東北流通券──戰後區域性的貨幣措施(1945~1948)

Manchuria Notes: A Regional Monetary Policy from 1945~1948

陳昶安(Chang-An Chen)

指導教授 ： 胡平生

國立臺灣大學/文學院/歷史學研究所/碩士(2010年)

https://doi.org/10.6342/NTU.2010.10120

摘要

摘 要

1945年8月9日凌晨，蘇聯軍隊攻入東北地區，短短數週佔領東北全境（滿洲國）。日本投降前夕，國民政府（以下簡稱國府）一方面派員與蘇俄談判、交涉；另一方面籌劃接收東北地區。9月底，國府發表曾擔任中央銀行副總裁的張嘉璈為軍事委員會委員長東北行營經濟委員會主任委員，負責對東北地區的經濟接收與金融政策規劃。其經過反覆思量，向多方徵詢意見後，決意發行東北九省流通券（以下簡稱流通券），規定於東北九省（稍後加入熱河省，為十省）境內，一切稅賦、資金往來、商業貿易皆以流通券為交易單位，法幣不許流通於東北地區；流通券也不准在東北以外的地區使用，形成區域性的貨幣。此與戰後國府接收華中、華北地區的方式截然不同。
本文旨在探討，流通券作為國府戰後接收與金融復員的區域性貨幣措施，其成因、發行過程、作用及對東北局勢的影響為何？由於東北地區脫離國府掌握達十四年之久，在日人扶植滿洲國與長年經營產業的發展下，與關內地區的經濟狀態已有不同。再加上國府進行廢兩改元、發行法幣等幣制改革時，東北地區已由滿洲國中央銀行發行鈔券，進行幣制統一；東北地區已然被分割，納入日本掌握的經濟圈。因此，戰後國府如何接收經濟狀態、幣制都與關內迥異的東北地區，將東北與飽受戰爭損害的關內地區進行連結整合，頗為複雜且具挑戰性。以是流通券作為一項區域性、過渡性的貨幣措施，有其政治、經濟目的，其背後亦包含主政者對東北經濟產業發展的期待 。
本文基於上述思考脈絡，進行章節編排。除了緒論與結論，共分三章。第二章主要簡介近代東北地區貨幣流通概況，滿洲國統一東北幣制的過程，以及抗戰末期滿銀券的增發狀態。再敘述國府接收東北時的貨幣現狀、流通券發行的決策、時人對於流通券的評議、收兌舊有貨幣的過程以及發行時面臨的內外困境、中共與國府的貨幣競爭。第三章說明國府在建構整個貨幣體系的同時，必須處理法幣與流通券的匯兌關係，及由匯兌關係衍生的金融問題。第四章分析內戰的重啟以及局勢惡化對東北國府控制區域造成的影響，國府以印發流通券的方式支付龐大的軍政費用，促使惡性通貨膨脹的產生，同時又因為匯兌制度的限制使得民眾發出廢除流通券的呼聲。章節末尾敘述國府控制區域的經濟危機、流通券政策的終止與法幣出關，乃至於金圓券在東北的發行。結論將總結全文，提出對流通券政策的評價，並就未來可延伸的研究課題提出建議。
由於過去學者探討國府對於東北的接收多從政治、軍事、外交方面出發，鮮少論及經濟層面，尤其是討論國府對於東北地區經濟狀態的理解與構想，以及實際的經濟政策；也沒有以流通券為主題研究。故筆者嘗試以前輩學者的成果為背景，從流通券政策出發，呈現國府對於戰後收復地區的接收、經濟復員的規劃，及實際運作情況與影響，期望對學界關於戰後東北經濟之研究，增添些微的貢獻。

關鍵字

東北九省流通券 ； 國府接收 ； 區域性 ； 中共 ； 匯兌 ； 內戰 ； 通貨膨脹

並列摘要

Abstract

The thesis aims to analyze and describe the formulation, purpose, effect and issuing process of the Manchuria Notes, promulgated as a regional monetary policy by Chinese Nationalist government, and its policy of economic recovery in Northeastern Provinces (Manchuria) after V-J Day. On September 9th, 1945, the Soviet army invaded Manchuria, defeated the Kwantung Army, and occupied Manchuria. During the same period, the Chinese Communist Party (CCP) intended to take control of Manchuria; while, the Chinese
Nationalist government in Chungking had already planned to send troops as well as recover the dominion of Manchuria from Soviet occupation through diplomatic negotiations. The contest between Chinese Nationalist government and CCP for Manchuria became more and more intense, after the Soviet army retreated from Northeast China. It was one of the causes of the beginning of the civil war.
Nationalist government formed the Economic Commission of the Northeast Headquarters, and designated Chang Kia Ngau, financial expert and ,the former vice-president of the central bank, as its chairman. He was in charge of making economic policy and negotiating with the Soviets about economic affairs in Manchuria. He knew that Manchuria was under the control of Japan, being separated from China proper for almost fourteen years; the Japanese had established a new currency system, taking advantage of abundant natural resources, and founding the basis of industrial development, so the economic situation was quiet different from China proper. Besides, compared with China proper, economics and industry in Manchuria didn’t suffer serious devastation from war. How to integrate and link two regions that had undergone economic development and used different currency systems was a rather complicated challenge. After consulting with many financial experts and bureaucrats, he decided to construct a new currency system in Manchuria, by means of issuing the Manchuria Notes as a separate regional currency, dividing China proper and Manchuria into the Fapi currency area (Fapi was issued by Central Bank of China since 1935) and the Manchuria Notes area. It was set to be a transitional policy in order to redeem notes issued by the Central Bank of Manchou (Manchuria) and Soviet Red Army, and to contain against the rapid inflation in China proper until economic integration is ready to proceed. The political and economic considerations of the Manchuria Notes were profound.
However, situation of Nationalist government got worse in Northeast China.The CCP’s forces gradually surpassed that of the Nationalist government. The currency area of Manchuria Notes also diminished because the competition of the CCP’s Notes. Nationalist government had to issue more Manchuria Notes for the financial deficit resulted from enormous Military expenditure. Moreover, it didn’t cope with the economic problems introduced by exchange control of Fapi and Manchuria Notes very well, which brought about rapid inflation and a predicament. On August 19th, 1948, Nationalist government carried out reforms, redeeming the Manchuria Notes and the Fapi to deal with the crisis; nevertheless, it failed at preventing economic disintegration. Two month after the reforms, Nationalist government’s troops were defeated by the CCP, retreating from Manchuria. So, another focus of my thesis is how Nationalist government enforced its economic in the recovered territories like Manchuria and why it failed.
There are various researches on Nationalist government’s recovery of Manchuria in most of which concentrates on aspects of the military confrontation, diplomatic relation, and the activities of the Nationalist Party ; only a few researches are about the economic policy. Base on these researches, my study start with an analysis of the Manchuria Notes as a monetary measure, discuss the historical significance of Nationalist government’s economic recovery scheme and the enforcement of that policy in Manchuria, and how does it tell us about the conflict between Nationalist government and the CCP.

並列關鍵字

Nationalist government ； Manchuria Notes ； Economic recovery ； CCP ； Civil war ； Rapid inflation ； Exchange control

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