The year begins with emergency control policies designed to curb accelerating inflation. The government halts sale of gold. Political attacks on T. V. Soong become strong, especially in the Legislative Yuan. Soong resigned as head of the Executive Yuan in March 1947. Most of the reform policies adopted earlier in the year are then abandoned.

Political attacks on “bureaucratic capitalism” follow, with foreign businessmen joining the attack, as well as criticism of the “holy family” enterprises, those connected to the Soong and Kung families. Attacks on both accuse them of corruption, charges they try to refute.

Getting Chiang Kai-shek’s attention is a problem. Little can be done without an endorsement by Chiang. But he has little knowledge or interest in financial issues. His focus is on military matters. Foreign exchange woes worsen.

Chapter 6: 1948: The Collapse of Fabi and the Gold Yuan Disaster

Keywords: fabi, gold yuan, collapse of fabi, hyperinflation, Guangdong, Jiang Jingguo, reign of terror, collapse of the gold yuan, Soongs in exile