Pre-war Shanghai Foreign Exchange Market Research (1937.7-1941.12),

Foreign exchange market of Shanghai became "the center of exchange market in Far East, which was regarded as one of the most three ones, inferior to London, New York", and it occupied dominant status in 1920s and 1930s. Its original developing path was changed, and there was a particular period since the outbreak of Anti-Japan War in 1937.The dissertation chose the early period of Anti-War, that is, from July 7, 1937 to December 8, 1941, as my studying period. To review the changing process of foreign exchange market of Shanghai in war, the author believed it was absolutely necessary for finance history of Shanghai. As compared with the studying single organization, market was viewed as studying object of the dissertation, which unfolded various forces' ebb and flow in the market from a more wide view, and more entirely and deeply understanding the role of foreign exchange market of Shanghai in the economy of anti-war.Firstly, the thesis studied historical developing skeleton of foreign exchange market of Shanghai, and it's fluctuating status in the early of anti-war. Thus, it clearly showed the exchange rate's basic character of foreign exchange market in Shanghai in war, namely, which presented falling trends in helix model.Secondly, the thesis analyzed the most outstanding and chronic elements of the exchange rate falling. Taking a long periods examination, the author found the essence elements including the destruction of the currency war of Japan, international trade deficit and inflation, which led to the foreign exchange rate falling, in addition, speculative activities added fuel to the fire.Thirdly, by studying the foreign exchange control policy of KMT government, the implements of Anglo-Sino stabilization fund and Sino-Anglo-US stabilization fund, the thesis deeply studied dual-foreign exchange policy of KMT government, and the wandering cause between foreign exchange control policy and 'adjust-sticking' policy.Lastly, there were two major debates to maintain foreign exchange market of Shanghai, the thesis set forth from them, then studied the role of foreign exchange market in the economy of anti-war, analyzed various forces' attitudes in the issues and KMT government's role in decision-making offoreign exchange policy.The dissertation utilized generally historical methods, emphasized particularly on the integration between finance history and diplomatic history, political history. Shanghai was finance and commerce center in modern China. It is helpful to study foreign exchange market to impel the studying finance history of modern Shanghai and expand the vision of Anti-Japan War history.