Core Insights - The exhibition "Mountains and Rivers Forever - Revolutionary Cultural Relics of the Anti-Japanese Base in Jin, Ji, Lu, and Yu" at the Hebei Museum highlights the significance of the Jinan Bank as a witness to the financial struggles during the Anti-Japanese War under the leadership of the Communist Party of China [1][2] - The establishment of the Jinan Bank in 1939 was a strategic decision to create a financial system that could support the war effort against Japanese invaders, amidst severe economic challenges and military threats [1][2] Group 1 - The Jinan Bank was founded in October 1939 in Hebei and Shanxi, with its first president being Gao Jiecheng, and it aimed to establish a financial network across three strategic areas [1][2] - The bank's operations were characterized by extreme conditions, including the use of makeshift facilities and local resources to produce currency, reflecting the resilience and adaptability of its founders [1][2][3] - The bank's staff were primarily seasoned revolutionaries who viewed their work as a crucial part of the anti-Japanese struggle, earning it nicknames like "Horseback Bank" and "Backpack Bank" due to the nature of their operations [2][3] Group 2 - The Jinan Bank utilized strategic resources as reserves and actively managed prices to stabilize the currency, combating the Japanese currency policies and promoting the circulation of its own currency, Jinan currency [3] - During the Anti-Japanese War, nearly half of the bank's issuance was allocated to support military and civilian finances in the base areas, reinforcing the economic resistance against the enemy [3] - After the victory in 1945, the Jinan Bank's role expanded, eventually merging with other banks to form the People's Bank of China, which began issuing the first set of Renminbi [3][4] Group 3 - The transition from Jinan currency to Renminbi marks a significant evolution in China's financial history, with the Jinan Bank being recognized as the "cradle of new China's finance" [4] - Artifacts from the Jinan Bank and the People's Bank of China serve as historical evidence and a source of inspiration for future generations to uphold the revolutionary spirit [4]

Core Viewpoint - The article discusses the establishment and implementation of a monetary system in the Anti-Japanese Democratic Base Areas during the Second Sino-Japanese War, highlighting its significance in supporting the war effort and laying the groundwork for China's future monetary system [1][10]. Group 1: Monetary Policy Implementation - The Anti-Japanese Democratic Base Areas developed their monetary policies based on local economic conditions and geographical environments, focusing on unifying currency, stabilizing the economy, and supporting the war effort [2]. - Banks were established to issue local currencies, such as "border currency" and "North Sea currency," which gradually replaced the French currency as the legal tender for procurement, production, and fiscal transactions [2]. - A "material capital-based" monetary system was established, where currency issuance was linked to material reserves, allowing for price stability and effective market regulation [3]. Group 2: Currency Stability and Market Regulation - Various measures were taken to maintain currency value and stabilize the market, including restricting the circulation of enemy currencies and enforcing the use of local currencies [4]. - A unified market was established to facilitate trade and reduce transaction costs, while the fiscal system transitioned from primarily in-kind taxation to a more balanced monetary approach [4][5]. - The financial system was developed to support price stability and production, with banks playing a central role in issuing currency and providing credit [5][6]. Group 3: Economic Development and Resource Allocation - The implementation of these monetary policies significantly promoted economic development and social order in the base areas, ensuring the basic needs of production and living were met [7]. - Agricultural production efficiency improved, with grain output in the Shaanxi-Gansu-Ningxia Border Region increasing by 67% from 1937 to 1943, bolstering the material foundation for the war [8]. - The development of cooperative organizations enhanced farmers' economic autonomy and facilitated the circulation of currency, contributing to a more diversified economic structure [9]. Group 4: Historical Lessons and Modern Implications - The monetary policies implemented during the war provided valuable lessons for the establishment of China's monetary system and financial framework post-1949, influencing the creation of the People's Bank of China [10]. - Maintaining monetary and financial sovereignty was crucial during the war, a principle that remains relevant in today's complex international environment [10]. - The focus on serving the real economy through financial policies was emphasized, highlighting the need for a balanced approach to prevent financial risks [11]. - Flexibility in policy adjustment based on changing circumstances was a key factor in the success of the monetary policies during the war, a practice that should continue in modern financial reforms [12].