On this day, 78 years ago, on February 10, 1947 (January 20, 1947 in the lunar calendar), a "gold wave" occurred in Shanghai. Shanghai citizens who are rushing for gold are generally not optimistic about the economy of the Kuomintang-ruled area because the Kuomintang government is bent on preparing for civil war. Finance, as an economic barometer, immediately responded. This time the gold tide is coming fiercely. On February 1, 1947, the price of gold rose to 406,000 yuan per two (old coins), and the ratio of the US dollar to legal tender reached 1:7700, a sharp increase of 10% compared with the middle of last month; On February 8, the price of gold rose five times a day, and the final closing price of gold exceeded 550,000 yuan every two; on February 10, it rose to 960,000 yuan. The sharp decline in the value of the fiat currency has driven up the prices of other daily necessities. Daily foreign goods have generally doubled, and the price of rice has soared. As of February 8, Shanghai's price index was 12,000 times higher than before the war. As a result, the financial frenzy triggered by Shanghai quickly spread to the entire Kuomintang-ruled area. First, in major cities such as Tianjin and Nanjing, people rushed to buy gold and US bills in large quantities, and then small and medium-sized cities such as Zhenjiang, Jiaxing, and Huai 'an also followed suit.