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THE DEPRECIATION OF THE FAPI
T THE REAL NATIONAL INCOME
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1Ibid 2CWR 2Ibid April assignat August 19 August 27 Bank of China banknote circulation banknotes black market budget budgetary deficit cash cent Central Bank Chiang Ching-kuo China Economist China Weekly Review Chinese economy Chinese Government commodity prices Communist confidence continued cost of living crisis currency reform December decline decrease demand depreciation Emergency Economic Regulations estimated exchange rate exports f api factors fapi February foreign exchange gold bars gold price gold yuan hoarding Hongkong hyperinflation Ibid important inflation interest rate international payments issuance July Keynes living index million monetary equation money supply National Government official overseas Chinese paper money piculs price level price of gold price of rice price rise problem production purchase quoted real national income rentenmark reported reserves result rumors September Shanghai market silver and foreign speculative stabilize statistics T.V. Soong taxation trillion U.S. dollars velocity of money wages Wan Pao