Chapter 45 Section 5 Currency of the Base Areas and Liberated Areas Led by the Communist Party of China

From the Northern Expedition to the 1940s, the bases and liberated areas led by the Communist Party of China issued several currencies. Tickets issued by farmers' associations.During the Northern Expedition, peasants in the middle and lower reaches of the Yangtze River warmly supported the Northern Expedition Army, widely launched armed uprisings, and established a revolutionary regime, which effectively guaranteed the victory of the Northern Expedition.Some peasant new regimes issued local currency. In January 1927, the peasant associations of the six districts of Dongxiang, Liuyang County, Hunan Province jointly formed the Liudong Minmin Bank, which issued temporary exchange notes of 120,000 yuan, and issued credit notes in March.From March to May of the same year, the Jingang District of Liuyang County issued the "King Kong Public Property Custody Office Term Securities".From February to July of the same year, the Credit Cooperative of the Farmers Association in Huanggang County, Hubei Province issued circulation coupons with a denomination of a string of characters.The local currency issued by these peasant associations was the product of the peasant movement in the early days of the Great Revolution. It expressed the will of the peasants and their determination to overthrow the Beiyang warlords, and was the germ of the people's currency.

Currency of the Soviet Union.During the Second Civil Revolutionary War, the Communist Party of China created many revolutionary base areas in the middle reaches of the Yangtze River, the Northwest, and the border regions of Fujian and Guangdong provinces.There have been Hunan Leiyang Workers, Peasants and Soldiers Soviet Government one-yuan labor vouchers, Leiyang 13th District Workers, Peasants Soviet Government one-corner and two-corner labor vouchers, Hunan-Jiangxi border Soviet government I-shaped silver dollars, etc.With the development of the Central Soviet Area and various revolutionary base areas, the currencies issued by the Soviet Industrial and Peasant Banks in counties, districts, special zones, and provinces were gradually unified with the currencies issued by the Chinese Soviet State Bank and its branches. From 1929 to 1939, there were nine border base areas including the Central Soviet Area, Hailufeng, Hunan, Hubei and Jiangxi, Western Hunan and Hubei, Hubei, Henan and Anhui, Fujian, Zhejiang and Jiangxi, Hunan and Jiangxi, Sichuan and Shaanxi, and northern Shaanxi, and successively established 57 credit institutions. A total of 217 types of banknotes, cloth coins, silver coins, copper coins, exchange certificates, negotiable certificates, credit certificates, credit slips, deposit certificates, stocks, promissory notes, etc. were issued.These currencies are completely independent, have a solid mass base, have good credit, and are relatively stable in currency value. Its banknotes of 12 yuan are equivalent to one yuan in foreign countries.

The currency of the anti-Japanese base area.During the Anti-Japanese War, the border areas and anti-Japanese base areas led by the CCP successively established banks and issued currency. The characteristic was that according to the situation at that time, under the unified policy, the currency was issued and circulated in different regions. In 1937, the Northwest Branch was reorganized as the Bank of the Shaanxi-Gansu-Ningxia Border Area, and the Shaanxi-Gansu-Ningxia Border Area Bank issued coins, Yan'an Guanghua Store Value Notes, Border Area Trading Company Commercial Circulation Notes, and Sanbian Branch Cloth Promissory Notes.A total of more than 500 currencies were issued in the border regions and anti-Japanese base areas.Among them, the famous ones are bank notes of Shanxi-Chahar-Hebei border area (abbreviated as border currency, the same below), Beihai bank note (Beihai coin), southern Hebei bank note (Ji bank note), northwest farmer's bank note (Xinong coin), Luxi bank temporary Circulation notes (Lu banknotes), CCB coins in the border areas of Henan and Hubei, Huaibei coins, Huainan coins, Dajiang coins, Jianghuai coins, Yanfu coins, Jiangnan coins in the Jianghuai area, Zhedong anti-coins and treasury notes, Guangyin in the northeast of Qiongya Coupons and more.At that time, the base areas were still in a state of division, encirclement, blockade and tug-of-war between the Japanese and puppets, and it was difficult to communicate with each other. It was necessary to establish an independent currency market, break the blockade, crowd out counterfeit currency by the enemy, and ensure currency stability and social and economic stability in the border areas and anti-Japanese base areas.

Liberated Area Currency.After the victory of the Anti-Japanese War, the liberated areas expanded rapidly, and some local currencies were newly added.There are mainly Northeast Circulation Notes, Inner Mongolia Circulation Notes, Kanto Bank Notes, Great Wall Bank Notes, Zhongzhou Farmers Bank Notes, Southern People's Bank Notes, etc. From August to October 1945, Huainan and other local banks in Central China merged into Huazhong Bank and issued Huazhong coins.Soon, the East China region was changed to a unified circulation of Beihai coins, and the issuance of Huazhong coins was stopped.In South China, the Southern People's Bank of China will be used uniformly, and several original local currencies will be exchanged uniformly.In the future, the main regional currency will be designated as the main currency of the adjacent region, and will be mixed with the currency of the adjacent region at a fixed rate, and then gradually or within a limited period of time, the currency of the adjacent region will be exchanged.Since then, the currencies of various places have gradually become centralized and unified.

In 1947, several liberated areas in North China were connected together. The bases in North China held a financial work conference and decided to unify the currency. First, the Shanxi-Chahar-Hebei Border Area Bank and the Southern Hebei Bank were merged into the North China Bank. The exchange rate of one equal to ten Biancoins circulates with each other. In 1948, the regions of North China, Central Plains, and East China were connected together, and the situation prompted the need to accelerate the unification of currencies.On December 1 of that year, the North China Bank, Beihai Bank, and Northwest Farmers Bank were merged into the People's Bank of China, and RMB was issued. According to the prescribed price comparison, the currencies originally issued by North China, East China, and Northwest China were respectively accepted.In order to expand and strengthen the RMB position, stabilize the currency value, and stabilize the market, several financial and economic measures have been taken: continue to exchange the currencies of various base areas in a planned way; And the circulation and transfer of various gold and silver coins; the entry and exit of RMB is prohibited, and forgery is strictly prohibited.Later, the Zhongzhou Farmer's Bank was changed to the Central Plains Branch of the People's Bank of China, and Zhongzhou currency was exchanged at a ratio of one to three.It has successively received and redeemed Northeast Circulation Notes, New Mongolian Coins and Xinjiang Silver Dollar Notes, etc., basically realizing the centralized and unified issuance of RMB.