As we all know, the hegemony of the dollar in the international financial system is unshakable. However, the rise of the Chinese currency is a legend full of twists and turns and the story behind it.
The Birth of the Renminbi: From Chaos to Stability.
After World War II, the United States established the global hegemony of the dollar by dominating the international system and using the US dollar as the main foreign exchange reserve and international settlement currency. In contrast, at the beginning of the founding of the People's Republic of China, China's economy was in a mess and its currency was in chaos. In order to seek personal gain, the Kuomintang reactionaries deceived the people with real gold in exchange for waste paper and gold yuan, which led to a surge in inflation and chaos in life.
The birth and reform of the renminbi.
After the founding of the People's Republic of China, the Communist Party of China (CPC) quickly began to reform the monetary system, and in order to embody the concepts of "serving the people", "people first" and "the people being the masters of the country", the sovereign currency was named "RMB". The issuance of the renminbi has enabled domestic prices to stabilize rapidly, and the order of people's lives and production has also been quickly restored.
However, the birth of the renminbi was not without its challenges. At that time, China's light industry and heavy industry were very backward, and the manufacturing industry was in ruins, and it was unable to print its own currency independently. In order to solve this problem, China had to entrust the Soviet Union to print the renminbi on its behalf, which caused a series of risks and hidden dangers.
The printing problem of the renminbi.
The Soviet Union became the printer of the renminbi, exposing China to serious security risks. The Soviet Union could create excess currency to buy Chinese goods, or it could create counterfeit money to disrupt the Chinese market. In the 50s of the 20th century, Sino-Soviet relations were good, but Soviet experts refused to share currency printing technology, treating it as highly secret. The People's Bank of China team realized the fragility of the national currency and submitted a plan and plan to replace the new version of the renminbi to *** in 1959.
China's self-printing opportunities.
With the consent of ***, China invented China's first domestic money printing machine in 1962 in less than 1 year. This move not only laid the foundation for China's independent printing of the yuan, but also responded to the threat of the Soviet Union withdrawing experts and counterfeiting money in the border areas. In 1964, the second version of the renminbi was discontinued, and China succeeded in taking control of the printing of its currency.
The monopoly position of the China Banknote Printing and Minting Corporation.
China Banknote Printing and Minting Corporation, as a large state-owned enterprise wholly owned by the People's Bank of China, undertakes all the design and production tasks of RMB banknotes and coins. The company has several branches and prints banknotes every day. While some believe that paper money will face difficulties with the popularity of mobile payments, the China Banknote Printing and Minting Corporation is still operating efficiently.
The continued existence and importance of the renminbi.
As China's legal tender, the renminbi is protected by the Constitution and may not be rejected by any unit or individual. Although mobile payments are widely used among young people, banknotes are still widely used due to China's large elderly population. In addition, before the promotion of the digital yuan, banknotes still have higher security and reliability, which is suitable for international business.
Conclusion: The rise of the renminbi and the miracle of state-owned enterprises behind it.
The rise of the renminbi is not only a symbol of China's economic rise, but also a miracle achieved by the China Banknote Printing and Minting Corporation in printing technology. Through independent innovation and reform, China has successfully got rid of its dependence on foreign printing and achieved independent control of its currency. This tortuous and glorious course makes us cherish the value of the renminbi even more, and also makes China's printing technology stand out in the world.
The Mystery of the Renminbi Printing: The Story Behind the Super State-Owned Enterprises" provides an in-depth analysis of the historical background, development process and importance of printing for the renminbi. In concise and concise language, the article brings readers into a historical moment full of twists and turns and thrills, allowing people to have a deeper understanding of the development of the RMB.
First, the article vividly outlines the hegemony of the dollar in the international financial system, and the rise of the renminbi is even more difficult in comparison. Especially in the early days of the founding of the People's Republic of China, the economy was chaotic and the currency was chaotic, and the birth of the renminbi was faced with many difficulties. The explanation of this historical background gives readers a clearer understanding of the development process of the RMB.
Secondly, by describing in detail the process of printing the renminbi on behalf of the Soviet Union, the article reveals the banknote printing problems faced by China at that time. The Soviet Union, as a printer, not only posed a security risk, but also could use the currency to create excess and counterfeit money to influence the Chinese market. This historical episode shows China's international situation at that time and the twists and turns of the development of the renminbi, which is thought-provoking.
The article highlights the opportunity for China to print the renminbi independently, especially through the successful invention of the domestic money printing machine in just one year, which has achieved independent control over currency printing. This period of history shows China's resilience and determination to innovate independently in the face of difficulties, and has laid a solid foundation for the rise of the renminbi.
Regarding the monopoly position of the China Banknote Printing and Minting Corporation, the article highlights the company's monopoly in the design and production of banknotes and coins. Through detailed depictions, readers have a clearer understanding of the scale of this "super state-owned enterprise" and its key role in the development of the renminbi.
Finally, the article gives deep reflections on the existence and importance of the RMB in the digital age. Despite the popularity of mobile payments, the renminbi is still widely used among the elderly and still plays an irreplaceable role in international business. The article concludes by emphasizing the importance of the renminbi to make the whole article more in-depth and thought-provoking.
Overall, this chapter provides an in-depth analysis of the development of the renminbi through a wonderful interpretation of "The Mystery of the Renminbi Printing: The Story Behind the Super State-owned Enterprises", presenting readers with a magnificent historical picture that is worth reading.
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