On April 11th, early summer morning, after a new rain, a light mist floated among the trees in the Imperial Garden.

The flowers and plants on the roadside are lush.

Zhao Ning was half lying on the bamboo chair, looking at the foreign trade summary sent by the Hangzhou Shipping Department.

During the Song Dynasty, Japan and Nanyang began to frequently conduct trade with the southeastern coast.

Japan, in particular, admired the Song Dynasty endlessly and even sent many women to the Song Dynasty to borrow seeds and have children.

However, this scale of trade can only be considered insignificant to a person in the 21st century.

There are very few, and the Japanese like the copper coins of the Song Dynasty very much. Every time the Japanese buy a lot of them, sell them in the Hangzhou Bay area, and then exchange them for copper coins.

Zhao Ning was thinking again, wouldn't it be better if Japan could introduce the handover of banknotes in the future?

At this time, Zhao Ding came over.

"Official family."

"Come, sit here, I've prepared some breakfast."

"Thank you, Guanjia."

Zhao Ding sat down.

Zhao Guan's family announced that he had come to the palace early in the morning, probably not just for breakfast.

"I wonder what the officials have to do with the ministers?

"I want to talk to you about handing over banknotes. Hu Quan has already implemented handing over banknotes in Chang'an."

Zhao Ding said: "The people in Jingzhao Prefecture are more accepting than those in Tokyo, and the implementation speed is faster than that in Tokyo."

"Yes, because when Cai Jing was in power, the imperial court issued Jiaozi on a large scale in Shaanxi. The people there were no strangers to Jiaozi. However, Jiaozi could not be freely exchanged with copper coins at that time, and the circulation could not keep up with the issuance, so it depreciated.

quick."

Zhao Ding immediately knew what the Zhao Guan family wanted to do with him. The Zhao Guan family must be worried that after the imperial court issued Jiaozi in Shaanxi, it would repeat the same mistakes as Cai Jing and cause widespread resentment among the people.

"Officials can rest assured that Jingzhaofu Bank has sufficient reserves of copper coins. According to the progress of Tokyo's new banknotes, once the public accepts them, they will be more willing to use them. After all, it is much more convenient to use banknotes than copper coins."

"I understand this and agree with it."

"Then what are the officials worried about?"

Zhao Ning said: "Song Xia will have a battle in Yinzhou. After this battle is over, I want to negotiate peace with Xixia again."

Zhao Ding said: "This is very reasonable. We currently do not have the strength to swallow Hengshan."

"But the condition for me to negotiate peace with Xixia is that during the trade between Song and Xia, Xixia must accept the new money from the Song Dynasty."

Zhao Ding was stunned for a moment.

Zhao Ning continued to ask: "Does Mr. Zhao think the Xixia people will accept the new banknotes from the Song Dynasty?"

Zhao Ding said: "The Xixia people have always liked to use copper coins from the Song Dynasty. Their own currency is rough and inferior, and they are unwilling to mint coins. After all, their copper mines are limited. If the Song Dynasty cuts off the copper coins and imports them to Xixia, or imports the coins from Xixia

After all the copper coins were sucked back, the Xixia people had no choice but to agree."

Zhao Ding talked about the essence of the problem in a few words.

Ancient currency casting not only had a high technical threshold, but also a high resource reserve threshold.

Except for the rich mineral resources in the Hengshan area, Xixia has barely enough mineral resources in other places, let alone copper mines.

The population and industry in Xixia were limited, the country was severely divided geographically, and its own commerce was not developed.

The most frequent trade was with the Song Dynasty in green and white salt, while domestic trade was with some basic living supplies.

Next, Zhao Ning began to instill in Zhao Ding his theory on the payment center.

After Zhao Ding accepted it, Dongfu began to cooperate with the Bank of Shaanxi to prepare for the control of banknote output and inflow based on the commercial situation.

After all, finance needs to be regulated through economic and trade, otherwise it will easily cause inflation and kill yourself.

Zhao Ning said lightly: "If Xixia accepts the payment of banknotes, can the court print money to buy green and white salt?"

Zhao Ding thought for a while and said: "There are hidden dangers in this."

"oh?"

Zhao Ding continued: "The imperial court printed money and went to Xixia to buy green and white salt. After the Xixia people paid the money, can they also come to the Song Dynasty to buy things?"

"yes."

"Then paying banknotes returned to the Song Dynasty?"

Zhao Guanjia said: "Yes."

"The imperial court printed 10,000 guans to buy Xixia green and white salt. Xixia people used these 5,000 guans to buy Shaanxi tea. The 5,000 guans returned to the Song Dynasty, which was equivalent to the imperial court directly releasing 5,000 guans to the people of Shaanxi.

, I wonder if I made a mistake?"

Zhao Guanjia said: "According to your hypothesis, your conclusion is correct."

"If the imperial court keeps printing money for purchases like this, wouldn't there be more and more handover notes in the Song Dynasty, and eventually the handout notes will depreciate? If so, the people will definitely rush to exchange the handout notes for copper coins."

Doesn't this situation return to the era when Cai Jing was in power?

Zhao Ning continued: "According to your hypothesis, there is no problem with your inference."

Zhao Ding said: "Then why does your Majesty do this? What is the difference between doing this and Cai Jing's bad government?"

"I know that this seems very worry-free, but it is very harmful. Even if your Majesty can do it in moderation, some officials in the court may not want to stop. Doing this will naturally be beneficial in the initial implementation stage of handing over banknotes. It can help the court to carry out the handover.

Banknotes are introduced to the people."

"But what happens once the payment of banknotes among the people becomes common? If the imperial court continues to do this, assuming that it buys 10,000 guan of green and white salt every month, the Xixia people will buy 5,000 guan of tea from the Song Dynasty every month, which is equivalent to 5,000 guan of tea.

The Guan remained in Xixia, and the five thousand Guan remained among the people of Shaanxi. In this way, over time, it is inevitable that the notes paid by the people of Shaanxi will depreciate."

Isn’t this the invisible harvest?

How long can I play like this?

Sooner or later it will collapse.

To put it poorly, it’s called drinking poison to quench thirst.

Zhao Ning took a sip of tea and said, "What if the imperial court sells a batch of goods to the people on a regular basis?"

Zhao Ding immediately realized: "What your Majesty means is that when the amount of handed-in banknotes begins to depreciate, the imperial court will sell goods and recycle the handed-in banknotes on a regular basis?"

"That's the truth."

"Where did the imperial court get these goods?"

"Don't forget what the imperial court did with the green and white salt after it bought it."

"Sell them all... Your Majesty is saying..." Zhao Ding seemed to realize something.

"That's right, the imperial court bought green and white salt from Xixia and sold it to the people. Suppose the imperial court spent 10,000 gu to buy 2.5 million jin of green and white salt from Huizhou Mining Market, and then sold it to the people for 10 jin per catty. The income would be 2

Fifteen thousand strings."

"In this process, the imperial court printed 10,000 guan and released it to Xixia. Xixia spent 5,000 guan on buying tea, and 5,000 guan went back to the people of the Song Dynasty. However, the court resold it to the people, and 25,000 guan among the people were taken by the court.

Do you think private banknote payments have increased?"

"But..." Zhao Ding was a little blocked by Zhao Guan's logic for a while, but he added, "But sooner or later, the court will use the 25,000 guan, and they will still return to the people."

"What if the imperial court only uses five thousand strings?"

Zhao Ding couldn't help but said: "Isn't that a loss?"

Apparently the imperial court collected 25,000 guan from the people, but only used 5,000 guan and destroyed the other 20,000 guan?

Isn't this crazy?

"A loss?" Zhao Ning laughed, "During this process, the imperial court started printing 10,000 coins at a cost of less than 100 yuan. Not only did it purchase a large amount of green and white salt from Xixia, it also ensured that the people

The amount of banknotes paid remains unchanged, where is the loss?”

In fact, this logic is somewhat similar to how commercial banks do foreign exchange exchange in the 21st century, and the central bank does foreign exchange control.

However, the relationship between the Song Dynasty and Xixia is not the relationship between Yingjiang and other countries in the 21st century.
Chapter completed!