1948 what is the basis for the national government to issue gold certificates?

1948 the national government issued gold certificates based on national strength.

After War of Resistance against Japanese Aggression's victory, the war of liberation broke out, which caused the national government's military expenditure to increase sharply and the fiscal deficit to rise sharply. In order to pay for the military, a large number of legal tender were printed. As a result, prices rose wildly, and the social economy in the Kuomintang-ruled areas was facing collapse. 1948, inflation reached a vicious period, and the legal tender depreciated sharply. In order to save its financial and economic crisis and maintain the expanding civil war military expenditure, it was decided to give up legal tender and issue gold certificates instead. 1948, 18 In August, the government ordered monetary reform, replacing legal tender with gold certificates and forcibly converting gold, silver and foreign currencies into gold certificates. However, due to hyperinflation caused by excessive development, a large number of urban middle classes went bankrupt, which led to the great loss of the people's hearts of the government and became one of the reasons for the rapid failure of the Kuomintang civil war.