What was the purchasing power of an ocean during the Republic of China?

During the Republic of China, the purchasing power of an ocean was probably that of 700 yuan today.

One dollar of ocean equals seven dollars and two cents of silver, which is equivalent to one or two ounces of silver. Some people say that it is now more than 700 yuan. At that time, there was 100 ocean, which was considered middle class. Lu Xun bought a quadrangle in Beijing for more than 800 yuan. There are now hundreds of millions of quadrangles in Beijing. In the early days of the Republic of China, three oceans could buy a plow cow.

Extended data:

The history of the ocean:

In the early years of the Republic of China, the currency in China was two yuan. Because the fineness and weight of silver coins are slightly different, silver coins will still be used as units for block transactions and fund account settlement. But from different silver circles to silver, there are certain discounts. It was not until 1933 that the national government abolished the two and changed them to enclosure, and stipulated that all transactions and accounts should be settled by enclosure.

From the end of1920s to the beginning of191930s, the international silver price fluctuated greatly, which affected China's economy. In particular, the "Silver Purchase Act" promulgated by the United States in 1934 led to an increase in international silver prices, which led to a shortage of money in China and a sharp rise in interest rates.

1935, the national government carried out monetary reform, abandoned the silver standard, issued legal tender instead, and recovered the silver dollar at the same time. Silver rings no longer have legal status.

It was not until the gold coin storm of 1948 that silver coins were used again in July of 1949. The government of the Republic of China has also issued short-term banknotes equivalent to silver dollars, which are called silver dollar vouchers. A few months later, with the withdrawal of the government of the Republic of China from Chinese mainland, the silver dollar and the silver dollar coupon became history in Chinese mainland.

References:

Ocean (another name for the currency of the Republic of China)? Baidu baike