中央銀行與上海金融中心的發展(1927-1937)

上海爲中國海岸線之約略中心，長江流域人口眾多，物產豐饒；加上近代開埠較早，公共租界的廣大與自由、安定，使得上海的現代化工商業與口岸貿易特別興盛，外國銀行進駐也最早最多。強大的工商經濟實力與大量的資金融通需求，自然而然使工商貿易服務之金融業因此崛起，逐漸步上與京津並列爲全國的金融中心。惟直到20世紀20年代後期才真正成爲中國金融的唯一中心，同時也與東京、香港並列東亞地區的三大國際金融中心。大抵上海做爲全國金融中心，乃是地理環境、產業與經濟發展的自然趨勢；惟人爲力量的推動，亦加速了這種趨勢。對日抗戰前的十年(1927-1937)，國民政府在政治金融方面的措施，獨厚於上海，使其金融事業一支獨秀，充分發揮了全國唯一金融中心地位。其中又以中央銀行的建立，對上海金融中心發展具有最明顯且緊密的關係。惜至今日，仍未見有兩者關係的完整深入討論分析，故本文除沈排比檔案外，也綜合一般文獻史料及前人研究成果，且進一步考察該行的創建與成長，對全國資金之匯聚上海的助益，而中央銀行資本不斷擴增，組織與分支行不斷增進，貨幣發行量的大增，因而由上海向全國擴展，在在均有利金融中心之發展與穩固，其所具有之作用與影響均可由量化與推測彰顯之。

關鍵字

上海；金融；銀行業；中央銀行；金融中心

並列摘要

Shanghai is at the mouth of the Yangtze River and in the middle's of China's coastline. The site made it possible for all kinds of resources and riches to center here. After foreign powers entered the city, it became even freer, bigger, and more stable in trade and commerce. It was a city with the most foreign banks and vigorous financial activities. In 1920s, it became the biggest center for financial market in China, comparable to Tokyo and Hongkong. It was during 1927-37 when the National government set up the Central Bank and started the new financial system that Shanghai became the biggest financial center. However, little has been done to explore the issue. This paper tries to discuss how the Central Bank was established, how its reserves were acquired, how it was expanded, and how it issued currencies. By addressing these questions, we can come to understand the importance of Shanghai in financial market and its influence over the whole nation.