American Gold in Post-Second World War Taiwan: The Forgotten Free China

This book documents the financial transaction of U.S. gold in Taiwan. This gold played a pivotal role in enabling a democratic and free China to thrive in Taiwan, defying all odds.A staggering 6.28 million ounces of U.S. gold was delivered to China. The primary objective was to employ this gold to stabilize China's national currency during WWII. In an ill-fated attempt to combat inflation, 4.21 million ounces of this gold were sold off between 1944 and 1947. About two million ounces of U.S. gold remained in the Nationalist Treasury by 1949, nearly half the total 4 million ounces. Generalissimo Chiang Kai-shek, the Nationalist leader, wisely utilized this limited gold reserve to support a modest Nationalist force to resist Mao in the mainland and Formosa's economy; this crucial period of stability in Taiwan was critical to avert communist invasion before the Korean War.The book explores and analyses these events, and will be of particular interest to students and researchers of history. See more