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19世纪70年代以后,当世界上多数国家纷纷放弃金银复本位而采用金本位时,中国仍然是银铜复本位制度。与金银复本位两种本位货币之间有固定兑换比价不同,中国银铜复本位两种本位货币的兑换比价是浮动的,由此造成了对外是金银汇率,对内是银铜(钱)汇率的双重汇率。双重汇率导致了汇率贬值一倍时贸易却由顺差变为逆差,实际外债和赔款的增加加重了财政负担,制钱成本上升带来的物价上涨又加剧了中下层民众的贫困化。本文在郑友揆(1991)研究的基础上,结合货币理论的新进展和新的历史资料,分析1870年到1900年双重汇率对当时中国经济的影响,在此基础上以金银复本位为参照探讨中国银铜复本位制度的内在缺陷。
After the 1870s, when the majority of countries in the world gave up gold and silver counters and adopted the gold standard, China is still a silver and copper duplicating system. There is a fixed exchange rate between the two domestic currencies of gold and silver, and the exchange rate of the two domestic currencies of the Chinese silver coin is variable. As a result, the foreign exchange rate is the exchange rate of silver and silver, and the exchange rate of silver and copper (money) Double exchange rate. The double exchange rate led to the devaluation of the exchange rate doubled from trade surplus to deficit, the actual increase in external debt and indemnities aggravated the financial burden, rising costs caused by the rising cost of money exacerbated the poverty of the lower middle class. On the basis of the research by Zheng You-kang (1991), combining the new progress of monetary theory and new historical data, this paper analyzes the influence of the double exchange rate on the then Chinese economy from 1870 to 1900, on the basis of which, Inner defects of copper complex system.