民国时期纸币发行中的领券制度及其启示

Study of Banknote Receiving System during the Republican Period and Its Enlightenments

20世纪初,中央银行缺位,北京政府为了统一纸币发行权,推广中国银行发行的纸币,开创了领券制度。其后,中国银行不断完善、革新、推广领券制度,以扩大中国银行钞票的流通范围。1942年中央银行垄断了货币发行权,中国银行等金融机构的钞票发行权被取消,领券制度结束。领券制度是中国近代纸币发行由多元(分散)到一元(集中)的过渡性产物,是中国金融史上一次成功的制度创新。以史为鉴,领券制度发行钞票的机制、思路及创新精神对当代中国银行参与的"联汇制度"(港元发行),以及人民币国际化中"本币互换协议"的改善均有现实的指导意义。

In the early period of the republic of China, in order to promote the notes issued by the Bank of China, the government created the Banknote receiving system. Thereafter, the Bank of China constantly improved, innovated and promoted the Banknote receiving system to expand its bank notes circulation. It ended in 1942 after the uniform issuance of Fabi （Legal tender） by the Central bank. In China＇s financial history, the Banknote receiving system was a successful financial innovation. Taking history as a mirror, the ideas and innovative spirit of the Banknote receiving system have practical guiding significance to improve the Linked Exchange Rate system （HK issue） and currency swap agreement.