“That’s right, we’re not the only ones eyeing the Great Zhou Banknotes. As far as I know, the government has sold two to three times the normal reserves during this period. Could it be that they were prepared for this?” “I can’t hold on much longer. Whether they were prepared or not, I can’t take it anymore. I borrowed a lot of money, and now I haven’t earned a penny. The hoarded goods have lost their value. If I don’t sell them, how will I pay the interest?” “Same here. The government has even stopped banks and money houses from issuing loans. Now I can only borrow at high interest. If this continues, I’ll be ruined.” “Nonsense! If you start selling now, prices will drop even faster!” “But what else can we do? The government was clearly prepared. Can we really keep holding on?” “That’s right… We can’t hold out much longer.” Speculators cursed and complained. Though they had vast businesses, manipulating prices to crash the Great Zhou Banknotes and make massive profits required enormous capital and the element of surprise. Now, the government was well-supplied and well-funded. They weren’t afraid. At least in Bianjing, even if all these speculators joined forces, they still couldn’t overpower the state. People are selfish. Many were already contemplating selling their hoarded goods. Better to cut their losses and escape. If they didn’t act soon, and prices kept dropping, they’d be completely wiped out. Three days later, traders began dumping large quantities of essentials—grain, cotton, and other necessities. Prices in Bianjing started to decline. Five days later, as the downward trend continued, panic spread. More speculators rushed to offload their stockpiles. Two days after that, the price of cotton yarn was slashed in half. Then, like an avalanche, Bianjing’s prices plummeted uncontrollably. The lower the prices fell, the more desperate the selling became. This was the psychology of speculators—when prices rise, they rush to buy, fearing they’ll miss out. When prices fall, they scramble to sell, terrified of losing everything. And the more they sold, the faster prices collapsed. Those who cut their losses early managed to escape. The slower ones lost everything. Half a month later, in the bustling streets of Bianjing, a large crowd had gathered. “Hey, hey, someone else jumped off a building…” “That’s the ninth one this month. I heard he was being chased by debt collectors.” “Tsk, tsk. What’s going on lately? It’s been one after another.” “Hard to say. I heard these people weren’t exactly saints.” Murmurs spread through the crowd. Soon, government officers arrived to collect the body. Their faces were numb. After going bankrupt, many speculators chose to end their lives. The state had already handled a staggering number of corpses this month. Inside the palace, Yao Chong’s voice trembled with excitement. “Your Majesty, great news! The prices in both Yanjing and Bianjing have completely stabilized. Now that those regions are secure, there won’t be fluctuations elsewhere. “The speculative merchants have been wiped out, and the Great Zhou Banknotes have stabilized. Their purchasing power has increased significantly!” Gasps filled the hall. Shock and exhilaration flickered in the eyes of the officials. Though they had anticipated this outcome, witnessing the strategy’s complete success was still overwhelming. Everything had unfolded exactly as Yang Xiang had predicted—flawless execution, not a single misstep. Wu Zhao clenched her fists, her phoenix eyes steady. Inside, her heart pounded. This crucial step meant the Great Zhou Banknotes would now be firmly established as the empire’s sole currency. She took a deep breath. “Proceed with the issuance of national bonds as planned. And what about the Honglu Temple’s diplomatic proposals? Have they finalized their strategies? Tell them to begin negotiations with foreign states immediately.” The officials bowed. “Yes, Your Majesty!” Ming Dynasty – Imperial Palace “Father!” Zhu Biao burst into the hall, his expression urgent. “Father, Yang Yi has turned the tables on the speculators, crushing them completely. Now, the Great Zhou Banknotes have stabilized.” Zhu Yuanzhang, caught off guard, stared in disbelief. “Biao’er, what did you say?” Zhu Biao quickly recounted the invisible currency war that had unfolded in Zhou. Moments later, he finished. “In the end, those merchants went bankrupt, and many took their own lives. The Great Zhou has now announced the issuance of national bonds, and their currency’s purchasing power is steadily increasing.” He exhaled sharply, his voice laced with awe. “Yang Yi has succeeded.” Zhu Yuanzhang drew in a sharp breath. His eyelids twitched, his eyes flashing with shock. “He actually did it—something we failed to accomplish.” “What a cunning and ruthless strategy.” Zhu Biao let out a bitter chuckle. Not long ago, they had dismissed the Great Zhou, convinced it would collapse. But now, reality had struck them across the face. Not only had Zhou stabilized its currency, but it had also bankrupted the speculators, leaving them with nothing. The execution was near flawless. No wonder it was him. Jealousy burned in Zhu Yuanzhang’s heart. He frowned. “No. If their Great Zhou Banknotes can work, then our Ming Banknotes must work too. “If we let the Great Zhou get ahead of us and dominate trade, we will fall behind.” His voice hardened. “Summon the officials from the Ministry of Finance. We will reissue the Ming Banknotes!” The source of this content ɪs novel★fire.net Zhu Biao immediately nodded. Ming’s first attempt at paper currency had failed, not just due to market forces but also Zhu Yuanzhang’s own policies. Now, seeing Yang Yi’s success, he refused to be left behind. After all, the benefits of paper money were clear. If Great Zhou had succeeded, then copying their approach should be simple. Just as Zhu Biao was about to leave, the sound of hurried footsteps echoed in the hall. Li Shanchang rushed in, his face tense. “Your Majesty, an envoy from Zhou has arrived. He carries a personal letter from their empress and requests an audience with you.” His mind reeled. Why would they send a diplomat now? Zhu Biao was just as bewildered. The Great Zhou was focused on monetary policy. What business could they have in Ming?