Skip to main content Accessibility help
×
Hostname: page-component-8448b6f56d-m8qmq Total loading time: 0 Render date: 2024-04-18T15:19:10.423Z Has data issue: false hasContentIssue false

Chapter 6 - 1948

The Collapse of Fabi and the Gold Yuan Reform Disaster

Published online by Cambridge University Press:  10 March 2023

Parks M. Coble
Affiliation:
University of Nebraska, Lincoln
Get access

Summary

In the last days of fabi, T. V. Soong heads south to become provincial governor of Guangdong province. On the introduction of the gold yuan currency in August 1948, Chiang Kai-shek turns to his son Jiang Jingguo (Chiang Ching-kuo) who begins a reign of terror in Shanghai. He alienates major capitalists and bankers and tackles David Kung, Madame Chiang’s favorite nephew, creating a family crisis.

Jiang Jingguo cannot hold the line on commodity prices in Shanghai. Controls are abandoned at the start of November, and hyperinflation explodes. The communist military victories exacerbate the situation. Capitalists begin fleeing China for Hong Kong, America, and elsewhere.

Why did the Nanjing government wait so long to introduce the new currency? Chiang’s focus on military issues had led him to ignore the issue until it was too late. Chiang resigns and T. V. Soong heads to America. Afterward – a bitter exile for the Soongs and Kungs.

Type
Chapter
Information
The Collapse of Nationalist China
How Chiang Kai-shek Lost China's Civil War
, pp. 165 - 202
Publisher: Cambridge University Press
Print publication year: 2023

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

  • 1948
  • Parks M. Coble, University of Nebraska, Lincoln
  • Book: The Collapse of Nationalist China
  • Online publication: 10 March 2023
  • Chapter DOI: https://doi.org/10.1017/9781009297639.007
Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

  • 1948
  • Parks M. Coble, University of Nebraska, Lincoln
  • Book: The Collapse of Nationalist China
  • Online publication: 10 March 2023
  • Chapter DOI: https://doi.org/10.1017/9781009297639.007
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • 1948
  • Parks M. Coble, University of Nebraska, Lincoln
  • Book: The Collapse of Nationalist China
  • Online publication: 10 March 2023
  • Chapter DOI: https://doi.org/10.1017/9781009297639.007
Available formats
×