1920-30년대 四行準備庫의 鈔票發行 (The Specie Reserve Storehouse of North Four Banks and its Development(1922-1935))

서지정보

· 발행기관 : 부산경남사학회
· 수록지 정보 : 역사와경계 / 97호 / 345 ~ 384페이지
· 저자명 : 임지환

초록

4행준비고는 북4행의 각 은행들이 공동의 은행권을 발행하기 위해 1922년에 결성한 특별금융기구였다. 4행준비고는 1935년 법폐개혁으로 은행권발행이 중지될 때까지 지속적으로 은행권을 발행하여 중국의 금융산업 발전에 이바지하였다. 4행준비고의 성공적인 발권행위는 북4행 각 은행의 발전에 중요한 역할을 하였다. 특히 북양정부와 남경정부의 금융시장에 대한 지배력의 약화, 북4행 각 은행들의 수신업무의 확장과 정부와의 긴밀한 유착 하에 풍부한 유가증권의 확보, 그리고 1920년대 해외로부터 은의 지속적인 유입 등과 같은 국제여건의 호조 속에 4행준비고에서 발행한 은행권총액은 해를 거듭할수록 증가해갔다. 중국의 금융계에 대한 4행준비고의 역사적 의의와 영향은 다음과 같이 정리할 수 있다. 중국의 상업은행이 정부를 대신하여 은행권을 발행함으로써 발권행위가 정치적 목적으로 남용되는 것을 저지시킴으로써 금융시장을 안정시킬 수 있었던 점, 1933년의 폐량개원의 단행에 일조를 했던 점, 4행저축회의 조직과 성공적인 운영을 통해 중국 금융시장의 발전에 이바지했던 점, 그리고 중국의 상업은행이 외국상업은행의 영향에서 벗어나 독자적인 토대를 구축할 수 있도록 하는데 그 일각을 담당했던 점 등이다.

영어초록

In early Republic of China, Chinese government had no capability of controling the financial market, which made it possible for Chinese commercial banks to issue, instead of Chinese government, their notes, and circulate them in the financial market. North four banks had issued their notes until Nanking government conducted the monetary reform in 1935 since they began to issue them in 1922. The financial factors that North four banks could continually maintain the function for the issue of their nates until 1935 can be summarized as follows: first of all, the chronic financial deficit of Chinese government in the early Republic of China caused the Chinese financial market to be left in the principle of laissez-faire. This financial circumstance helped the Chinese commercial banks continually maintain the issue of notes without the interference of government. Second, North four banks took advantage of their enhanced commercial credit to increase the deposited amount, which led to secure enough specie reserve to convert the notes. Not only that, but North four banks could secure lots of government bonds by purchasing them with the advantageous condition everytime Chinese government issued the bonds, which also helped them increase the specie reserve for the issue of convertible notes. Third, in 1920s, most of countries all around world went off silver and adopted the gold standard, as a result of that silver began to be transacted as ore, not as currency in the global market. The variation of international financial environment got a large amount of silver to be flown into China that still maintained the silver standard, which contributed to increasing the amount of currency circulated in the financial market. The increase of currency in the financial market led North four banks to expand their deposit service that could made it possible to secure enough specie reserve available to the requirement of financial conversion in anytime.
The issue of notes of North four banks left a significant impact on Chinese financial market. First, the issue of notes by commercial banks, such as North four banks, could prevent it from being misused for political purpose. The Chinese financial market could be stabilized without the overissue of notes for about 20 years. Second, the issue of notes of North four banks contributed to increasing the total amount of money in circulation, which made it possible for Chinese government to conduct the monetary reform in 1933 that could completely drive Yinyang out of the financial market. Third, the issue of notes of North four banks not only resulted in establishing Union deposit meeting, called Ssu Shing Chu Shu Hui, but also helped it to grow to a large commercial bank. Finally, the issue of notes of North four banks paved the way that could got Chinese financial market out of the influence of foreign commercial banks established in China and stand on its own feet.

참고자료

· 없음