试论清末十年金融市场之嬗变

Transmutation of Financial Markets in Last 10 Years of Qing Dynasty

清末十年期间,清政府每年须对外偿付巨额借赔款,导致内地银两源源不断地流入上海外商银行手中。巨额银两的流动,既使国内金融市场银两流通量日趋匮乏,金融基础愈发脆弱;又增强了外商银行操控金融市场的实力。由于外商银行蓄意操纵或临阵收缩,加之其他种种复杂的因素,清末金融市场爆发了数次风潮;同时也正是因为外商银行拥资自重,厚此薄彼及牟利操纵等,又造成了上海金融市场具有一些异常复杂的变化特征。巨额银两流入外商银行与清末金融市场变迁之间形成了一种复杂的恶性关系。

A great amount of silver was continuously delivered to the foreign banks in Shanghai because of the indemnity by late Qing Government. As a result, on the one hand, the amount of silver currency in circulation at domestic financial market declined dramatically; on the other hand, the power of foreign banks to control the financial markets was greatly strengthened. All kinds of financial crises frequently occurred, which were caused by the manipulation of foreign banks and other complicated factors; meanwhile, the changeable phenomena of the financial markets in Shanghai were more complicated. The badly complicated relations were formed between the foreign banks and the financial markets in the late Qing Dynasty.