title="Declaration by United Nations">Declaration by United Nations</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:5.0em;background-color:#DCDCDC;color:inherit;">Others</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Propaganda_in_Japan_during_the_Second_Sino-Japanese_War_and_World_War_II" title="Propaganda in Japan during the Second Sino-Japanese War and World War II">Japanese propaganda</a></li> <li><a href="/wiki/Kumul_Rebellion" title="Kumul Rebellion">Kumul Rebellion</a></li> <li><a href="/wiki/On_Practice" title="On Practice">On Practice</a></li> <li><a href="/wiki/People%27s_war" title="People's war">People's war</a></li> <li><a href="/wiki/On_Protracted_War" title="On Protracted War">On Protracted War</a></li> <li><a href="/wiki/Chinese_Muslims_in_the_Second_Sino-Japanese_War" title="Chinese Muslims in the Second Sino-Japanese War">Chinese Muslims in the Second Sino-Japanese War</a></li> <li><a href="/wiki/Japanese_in_the_Chinese_resistance_to_the_Empire_of_Japan" title="Japanese in the Chinese resistance to the Empire of Japan">Japanese in the Chinese resistance to the Empire of Japan</a></li> <li><a href="/wiki/Ip_Man" title="Ip Man">Ip Man</a></li> <li><a href="/wiki/1939_Japanese_expedition_to_Tibet" title="1939 Japanese expedition to Tibet">1939 Japanese expedition to Tibet</a></li> <li><a href="/wiki/Japanese_occupation_of_Hong_Kong" title="Japanese occupation of Hong Kong">Japanese occupation of Hong Kong</a></li> <li><a href="/wiki/Dixie_Mission" title="Dixie Mission">Dixie Mission</a></li> <li><a href="/wiki/Wartime_perception_of_the_Chinese_Communists" title="Wartime perception of the Chinese Communists">Wartime perception of the Chinese Communists</a></li> <li>Stubborn Army</li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="2" style="background-color:#DCDCDC;color:inherit;"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Second_Sino-Japanese_War" title="Category:Second Sino-Japanese War">Category</a></li> <li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:China" title="Portal:China">China Portal</a></li> <li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:Japan" title="Portal:Japan">Japan Portal</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Chinese_Civil_War" style="padding:3px"><table class="nowraplinks plainlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background-color:#C3D6EF;color:inherit;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Chinese_Civil_War" title="Template:Chinese Civil War"><abbr title="View this template" style="color:inherit">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Chinese_Civil_War" title="Template talk:Chinese Civil War"><abbr title="Discuss this template" style="color:inherit">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Chinese_Civil_War" title="Special:EditPage/Template:Chinese Civil War"><abbr title="Edit this template" style="color:inherit">e</abbr></a></li></ul></div><div id="Chinese_Civil_War" style="font-size:114%;margin:0 4em"><a href="/wiki/Chinese_Civil_War" title="Chinese Civil War">Chinese Civil War</a></div></th></tr><tr><td class="navbox-abovebelow hlist" colspan="2" style="background: none;"><div> <dl><dt>Principal belligerents and <a href="/wiki/Template:Campaignbox_Chinese_Civil_War" title="Template:Campaignbox Chinese Civil War">campaigns</a></dt></dl> <span typeof="mw:File"><a href="/wiki/File:Emblem_of_the_Kuomintang.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a1/Emblem_of_the_Kuomintang.svg/20px-Emblem_of_the_Kuomintang.svg.png" decoding="async" width="20" height="20" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a1/Emblem_of_the_Kuomintang.svg/30px-Emblem_of_the_Kuomintang.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a1/Emblem_of_the_Kuomintang.svg/40px-Emblem_of_the_Kuomintang.svg.png 2x" data-file-width="600" data-file-height="600" /></a></span> <a href="/wiki/Kuomintang" title="Kuomintang">Nationalist Party</a> / <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Taiwan" title="Taiwan"><img alt="Taiwan" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/23px-Flag_of_the_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/35px-Flag_of_the_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/45px-Flag_of_the_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/Nationalist_government" title="Nationalist government">National Government</a> (<span typeof="mw:File"><a href="/wiki/File:Flag_of_the_Republic_of_China_Army.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/94/Flag_of_the_Republic_of_China_Army.svg/20px-Flag_of_the_Republic_of_China_Army.svg.png" decoding="async" width="20" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/94/Flag_of_the_Republic_of_China_Army.svg/30px-Flag_of_the_Republic_of_China_Army.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/94/Flag_of_the_Republic_of_China_Army.svg/40px-Flag_of_the_Republic_of_China_Army.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span> <a href="/wiki/National_Revolutionary_Army" title="National Revolutionary Army">National Revolutionary Army</a>) <a href="/wiki/Constitution_of_the_Republic_of_China" title="Constitution of the Republic of China">→</a> <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Taiwan" title="Taiwan"><img alt="Taiwan" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/23px-Flag_of_the_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/35px-Flag_of_the_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/45px-Flag_of_the_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/Government_of_the_Republic_of_China" title="Government of the Republic of China">Constitutional ROC Government</a> (<a href="/wiki/Republic_of_China_Armed_Forces" title="Republic of China Armed Forces">ROC Armed Forces</a>) <a href="/wiki/Retreat_of_the_government_of_the_Republic_of_China_to_Taiwan" title="Retreat of the government of the Republic of China to Taiwan">→</a> <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Taiwan" title="Taiwan"><img alt="Taiwan" src="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/23px-Flag_of_the_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/35px-Flag_of_the_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/72/Flag_of_the_Republic_of_China.svg/45px-Flag_of_the_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/Taiwan" title="Taiwan">Republic of China on Taiwan</a><hr /> <p><span typeof="mw:File"><a href="/wiki/File:Danghui_(pre-1996).svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Danghui_%28pre-1996%29.svg/20px-Danghui_%28pre-1996%29.svg.png" decoding="async" width="20" height="20" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Danghui_%28pre-1996%29.svg/30px-Danghui_%28pre-1996%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Danghui_%28pre-1996%29.svg/40px-Danghui_%28pre-1996%29.svg.png 2x" data-file-width="305" data-file-height="305" /></a></span> <a href="/wiki/Chinese_Communist_Party" title="Chinese Communist Party">Communist Party</a> / <span typeof="mw:File"><a href="/wiki/File:National_Flag_of_Chinese_Soviet_Republic.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3a/National_Flag_of_Chinese_Soviet_Republic.svg/20px-National_Flag_of_Chinese_Soviet_Republic.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3a/National_Flag_of_Chinese_Soviet_Republic.svg/30px-National_Flag_of_Chinese_Soviet_Republic.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3a/National_Flag_of_Chinese_Soviet_Republic.svg/40px-National_Flag_of_Chinese_Soviet_Republic.svg.png 2x" data-file-width="500" data-file-height="360" /></a></span> <a href="/wiki/Chinese_Soviet_Republic" title="Chinese Soviet Republic">Soviet Republic</a> (<span typeof="mw:File"><a href="/wiki/File:%E4%B8%AD%E5%9C%8B%E5%B7%A5%E8%BE%B2%E7%B4%85%E8%BB%8D%E8%BB%8D%E6%97%97.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/13/%E4%B8%AD%E5%9C%8B%E5%B7%A5%E8%BE%B2%E7%B4%85%E8%BB%8D%E8%BB%8D%E6%97%97.svg/20px-%E4%B8%AD%E5%9C%8B%E5%B7%A5%E8%BE%B2%E7%B4%85%E8%BB%8D%E8%BB%8D%E6%97%97.svg.png" decoding="async" width="20" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/13/%E4%B8%AD%E5%9C%8B%E5%B7%A5%E8%BE%B2%E7%B4%85%E8%BB%8D%E8%BB%8D%E6%97%97.svg/30px-%E4%B8%AD%E5%9C%8B%E5%B7%A5%E8%BE%B2%E7%B4%85%E8%BB%8D%E8%BB%8D%E6%97%97.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/13/%E4%B8%AD%E5%9C%8B%E5%B7%A5%E8%BE%B2%E7%B4%85%E8%BB%8D%E8%BB%8D%E6%97%97.svg/40px-%E4%B8%AD%E5%9C%8B%E5%B7%A5%E8%BE%B2%E7%B4%85%E8%BB%8D%E8%BB%8D%E6%97%97.svg.png 2x" data-file-width="350" data-file-height="229" /></a></span> <a href="/wiki/Chinese_Red_Army" title="Chinese Red Army">Red Army</a>) <a href="/wiki/Second_United_Front" title="Second United Front">→</a> <a href="/wiki/Communist-controlled_China_(1927%E2%80%931949)" title="Communist-controlled China (1927–1949)">Liberated Area</a> (<span typeof="mw:File"><a href="/wiki/File:Flag_of_the_Republic_of_China_Army.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/94/Flag_of_the_Republic_of_China_Army.svg/20px-Flag_of_the_Republic_of_China_Army.svg.png" decoding="async" width="20" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/94/Flag_of_the_Republic_of_China_Army.svg/30px-Flag_of_the_Republic_of_China_Army.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/94/Flag_of_the_Republic_of_China_Army.svg/40px-Flag_of_the_Republic_of_China_Army.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span> <a href="/wiki/Eighth_Route_Army" title="Eighth Route Army">8th Route Army</a>, <a href="/wiki/New_Fourth_Army" title="New Fourth Army">New Fourth Army</a>, <a href="/wiki/Militia_(China)" title="Militia (China)">etc.</a> <a href="/wiki/Chinese_Communist_Revolution" title="Chinese Communist Revolution">→</a> <span typeof="mw:File"><a href="/wiki/File:Flag_of_the_People%27s_Liberation_Army.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/15/Flag_of_the_People%27s_Liberation_Army.svg/20px-Flag_of_the_People%27s_Liberation_Army.svg.png" decoding="async" width="20" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/15/Flag_of_the_People%27s_Liberation_Army.svg/30px-Flag_of_the_People%27s_Liberation_Army.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/15/Flag_of_the_People%27s_Liberation_Army.svg/40px-Flag_of_the_People%27s_Liberation_Army.svg.png 2x" data-file-width="750" data-file-height="600" /></a></span> <a href="/wiki/People%27s_Liberation_Army" title="People's Liberation Army">People's Liberation Army</a>) <a href="/wiki/Proclamation_of_the_People%27s_Republic_of_China" title="Proclamation of the People's Republic of China">→</a> <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/23px-Flag_of_the_People%27s_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/35px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/45px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /></span></span> </span><a href="/wiki/China" title="China">People's Republic of China</a> </p> </div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0;background:transparent;color:inherit;"><div style="padding:0px"><table class="navbox-columns-table" style="border-spacing: 0px; text-align:left;width:100%;"><tbody><tr><td class="navbox-abovebelow" style="font-weight:bold;background-color:#C3D6EF;color:inherit;">Pre-1945</td><td class="navbox-abovebelow" style="border-left:2px solid #fdfdfd;font-weight:bold;background-color:#C3D6EF;color:inherit;"><a href="/wiki/Second_Kuomintang-Communist_Civil_War" class="mw-redirect" title="Second Kuomintang-Communist Civil War">Post-1945</a></td></tr><tr style="vertical-align:top"><td class="navbox-list" style="padding:0px;text-align: left;width:10em;"><div> <table style="line-height: 1.3em;"><tbody><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1923</td><td> <a href="/wiki/Sun%E2%80%93Joffe_Manifesto" title="Sun–Joffe Manifesto">Sun–Joffe Manifesto</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1924</td><td> <a href="/wiki/First_United_Front" title="First United Front">First United Front</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1926</td><td> <a href="/wiki/Canton_Coup" title="Canton Coup">Canton Coup</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1927–1949</td><td> <a href="/wiki/Chinese_Communist_Revolution" title="Chinese Communist Revolution">Chinese Communist Revolution</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1927</td><td> <a href="/wiki/Nanking_incident_of_1927" title="Nanking incident of 1927">Nanking incident</a><br /><a href="/wiki/Shanghai_Commune_of_1927" title="Shanghai Commune of 1927">Shanghai Commune</a><br /><a href="/wiki/Shanghai_massacre" title="Shanghai massacre">Shanghai massacre</a><br /><a href="/wiki/Nanjing%E2%80%93Wuhan_split" class="mw-redirect" title="Nanjing–Wuhan split">Nanjing–Wuhan split</a><br /><a href="/wiki/July_15_Incident" title="July 15 Incident">715 Incident</a><br /><a href="/wiki/Little_Long_March" title="Little Long March">Little Long March</a><br /><a href="/wiki/Nanchang_uprising" title="Nanchang uprising">Nanchang uprising</a><br /><a href="/wiki/Autumn_Harvest_Uprising" title="Autumn Harvest Uprising">Autumn Harvest Uprising</a><br /><a href="/wiki/Guangzhou_Uprising" title="Guangzhou Uprising">Guangzhou Uprising</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1930–1934</td><td> <a href="/wiki/Encirclement_campaigns_(Chinese_Civil_War)" title="Encirclement campaigns (Chinese Civil War)">Encirclement campaigns</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1931–1934</td><td> <a href="/wiki/Chinese_Soviet_Republic" title="Chinese Soviet Republic">Chinese Soviet Republic</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1933–1934</td><td> <a href="/wiki/Fujian_People%27s_Government" title="Fujian People's Government">Fujian People's Government</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1934–1936</td><td> <a href="/wiki/Long_March" title="Long March">Long March</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1936</td><td> <a href="/wiki/Xi%27an_Incident" title="Xi'an Incident">Xi'an Incident</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1937–1946</td><td> <a href="/wiki/Second_United_Front" title="Second United Front">Second United Front</a> (<a href="/wiki/Wartime_perception_of_the_Chinese_Communists" title="Wartime perception of the Chinese Communists">Wartime perception of the Chinese Communists</a>)</td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1941</td><td> <a href="/wiki/New_Fourth_Army_incident" title="New Fourth Army incident">New Fourth Army incident</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1944</td><td> <a href="/wiki/Dixie_Mission" title="Dixie Mission">Dixie Mission</a></td></tr></tbody></table> </div></td><td class="navbox-list" style="border-left:2px solid #fdfdfd;padding:0px;text-align: left;width:10em;"><div> <table style="line-height: 1.3em"><tbody><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1945</td><td> <a href="/wiki/Chongqing_Negotiations" title="Chongqing Negotiations">Chongqing Negotiations</a><br /><a href="/wiki/Double_Tenth_Agreement" title="Double Tenth Agreement">Double Tenth Agreement</a><br /><a href="/wiki/Retrocession_of_Taiwan" title="Retrocession of Taiwan">Retrocession of Taiwan</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1946</td><td> <a href="/wiki/Jiaochangkou_incident" title="Jiaochangkou incident">Jiaochangkou Incident</a><br /><a href="/wiki/Shen_Chong_case" title="Shen Chong case">Peiping rape case</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1945–1947</td><td> <a href="/wiki/Marshall_Mission" title="Marshall Mission">Marshall Mission</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1945–1949</td><td> <a href="/wiki/Operation_Beleaguer" title="Operation Beleaguer">Operation <i>Beleaguer</i></a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1947</td><td> <a href="/wiki/Yu_Zisan_Incident" title="Yu Zisan Incident">Yu Zisan Incident</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1948</td><td> <a href="/wiki/SS_Kiangya" title="SS Kiangya">SS <i>Kiangya</i> incident</a><br /><a href="/wiki/Liaoshen_campaign" title="Liaoshen campaign">Liaoshen campaign</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1948–1949</td><td> <a href="/wiki/Huaihai_campaign" title="Huaihai campaign">Huaihai campaign</a><br /><a href="/wiki/Pingjin_campaign" title="Pingjin campaign">Pingjin campaign</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1949</td><td> <a href="/wiki/Taiping_(steamer)" title="Taiping (steamer)"><i>Taiping Steamer</i> Incident</a><br /><a href="/wiki/Yangtze_River_Crossing_campaign" title="Yangtze River Crossing campaign">Yangtze River Crossing campaign</a><br /><a href="/wiki/Amethyst_incident" title="Amethyst incident"><i>Amethyst</i> Incident</a><br /> <a href="/wiki/Retreat_of_the_government_of_Republic_of_China_to_Taiwan" class="mw-redirect" title="Retreat of the government of Republic of China to Taiwan">ROC Government retreat to Taiwan</a><br /><a href="/wiki/Incorporation_of_Xinjiang_into_the_People%27s_Republic_of_China" title="Incorporation of Xinjiang into the People's Republic of China">PRC incorporation of Xinjiang</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1949–1953</td><td> <a href="/wiki/Bombing_of_Shanghai_(1949-1953)" title="Bombing of Shanghai (1949-1953)">Bombing of Shanghai</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1950</td><td> <a href="/wiki/Battle_of_Hainan_Island" title="Battle of Hainan Island">Hainan Island campaign</a><br /><a href="/wiki/Wanshan_Archipelago_Campaign" title="Wanshan Archipelago Campaign">Wanshan Archipelago Campaign</a><br /></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1950–1958</td><td> <a href="/wiki/Kuomintang_Islamic_insurgency" title="Kuomintang Islamic insurgency">Kuomintang Islamic insurgency</a></td></tr><tr style="vertical-align:top"><td style="white-space:nowrap;padding-right: 0.7em;"> 1961–1972</td><td> <a href="/wiki/Project_National_Glory" title="Project National Glory">Project National Glory</a></td></tr></tbody></table> </div></td></tr></tbody></table></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Chinese_hyperinflation&oldid=1259637537">https://en.wikipedia.org/w/index.php?title=Chinese_hyperinflation&oldid=1259637537</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Hyperinflation" title="Category:Hyperinflation">Hyperinflation</a></li><li><a href="/wiki/Category:China_in_World_War_II" title="Category:China in World War II">China in World War II</a></li><li><a href="/wiki/Category:Chinese_Civil_War" title="Category:Chinese Civil War">Chinese Civil War</a></li><li><a href="/wiki/Category:Economic_history_of_China" title="Category:Economic history of China">Economic history of China</a></li><li><a href="/wiki/Category:Economic_history_of_Taiwan" title="Category:Economic history of Taiwan">Economic history of Taiwan</a></li><li><a href="/wiki/Category:Economic_warfare" title="Category:Economic warfare">Economic warfare</a></li><li><a href="/wiki/Category:Aftermath_of_World_War_II_in_China" title="Category:Aftermath of World War II in China">Aftermath of World War II in China</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:CS1_Chinese-language_sources_(zh)" title="Category:CS1 Chinese-language sources (zh)">CS1 Chinese-language sources (zh)</a></li><li><a href="/wiki/Category:CS1_maint:_DOI_inactive_as_of_November_2024" title="Category:CS1 maint: DOI inactive as of November 2024">CS1 maint: DOI inactive as of November 2024</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_is_different_from_Wikidata" title="Category:Short description is different from Wikidata">Short description is different from Wikidata</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 26 November 2024, at 06:50<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. By using this site, you agree to the <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Terms_of_Use" class="extiw" title="foundation:Special:MyLanguage/Policy:Terms of Use">Terms of Use</a> and <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy" class="extiw" title="foundation:Special:MyLanguage/Policy:Privacy policy">Privacy Policy</a>. Wikipedia® is a registered trademark of the <a rel="nofollow" class="external text" href="https://wikimediafoundation.org/">Wikimedia Foundation, Inc.</a>, a non-profit organization.</li> </ul> <ul id="footer-places"> <li id="footer-places-privacy"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy">Privacy policy</a></li> <li id="footer-places-about"><a href="/wiki/Wikipedia:About">About Wikipedia</a></li> <li id="footer-places-disclaimers"><a href="/wiki/Wikipedia:General_disclaimer">Disclaimers</a></li> <li id="footer-places-contact"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us">Contact Wikipedia</a></li> <li id="footer-places-wm-codeofconduct"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Universal_Code_of_Conduct">Code of Conduct</a></li> <li id="footer-places-developers"><a href="https://developer.wikimedia.org">Developers</a></li> <li id="footer-places-statslink"><a href="https://stats.wikimedia.org/#/en.wikipedia.org">Statistics</a></li> <li id="footer-places-cookiestatement"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Cookie_statement">Cookie statement</a></li> <li id="footer-places-mobileview"><a href="//en.m.wikipedia.org/w/index.php?title=Chinese_hyperinflation&mobileaction=toggle_view_mobile" class="noprint stopMobileRedirectToggle">Mobile view</a></li> </ul> <ul id="footer-icons" class="noprint"> <li id="footer-copyrightico"><a href="https://wikimediafoundation.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/static/images/footer/wikimedia-button.svg" width="84" height="29" alt="Wikimedia Foundation" loading="lazy"></a></li> <li id="footer-poweredbyico"><a href="https://www.mediawiki.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/w/resources/assets/poweredby_mediawiki.svg" alt="Powered by MediaWiki" width="88" height="31" loading="lazy"></a></li> </ul> </footer> </div> </div> </div> <div class="vector-settings" id="p-dock-bottom"> <ul></ul> </div><script>(RLQ=window.RLQ||[]).push(function(){mw.config.set({"wgHostname":"mw-web.codfw.main-5cd4cd96d5-ccks5","wgBackendResponseTime":155,"wgPageParseReport":{"limitreport":{"cputime":"0.789","walltime":"1.115","ppvisitednodes":{"value":5585,"limit":1000000},"postexpandincludesize":{"value":267727,"limit":2097152},"templateargumentsize":{"value":3466,"limit":2097152},"expansiondepth":{"value":13,"limit":100},"expensivefunctioncount":{"value":6,"limit":500},"unstrip-depth":{"value":1,"limit":20},"unstrip-size":{"value":171046,"limit":5000000},"entityaccesscount":{"value":0,"limit":400},"timingprofile":["100.00% 746.219 1 -total"," 14.94% 111.515 10 Template:Cite_web"," 12.91% 96.353 1 Template:Financial_crises"," 12.32% 91.920 1 Template:Navbox"," 10.61% 79.198 17 Template:Sfn"," 9.96% 74.344 1 Template:Chinese_Civil_War"," 9.77% 72.903 15 Template:Cite_journal"," 9.70% 72.350 1 Template:Navbox_with_columns"," 9.62% 71.768 1 Template:Short_description"," 7.23% 53.927 1 Template:Second_Sino-Japanese_War"]},"scribunto":{"limitreport-timeusage":{"value":"0.438","limit":"10.000"},"limitreport-memusage":{"value":7353497,"limit":52428800},"limitreport-logs":"anchor_id_list = table#1 {\n [\"CITEREFBabcockMakinen1975\"] = 1,\n [\"CITEREFBurdekinWang1999\"] = 1,\n [\"CITEREFBurdekinWhited2005\"] = 1,\n [\"CITEREFChang1958\"] = 1,\n [\"CITEREFChen1995\"] = 1,\n [\"CITEREFChou1963\"] = 1,\n [\"CITEREFCoble2003\"] = 1,\n [\"CITEREFCoble2023\"] = 1,\n [\"CITEREFEbeling2020\"] = 1,\n [\"CITEREFFei2014\"] = 1,\n [\"CITEREFFriedman1992\"] = 1,\n [\"CITEREFGuoDong2020\"] = 1,\n [\"CITEREFHabegger1988\"] = 1,\n [\"CITEREFHe2023\"] = 1,\n [\"CITEREFHuang2013\"] = 1,\n [\"CITEREFHuff2015\"] = 1,\n [\"CITEREFJiang2017\"] = 1,\n [\"CITEREFLi2019\"] = 1,\n [\"CITEREFMakinenWoodward1989\"] = 1,\n [\"CITEREFMontier2013\"] = 1,\n [\"CITEREFOffice_of_Strategic_Services_Research_and_Analysis_Branch1945\"] = 1,\n [\"CITEREFOsinsky2010\"] = 1,\n [\"CITEREFPackard\"] = 1,\n [\"CITEREFReed2022\"] = 1,\n [\"CITEREFSchenk2000\"] = 1,\n [\"CITEREFSkoyles2013\"] = 1,\n [\"CITEREFStuart1954\"] = 1,\n [\"CITEREFTanous2020\"] = 1,\n [\"CITEREFWang2008\"] = 1,\n [\"CITEREFWu2006\"] = 1,\n [\"CITEREFZhao2017\"] = 1,\n [\"CITEREFZhaoLi2015\"] = 1,\n}\ntemplate_list = table#1 {\n [\"Chinese Civil War\"] = 1,\n [\"Citation\"] = 1,\n [\"Cite book\"] = 6,\n [\"Cite journal\"] = 15,\n [\"Cite report\"] = 4,\n [\"Cite web\"] = 10,\n [\"Financial crises\"] = 1,\n [\"Harvnb\"] = 3,\n [\"Infobox event\"] = 1,\n [\"Second Sino-Japanese War\"] = 1,\n [\"See also\"] = 5,\n [\"Sfn\"] = 17,\n [\"Short description\"] = 1,\n}\narticle_whitelist = table#1 {\n}\n"},"cachereport":{"origin":"mw-api-ext.codfw.main-75b4cd9cb5-dcb52","timestamp":"20241126065001","ttl":2592000,"transientcontent":false}}});});</script> <script type="application/ld+json">{"@context":"https:\/\/schema.org","@type":"Article","name":"Chinese hyperinflation","url":"https:\/\/en.wikipedia.org\/wiki\/Chinese_hyperinflation","sameAs":"http:\/\/www.wikidata.org\/entity\/Q10874776","mainEntity":"http:\/\/www.wikidata.org\/entity\/Q10874776","author":{"@type":"Organization","name":"Contributors to Wikimedia projects"},"publisher":{"@type":"Organization","name":"Wikimedia Foundation, Inc.","logo":{"@type":"ImageObject","url":"https:\/\/www.wikimedia.org\/static\/images\/wmf-hor-googpub.png"}},"datePublished":"2024-11-15T11:04:52Z","dateModified":"2024-11-26T06:50:00Z","image":"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/0\/00\/Carrying_Cash_in_Republican_China_-_Preparing_to_pay_wages.jpg","headline":"Hyperinflation in China in the 1930s and 1940s"}</script> </body> </html>