近代上海外汇市场发展述略(1843—1937)

Review on the development of foreign exchange market of Shanghai in the modern times:1843—1937

上海外汇市场是随着上海对外贸易的发展应运而生的,而其发展亦随着贸易的渐趋发达而日益成熟。从上海开埠到抗战爆发,上海外汇市场从萌芽到形成、发展,经历了长达近一个世纪。到2 0世纪2 0年代末,外汇市场的交易以及运作仍主要是由外商洋行、银行操控。直到第一次世界大战期间,随着华资银行开始涉及外汇业务,外商银行独霸的局面始得改观。3 0年代初,政府更多介入金融业的管理,随之而来的金贵银贱、白银风潮等金融动荡,使得国民政府通过中中交三行,颁行禁止外汇投机等法令,直接间接介入上海汇市的管理。而法币改革后,中国的货币制度改为外汇汇兑本位,控制汇市达到货币政策的正常运行,变得格外重要,这一时期,政府逐渐施行外汇市场的直接管理。

Foreign exchange market of Shanghai emerged as the development of foreign trade of Shanghai, moreover, its development gradually as the gradual upgrowth of trade. From the port of Shanghai opening to the eruption of the War of Resistance Against Japan, its development took a century time from bud, shape to develop.The trade and operation of foreign exchange market had mostly held by foreign finn and bank until the end of 1920s. The situation hadn＇t changed until the World War One,the dominant situation of foreign bank began to change as the inland bank set foot in operation of foreign exchange.The government more interposed the finance management in 1930s, as the emergence of finance turbulence, the national government began to directly intervened the management of foreign exchange market by national bank, and enacting forbidding foreign exchange venture. Monetary system of China transformed into foreign exchang standard after Currency Reform of November 1935, it was more important of normal operation of monetary system by controlling foreign exchange, during this period, the government began to directly administer the foreign exchange market.