嘉道年间发生于中国的银贵钱贱,一般认为是鸦片输入引发白银外流所致。实际上,19世纪上半叶,美洲金银大幅减产对世界主要国家的白银购买力产生了重要影响,导致世界范围内白银购买力的上升。处于世界白银流动末端的中国,这一时期白银购买力上升更为显著,数据分析结果显示,其白银购买力变动趋势与国外白银购买力上升密切相关;同时,中国银钱比价与白银购买力变动一致,钱计物价相对稳定。因此,这一时期银钱比价上涨的长期变动原因是银贵,而非钱贱。 During the years, Kadao occurred in China’s silver money cheap, generally believed that the opium import lead to silver outflow caused. In fact, in the first half of the 19th century, the drastic reduction of gold and silver in the Americas had a major impact on the purchasing power of silver in the major countries of the world, resulting in an increase in the purchasing power of silver throughout the world. In the end of the world silver flow in China, the purchasing power of silver increased more significantly during this period. The data analysis showed that the changing trend of purchasing power of silver was closely related to the rising purchasing power of silver in foreign countries. Meanwhile, the change of the purchasing price of silver in China was consistent with the purchasing power of silver, relatively stable. Therefore, the long-term changes in the ratio of money to money in this period are driven by silver rather than money.