On the morning of April 26, 1943, the Monetary Conference of the Union Countries held its last meeting at the Karachi Convention Center. After the meeting, the finance ministers and central bank governors of each country, representing their respective countries, signed the Union Monetary Fund Agreement.
》 and the Union National Bank Agreement signed his name on these two documents of great significance.
At the end of the signing ceremony, two major international financial institutions, "Alliance Monetary Fund" and "Alliance Bank", were officially established. They are headquartered in Chang'an, the capital of South China. Ou Chuer, the president of the Central Bank of South China, also serves as the president of the Alliance Bank. "Alliance Currency"
The "IMF" is responsible for providing short-term capital loans to member countries with the purpose of ensuring the stability of the monetary system of the member countries, while the "Alliance Bank" provides medium and long-term credit to promote the economic recovery of member countries.
Since this meeting was held in Karachi, later generations called it the Karachi Monetary System.
The Karachi monetary system is a financial exchange standard based on the Chinese dollar and gold. Its essence is to establish an international monetary system centered on the Chinese dollar. The basic content includes the Chinese dollar being linked to gold, and the currencies of other countries to be linked to the Chinese dollar and implemented.
The fixed exchange rate system has preliminarily determined many principles such as currency convertibility, international payment settlement, international reserve assets, and balance of payments adjustment between contracting countries.
The operation of the Karachi currency system is closely related to the credibility and status of the Chinese dollar. The purpose of its establishment is that Arab countries seriously lack gold reserves. Their own currencies have no credibility at all and cannot make normal payments in the international market.
With the fall of France among the Allied Powers, the franc system has completely collapsed, and the pound and the US dollar have also experienced serious depreciation due to the weakening of their respective national powers. Only the Chinese dollar stands out and still has the status of an international settlement currency.
Since the establishment of Arab countries, the issuance of their own currencies has been inseparable from the support of the Central Bank of South China. The currencies of various countries have been closely integrated with the Chinese yuan since their birth. The current formal contract is just seeking to establish it in the form of laws and systems, and
It continues to attract new countries to join this system, making the Hua Yuan truly a global settlement and reserve currency.
The first batch of signatories includes the sponsoring country, the Democratic Republic of China. As well as the Kingdom of Persia, the Kingdom of Baghdad, the Kingdom of Kuwait, the Kingdom of Bahrain, the United Arab Emirates, the State of Qatar, the Sultanate of Oman, the Kingdom of the Kurds, the Kingdom of Mesopotamia, and the Kingdom of Najd,
Thirteen countries including the Kingdom of Riyadh, the Kingdom of Rub Al Khali and the Kingdom of Sijaz.
After consultations between An Yi and British Foreign Secretary Eden, the Kingdom of Hijaz and the Kingdom of Yemen, which had just received permission to evacuate, have not yet established central governments. However, the two chiefs Abdulwa and Sani, who have broad appeal in the two countries, still
Send a membership application to the conference as soon as possible.
Representatives of the Republic of Turkey and the State of Israel, who attended the meeting as observers, as well as the Indian princely states, Burma and Malaya, who were preparing for the establishment of independent states, all expressed strong interest in this new currency system and joined the meeting.
It should only be a matter of time.
At the celebration banquet held at noon, An Yi delivered a passionate speech.
"Gentlemen and ladies, I am very happy that you all have come to the beautiful shores of the Arabian Sea and to Karachi, a city full of vitality. The two major agreements signed today will have extremely important significance for the future world economic order.
.It will contribute to the stability of the financial markets within the contracting countries and will play a positive role in promoting economic recovery during and after the war. It is believed that as the number of contracting countries continues to increase in the future, it will definitely end the chaotic situation in the monetary and financial fields before the war.
Maintain the normal operation of the monetary systems of each contracting country.
"Let me first state that I am personally a layman to finance. This does not prevent me from interpreting many creative provisions formulated at this meeting as a bystander. For example, the fixed exchange rate system proposed at this meeting is of great significance.
Important, it is different from the relative stability of the exchange rate under the gold standard. There are many new concepts and new thinking in it. In order to better understand the essence of currency, I specifically found experts to learn relevant knowledge. Under the gold standard, gold coins themselves have a certain gold content.
, gold can be exported and imported freely, and the fluctuation limit of the exchange rate is extremely narrow. The economic crisis that spread across the world from the late 1920s to the early 1930s triggered a crisis in the monetary system, leading to the collapse of the gold standard, and international monetary and financial relations were in chaos.
“The establishment of this new financial system has given certain standards and foundations to the monetary and financial relations between the contracting countries. The chaotic situation of international monetary and financial affairs will be alleviated to a certain extent, and it will promote the recovery and development of the domestic economies of various countries.
Under the gold standard, countries focus on external balance, and domestic economies tend to have a contractionary tendency. Under the new financial system, countries can focus on internal balance, the domestic economy will tend to be stable, and crises and unemployment will be greatly alleviated.
"As far as I understand, the formation of a new monetary system can greatly increase the share of trade between contracting countries under relatively stable conditions. Under this system, our country's central bank will purchase goods and services from various countries through gifts, credits, etc.
In the form of issuing Chinese dollars to contracting countries, it will objectively expand the purchasing power of contracting countries. The fixed exchange rate system has eliminated economic turbulence caused by exchange rate fluctuations to a large extent, stabilized the currency exchange rate of contracting countries to a certain extent, and has
Conducive to the development of international trade.
"After the new monetary system is formed, the activities of the IMF and the Alliance Bank will play a positive role in promoting the recovery and development of the world economy as the number of contracting countries increases. The short-term loans provided by the IMF will temporarily ease the income tax of contracting countries.
to promote the steady liberalization of payment methods. The long-term loans and investments provided and organized by the Alliance Bank will, to varying degrees, solve the funding needs of the contracting countries during wartime, post-war recovery and development of the economy. The IMF and the Alliance Bank are providing technology
Assistance, establishment of world-wide economic and currency research data and exchange of data and information will play a positive role in promoting the recovery and development of the world economy.
“Finally, the formation of a new monetary system will contribute to the internationalization of production and capital. The relative stability of the exchange rate avoids exchange rate risks caused by international capital flows, is conducive to the input and output of international capital, and provides international financing.
Creating a good environment will help the development of the financial industry and international financial markets, and also create good conditions for the internationalization of production by multinational companies.
"Here, I welcome new countries to join this new monetary system, which will gradually restore the international financial order from the trauma of the war and promote the development of the world economy. Thank you all!"
There was warm applause in the banquet hall. Except for a few people, most of the guests showed excitement and anticipation on their faces.
British Foreign Secretary Eden and US Presidential Envoy and Deputy Secretary of State Sumner Wells looked at each other. They both felt uneasiness and worry in each other's eyes.
Both of them knew very well that the core of Karachi's monetary system was the Chinese dollar, which would place the Chinese dollar in a central position in the monetary system of the contracting countries. The Chinese dollar would become the "equivalent" of gold, and Nanhua would bear the cost of exchanging gold at the official price.
Obligation, the currency of a contracting country can only be related to gold through the Chinese dollar, and the Chinese dollar will be in a central position and play the role of a global settlement currency.
Once it is allowed to develop, the Chinese dollar will become the means of payment for international settlement and the main reserve currency of various countries, which will have a huge impact on the US dollar and the British pound.
However, the bleak current situation of the two countries prevented the two from daring to criticize the new monetary system. They could only smile against their will and stepped forward to hypocritically express warm congratulations to An Yi who had finished his speech.
After a night's rest, Sumner Wells recovered a little mentally. An Yi briefly asked about the US government and military's response to the Pacific War.
Sumner Wells said that the U.S. government and military will launch a full-scale counterattack against the Japanese on the mainland in the next one to two months. It has no intention of sending a new fleet to the Central Pacific region. The battle situation in the Pacific region can only be maintained by
The persistence of frontline generals such as Nimitz and MacArthur.
An Yi smiled slightly and did not dwell too much on this issue.
The current situation in the United States is very bad. After retreating to the eastern region, resources are greatly restricted. Steel production and fuel supply are both in short supply. It is an inevitable choice for the U.S. government and military to resolve the Pacific war first on land and then on sea, first on America and then on Europe.
An Yi even suspected that when the war situation was unfavorable, the Americans would even take the initiative to withdraw their troops from the Pacific region and use their forces in the United States and Latin America.
However, An Yi didn't care too much about this.
According to the latest news, Anjiajun's nuclear arsenal has expanded to 120 atomic bombs, and the research on hydrogen bombs has entered the final stage. In addition, the F-4 intercontinental missile with ultra-long-range delivery capability has entered the finalization stage.
, the Anjia Army, which has greatly developed its navy, air force and aerospace, has become invincible. Even if the whole world becomes its opponent, it is not afraid, not to mention that it is impossible for the two camps to come together.
Of course, it is not in South China's interest to use nuclear weapons now. It is to maintain the balance of power between the Allies and the Axis Powers and consume as much as possible the national power and manpower of the United States, Britain, the Soviet Union, Germany, Italy, Japan and other countries.
The right choice is to make profits from both sides in the camp, seize the time to develop the economy, and make up for the gap in industrial production and technological development with the great powers.
Now the attitude of the Nanhua government, especially An Yi, almost controls the world structure. This is also an important reason why An Yi still agreed to send troops to join the North African battlefield after the ceasefire with Germany without worrying about Germany's attitude.
An Yi was sure that Hitler would not dare to turn against the South China government for this. The Nazis needed An Jiajun to release prisoners of war to replenish the army. Germany's urgently needed strategic supplies must also be obtained through trade with South China. In a sense, the only way to achieve this goal is to occupy Eurasia.
Only An Jiajun of Continental Bridge is qualified to have both sides.
While An Yi was chatting in a low voice with Eden and Wells, the Soviet Ambassador to South China Malenkov walked into the banquet hall. This man had led Leningrad, Moscow, Volkhov, Stalingrad and Don River, etc.
The Soviet leader who fought in the war was appointed as the ambassador of a country by Stalin, which is enough to prove that the Soviet Union attaches great importance to South China.
Malenkov stopped and watched, looking among the many Arabs, Indians and whites for a long time without finding the target. Finally, under the guidance of Shen Fengdao, he came to An Yi.
Malenkov smiled apologetically to Eden and Wells, and said humbly to An Yi: "Mr. Chairman, Comrade Stalin called me. Our Soviet Union wants to join the new international monetary system with the Chinese dollar as the core. I don't know this.
Can the request be fulfilled?"
An Yi was surprised. He never expected that the Soviets would arrive uninvited.
Given the Soviet Union's role as the mainstay within the current alliance countries, its addition will naturally greatly enhance the status of Karachi's currency system and increase its influence in post-war socialist countries.
An Yi suspected that Stalin had other intentions. At present, the war in Moscow has entered an emergency situation. Nazi Germany continues to send newly formed troops to the Eastern Front. The focus of the Soviet-German battlefield has been concentrated on Kaluga and Tula southwest of Moscow.
On the frontline battlefield, a new strategic decisive battle may break out at any time. If the Soviets extend an olive branch at this time, they must have other plans.
An Yi thought for a while and decided to have a private meeting with Malenkov to find out the other party's intentions and exchange views on the Caucasus region.
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