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Zhou Luohua: 70 Years’ development of China’s currency

2019-11-07

On October 25th, the sixth lecture of "The 70th Anniversary of the Founding of The PRC" series which hosted by Chongyang Institute for Financial Studies of Renmin University of China (RDCY) and Huanqiu Web, was held at RDCY.


Zhou Luohua, the Associate Dean of Chongyang Institute for Financial Studies at Renmin University of China (RDCY), delivered a keynote speech on "70 Years' development of China's currency." The lecture was hosted by He Si, the Director of the Office of RDCY. More than 200 guests attended the lecture.



First, Zhou Luohua analyzed the essence of currency under different contexts. Zhou describes currency as scoreboard in basketball games which actually is a brand with numbers to determine the outcome of the game and influence the status of the two teams. Therefore, the rules of monetary are existing and establishing foundation of World Order. If your acceptance of currency issued by the central bank means that you accept the rules of the International Basketball Association and you are willing to participate in this game and follow it.


From the perspective of currency history, Zhou Luohua also said that the Chinese Communist Party saved the Chinese nation. In the 1940s, did no credibility government equipped to implement the currency issuance. Facing various challenges, Chairman Mao and his comrades restored order, stressed morality and built up people's confidence in currency which all were the most successful practice in the history of currency to control hyperinflation.


Zhou Luohua pointed out that in the past 40 years our monetary system has undergone numerous tests. Therefore, in the new era, we must comprehensively promote reform and opening up to maintain the stability of the Chinese monetary system, stimulate market vitality, and improve efficiency in various fields.


Finally, Zhou Luohua summed up the new Chinese monetary in two points. First, the Chinese Communist Party saved the Chinese nation. Second, the time for reform is lent by the people.



Key Words: 70 years   currency   RDCY   Zhou Luohua  

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