China Dethrones Silver
ON NOVEMBER 4 the world was startled by the news that China had abandoned the silver standard. But this step merely rendered de jure a condition which had existed in fact since October 15, 1934. It was to the connected measures [i] that foreign attention was principally drawn. Chief among them is the nationalization of the demonetized metal. If there is considerable question whether this can be carried out completely, it must be remembered that in China reforms do not bear the literal signification that they do in the West.
Source: foreignaffairs.com