The Inflationary Spiral: The Experience in China, 1939-1950

By Kia-Ngau Chang | Go to book overview

Appendix D
Foreign Exchange and Foreign Trade
TABLE D-1. FOREIGN EXCHANGE RATE: 1937-AUG. 1948*
A. CNC per U.S. $1.00B. U.S. cents
per CNC $1.00
YearOfficialMarketOfficialMarket
1937June3.41--29.3150--Dec.3.42--29.2500--
1938June--5.40--18.5150Dec.--6.40--15.6250
1939June--7.80--12.825Dec.--14.48--6.9115
1940June--18.21--5.49480Dec.--17.76--5.63280
1941June--19.00--5.26000Dec.18.8018.935.31255.28125
1942June18.80--5.3125--Dec.18.80--5.3125--
1943June18.8059.00 (Amer. note)5.31251.693Dec.20.084.00 (Amer. note)5.01.191
1944June20.0192.00 (Amer. note)5.00.521Dec.20.0570.00 (Amer. note)5.00.1753
*After the outbreak of hostilities in 1937 the official exchange rate was suspended and replaced by a bank rate. In August 1941 a board rate was established and remained until victory in 1945. After Pearl Harbor the market rate for American currency became insignificant and did not reappear until 1943, when American airmen and soldiers arrived in China.
The rates given for the period 1937-42 are based on quotations for the U.S. dollar exchange rate compiled by the Central Bank of China. The rates for 1943-45 are based on quotations for U.S. dollar notes compiled by the Joint Board of Administra­ tion of Government Banks; those after 1946 are based on monthly reports compiled by the Central Bank of China.
After the Gold Yuan currency system was adopted, month-end quotations were used in place of monthly averages.

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