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November 4, 1935, foreign banks in Shanghai started following the legal bill policy. The monetary system was in turmoil since late Qing. After 1918, due to the great depression and the changes of Silver standard, China's government pushed the reform of legal bill. This is a milestone in the Chinese monetary history. For details you may refer to our research finding: Lee Yu-ping, "The Relief of Depression and the Formation of Fapi Policy(1932-1935): The Views of Monetary Reform and Trade Balance Approaches"; Lin May-li, ”The Problem of Unequal Rate of Exchange between Different Denominations of Fapi during the Resistance War Against Japan: A case Study of China's Wartime Issuance of Legal Tender and Inflation“.
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