The Central Reserve Bank was the central bank of the Wang Jingwei regime that governed much of China during the Second Sino-Japanese War. Based in Nanjing and Shanghai, it operated between January 1941 and August 1945.
It was thus one of the "puppet" banks of issue established by the Japanese occupation forces, together with the Central Bank of Manchou (1932–1945), Mengjiang Bank (1937–1945), United Reserve Bank (1938–1945), and Huaxing Commercial Bank (1938–1941).[1]
Overview
The bank was formally created on 1940-12-21 and started operations on 1941-1-6 in Nanjing.[2] It had initial capital of 100 million yuan, half of which was provided by the Ministry of Finance and the other half borrowed from Nissho Company and Huaxing Commercial Bank.
The intent was to bring an end to the monetary chaos that afflicted China under Japanese occupation and to make it part of the yen zone, as had been done in Taiwan with the Bank of Taiwan, Korea with the Bank of Chōsen, and Manchukuo with the Central Bank of Manchou. The Central Reserve Bank took over the monetary role previously granted to the Huaxing Commercial Bank in Shanghai, whereas the United Reserve Bank (in Peiping) and the Mengjiang Bank (in Kalgan) kept issuing their own money in North China.[3] It issued "puppet currency" known in English as the Reserve Bank note (chubei-quan).
See also
- Chinese National Currency
- Japanese military currency (1937–1945)
- Chinese hyperinflation
- Central Reserve Bank of El Salvador
- Central Reserve Bank of Peru
References
- Michell Li. Inflation in Eastern China during the Second Sino-Japanese War Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise, May 2018^
- Rude Confucius - the Sabotage of Japanese Puppet Currency Asia Money, 2019-7-3^
- Koichiro Ishihara. Encyclopedia of Japanese Paper Money Collection Gentensha, 2005