Hyperinflation finishes the Nationalists
1948 · Event
The gold yuan, introduced to halt a currency already printing itself worthless, loses 99.9 per cent of its value within months — wages carried in sacks, savings of the urban middle class wiped out. The class that anchored Chiang's rule stops defending it; the cities that fall in 1949 barely resist.
On these timelines: The Chinese Civil War, China, Economic History, Master
More from The Chinese Civil War
- Chinese Civil War (resumed) (1945)
- Shanghai massacre (1927)
- The Xi'an Incident (1936)
- Huaihai Campaign (1948)
- The Northern Expedition unifies China (1926)
- The Liaoshen Campaign takes Manchuria (1948)
- Mao proclaims the Jiangxi Soviet (1931)
- Crossing of the Yangtze (1949)
Around 1948
- Berlin Airlift (1948)
- US Civil Rights Movement (1954)
- Indian independence and Partition (1947)
- Apartheid (1948)
- Cuban Revolutionary War (1953)
- Decolonisation of Africa (1952)
- The Holocaust (1941)
- Battle of Stalingrad (1942)
- Battle of Britain (1940)
- Korean War (1950)