| 摘要 | After the Sino-Japanese War broke out, foreign exchange reform measures of the Nationalist government were still being implemented in Shanghai. The national bank, supported by its own holdings of foreign exchange as well as funds from the British and American governments and related banks, could still intervene in the exchange market of Shanghai. Most foreign banks sought foreign exchange at the price posted by the government or turned to illegal markets. Their transactions were bound after the British and American governments intervened with concerted action. Ordinary banks of China could not play an active part in the maintenance of the foreign exchange market, but the financial business of Shanghai, headed by the monetary guilds, still viewed the Nationalist government, which had been moved to the west, as the only legal government of China. So it remained possible for the government to see that its financial regulations were obeyed, at least to a point, which became an important factor in the maintenance of the foreign exchange market before the Pacific War. The illegitimate government under the control of the Japanese army was a continuing destructive force in the foreign exchange market in Shanghai. |
