成敗之閒 : 蒋氏父子與一九四八年金圓劵幣制改革

Abstract

In August, 1948, Chiang Kai-shek decided to put the currency reform to practice that Gold Yuan replaced Fabi as the national currency. He wanted to resolve the galloping inflation under the reform, to stable nearly collapsing economical situation, then to maintain at mostly the general function of the KMT authority, to prepare the decisive battle with CCP at last. But Gold Yuan followed the old way of Fabi by printing too much notes that led to the galloping inflation inevitably, and ended as the disastrous failure. The reform did not retrieve the crumbling KMT in power, however it intensified the centrifugal tendency of all classes to the KMT, and was one of the important factors that led to the loss of control on mainland China by the KMT at last. But the gold, silver, and cash of foreign exchange got in the reform actually supported the move of the KMT authority from mainland to Taiwan with heavy material strength after the defeat of the reform. For Chiang Kai-shek, the defeat of the currency reform removed his worry and expect in some extents that he keep in the mind for the KMT before, to firm his determination and work to withdraw to Taiwan, reorganize the KMT, prepare to restart again, and benefit to extend his political life as the leader of the KMT. So the currency reform of 1948 had some diversified political and economical meanings for the KMT and Chiang Kai-shek, and we may not appraise it as achievement or failure simply.