“五四”以来十几年间,中国南北市场上主要流通银元和兑换券(起先称为“宝钞”,后来称为“钞票”),币值采用“银本位制”,生活费用大体上说是稳定的。民国成立后,1912～1919年间物价起伏不大;1926～1927年间市场有所波动。以1912年为基数,到1926年上海市、华北(包括北京市)的批发物价分别上涨25％和 Over the past decade or so since the May 4th Movement, the major circulating silver and exchange vouchers in the North and South markets in the PRC (formerly known as “Banknote,” and later “Banknote”) and the currency “silver standard” have largely taken into account the cost of living stable. After the founding of the Republic of China, prices fluctuated little between 1912 and 1919; the market fluctuated between 1926 and 1927. Starting from 1912, the wholesale prices of Shanghai and North China (including Beijing) rose by 25% in 1926