During the War of Liberation, the monetary policy of the red regime under the leadership of the Communist Party of China was mainly manifested in the development and expansion of the red currency and the gradual unification. At that time, the liberated areas established in the whole country mainly included the Northwest Liberated Zone, the Northeast Liberated Zone, the Inner Mongolia Liberated Zone, the Jichareliao Liberated Zone, the North China Liberated Zone, the Central Plains Liberated Zone, the Hubei-Henan-Anhui Liberated Zone, the East China Liberated Zone, the South China Liberated Zone, and the Qiongya Liberated Zone. At first, each liberated area set up its own ** bank and issued a unique red currency. With the changes in the situation of the war between us and the enemy and the changes in the liberated areas, the policy of currency issuance and management in the liberated areas is also changing
First of all, each small liberated area surrounded by division and encirclement issued its own currency, and then the larger liberated area issued currency to carry out the currency issued by the smaller liberated areas under its jurisdiction. Finally, the People's Bank of China was established, and the first set of renminbi ** issued by it was exchanged for the currency of the Liberated Areas throughout the country, realizing the unification of currencies within the Liberated Areas.
In 1947, the North China Financial and Economic Conference put forward four unified principles and policies, that is, under the direct leadership of the People's Republic of China, the establishment of a unified financial and economic work organ, the unification of the economic and economic struggle policies of all regions and the economic struggle against the enemy, the gradual unification of the supply standards of various localities, the unification of currency issuance plans in various localities, and the stabilization of the currency exchange ratio of various liberated areas, so as to gradually achieve the comprehensive unification of the financial and economic work of various liberated areas on this basis.
In order to further expand and strengthen the scope of the use of the renminbi and stabilize the value of the currency and market transactions, a series of economic and financial measures have been adopted: continue to collect and exchange the currencies of various base areas in a planned manner; Redemption of various old currencies within a limited time; The circulation of foreign currency and the entry and exit of RMB are strictly prohibited, and foreign exchange is managed by the state in a unified manner; prohibit the circulation and transfer of gold and silver and all kinds of gold and silver coinage; Counterfeiting of RMB is strictly prohibited. It has successively exchanged the currency in circulation in other liberated areas, and the currency of the liberated areas has basically been unified into renminbi. By waging a currency struggle, the liberated areas quickly eliminated the fiat currency, safeguarded the credibility and image of the red currency, and won a decisive victory in the struggle. With the establishment of the People's Bank of China, the conditions for the issuance of the first set of renminbi have gradually matured.
The first set of RMB circulation period from December 1, 1948 to May 10, 1955, a total of 12 denominations and 62 varieties were printed and issued, except for the 1,000 yuan Shuangma cultivated land narrow and long coupons, all the others were designed by Wang Yijiu and Shen Naiyong of the Shanxi-Chahar-Hebei Border District Printing Bureau. Among them, the front pattern is a 10 yuan coupon for water irrigation and mines, and the front pattern is a 50 yuan coupon for donkey water and a mining factory, both of which reflect industrial and agricultural production, and the front pattern is a 20 yuan coupon for coal mining and coal carts pushed by workers, which reflects industrial production. The first batch of renminbi was mainly printed in Fuping, Shexian and Shijiazhuang in Hebei.
Due to the fact that it was on the eve of the National People's Liberation War and in view of the serious inflation in the national economy, the first set of renminbi did not issue auxiliary coins and metal coins for the time being.
The establishment of an independent and unified monetary system created favorable conditions for the People's Liberation Army to march victoriously and provided a solid material foundation for the liberation of the whole country and the founding of New China. It has further improved the deficiencies in the monetary system in the liberated areas, such as sloppy differentiation and so on, and has better promoted the restoration and development of production and life in the liberated areas.
After the issuance of the first set of renminbi, the Communist Party of China continued to adjust the financial development, initially realized the unification of economic and financial policies in the liberated areas, and restored and developed the production and living conditions of the people in the liberated areas. In the long run, the initial design of the monetary system provided the prototype and conditions for the independent implementation of monetary policy for China's later economic development. In addition, it opened a new era in China's financial history, put an end to the chaotic financial system and long-term hyperinflation of old China, and was the beginning of a prudent monetary system under the leadership of the Communist Party of China, laying the foundation for the stable and healthy development of China's economy.