The position regarding inflationary and deflationary pressure in the region during 1948, as far as it can be judged by the behaviour of prices, may be summed up as follows: China continued to be in the grip of hyper-inflation. An unsuccessful attempt was made to hold the tide of inflation by the currency and economic reform of 19 August, 1948 which is described later in this chapter.

Related Subject(s): Economic and Social Development
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