On this day, 90 years ago, on November 3, 1935 (October 8, 1935 in the lunar calendar), the National Government implemented currency reform. On November 3, 1935, the Ministry of Finance promulgated the "Law on the Implementation of Legal Currency Policy" and the "Measures for Converting Legal Currency," which stipulated that the currencies issued by the three banks of the Central Government, China, and Communications should be legal currency, in an attempt to change the chaotic situation in which all banks could submit permission to issue currency and unify the comprehensive currency system. The Ministry of Finance has decided to set up a special committee to handle the issuance, receipt and exchange of legal currency and the preservation of reserves. All domestic public and private receipts and payments are limited to legal currency, and the circulation of silver is prohibited. The Ministry of Finance also stipulates that three banks, namely the Central Government, China and Communications, will purchase and sell foreign exchange without restrictions. This currency reform was implemented with the assistance of British economic adviser Liz Ross. On the eve of the introduction of the reform measures, Finance Minister Kong Xiangxi convened a two-hour meeting with financial leaders in Shanghai and immediately announced the reform plan. On that day, speculation was active in the Shanghai market and prices soared. The Shanghai Money Industry Association specially convened an emergency executive committee to discuss remedies and decided to deposit all cash and silver into the Central Bank and issue banknotes.