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The Chinese gold yuan (also known as golden round, golden yuan, among others) was a legal tender currency of China between August 1948 and 1949. It was a method used by the Republic of China government to accumulate gold from its citizens in preparation to relocate to Taiwan.
The customs gold unit (CGU) was a currency issued by the Central Bank of China between 1930 and 1948. In Chinese, the name of the currency was 關金圓 (guānjīnyuán; lit. ' customs gold yuan ') but the English name given on the back of the notes was "customs gold unit". It was divided into 100 cents (關金分).
[14]: 8 The Gold Yuan Certificate replaced the fabi at the rate of 1 gold yuan = 3 million yuan fabi = US$0.25. The gold yuan was nominally set at 222.17 milligrams (1 ⁄ 140 ozt) of gold. Despite the implication of "gold" yuan, the currency was not backed by gold. [14]: 173 The gold yuan failed with greater speed than the fabi had. [14]: 8 ...
China's gold buying followed a pause due to high prices and economic recovery struggles. ... The Chinese yuan also lost ground against the dollar last year and is at a 16-month low.
Banknotes of the yuan suffered from hyperinflation following the Second World War and were replaced in August 1948 by notes denominated in gold yuan, worth 3 million old yuan. There was no link between the gold yuan and gold metal or coins and this yuan also suffered from hyperinflation. In 1948, the Central Bank of China issued notes (some ...
It is estimated to contain 1,000 metric tons of gold, valuing around 600 billion yuan or almost $83 billion. However, some experts question the feasibility of this finding and whether the scope is ...