1935年的法幣政策,將幾十年議而不決的幣制改革付諸實施,在中國金融史上具有重要的意義。幣制改革由理念、設想、計劃最終落定為現實,因于多種因素的刺激,20世紀30年代中期的經濟困難尤其是美國白銀政策推行后導致的白銀危機,是法幣改革的直接催化劑;中國貨幣體制與外部世界日漸暌違,也不斷刺激著國內幣制的改革要求;進一步探究,法幣改革的實施,與中國經濟基礎逐漸增厚相關,經濟總體上的不斷成長,對彈性貨幣政策形成一定期待,而且為幣制改革提供了必要條件。

The Fabi policy in 1935 carried out the currency reform that had been discussed for decades,so it has remarkable significance in the Chinese financial history. The currency reform evolved from an ideal,a blueprint,to a detailed plan,and eventually was put into practice,due to various stimulations. The economic crisis in the middle 1930 s,especially the silver crisis after American banks adopted silver policy,was the direct catalyst for the Fabi policy. The increasing mismatch between the Chinese currency system and the outside world stimulated the demand for the reform. Furthermore,this article argues that the implementation of the Fabi reform was also related to the more and more solid foundation of the Chinese economy. A flexible currency policy was expected to meet the demand of the growing economy,which was the necessary condition of the currency reform.