With the State and Treasury departments at loggerheads over how to proceed, China took the initiative. On November 3, 1935, the Nationalist government announced a currency reform program that took China off the silver standard. It was a bold move and another example of how events in America forced change in China. The new program mandated that all silver be handed over to the government’s currency reserve board. For the first time in China’s modern history, the entire country had a single currency,
