Zhu Yunying remained calm, seemingly unconcerned about the major events that were about to unfold. He naturally kept some things to himself and was quite confident in his abilities. His complete self-assurance meant he showed no fear in the face of such important matters.

In the imperial court, Zhu Yunying, dressed in ordinary clothes, sat high on the dragon throne, looking at the assembled civil and military officials, and simply smiled.

Xu Huizu and others began to report in turn, but everyone understood that the focus at this time was on Yu Xin.

When it was Yu Xin's turn to lead the shift, everyone perked up. The reason was simple: the bank was really going to be launched. They had discussed things beforehand, and there had been many rumors; now it was time to make things clear.

"Your Majesty, the details of the banking operations have been finalized," Yu Xin began, a hint of nervousness in his voice. "The banking matters concern the finances of the court, and we dare not act on our own initiative."

Zhu Yunying slowly spoke, saying, "I understand. Do any of you ministers have any questions?"

Chang Mao immediately stepped forward, feigning ignorance, and said, "Your Majesty, the paper money has been issued for over twenty years, and the people of the land have already accepted it. However, I am ignorant; what exactly is a bank?"

At Zhu Yunying's behest, Yu Xin immediately stepped forward. Yu Xin already knew the true responsibilities of the bank. Now, by stating the bank's responsibilities in court, he could send a clear signal.

By clarifying certain matters, much of the gossip and speculation can be reduced, preventing unnecessary guesswork. Having a sufficiently authoritative voice naturally means that the true purpose of the bank can be clearly defined.

After Yu Xin finished speaking, Zhu Yunying looked at Chang Mao and said, "Lord Kaiping, I know you will be confused later, and I imagine the people will be too. Treasure paper has been circulating in the market for many years. In the early years, when the court lacked copper coins, treasure paper naturally became popular. Over the years, we have also seen many shortcomings. The bank exists to ensure the value of treasure paper."

In fact, over the years, Zhu Yunying has devoted himself wholeheartedly to the economic development of the Ming Dynasty and has made many efforts.

Paper money also existed during the Yuan Dynasty. When Zhu Yuanzhang first started issuing paper money, he followed the methods used in the later Yuan Dynasty. However, at that time, the imperial treasury did not have enough gold and silver. The amount issued was not based on the amount of silver in the treasury, but was issued arbitrarily.

As soon as Zhu Yunying became a little more sensible, he repeatedly reminded his father that paper money could not be issued arbitrarily. Instead, it needed to be issued according to the current economic development and the actual needs of commodity circulation, and its value must be guaranteed by real gold and silver.

Furthermore, the recycling of old banknotes ensures that the amount of paper money in circulation remains at a reasonable level.

At this point, Yu Xin added, "Banks are under the jurisdiction of the Ministry of Revenue. The imperial court does not set a fixed number of paper money to be issued each year. The purpose of banks is to investigate the national treasury's silver reserves to facilitate timely exchange. Issuing, recalling, and destroying paper money are also the responsibility of banks."

It seems there's no need for Zhu Yunying to say anything more now; he had already discussed some things with Yu Xin. The bank's rules have naturally been established, which means Zhu Yunying only needs to sit on the dragon throne now.

Now all we need to do is watch Yu Xin debate with the scholars, which means that Emperor Zhu Yunying doesn't need to get involved personally; we can just watch Yu Xin, the Minister of Revenue, do his job.

"It's alright. Although the responsibilities and functions of banks are a bit conservative now, it's not good to be rash at this stage." Zhu Yunying smiled and thought to himself, "In this way, the court will not only save copper coins, but also have a clearer and stronger control over the economy."

It's not surprising that Zhu Yunying thought this way; most feudal dynasties in China naturally possessed a certain degree of economic vitality. However, they never particularly valued the importance of a market economy, and their approach to the economic vitality of the people could sometimes be described as the "laissez-faire" approach of Huang-Lao philosophy.

"Now, our understanding of the Ming Dynasty's economic situation is no longer limited to how much tax we collect each year." Zhu Yunying's lips curled up, and he felt even more smug. "In the future, our Ming Dynasty will also be able to know the economic vitality of the people. Through the banks, we can also know the consumption level of the Ming Dynasty and the true wealth of the Ming Dynasty."

Even if that's a bit optimistic, Joo Yoon-young certainly has reason to have a little more hope.

Given enough time to develop, once banks have spread widely and their reputation is fully established, they will naturally bring many benefits in the future.

Yu Xin, who had debated with the scholars, actually understood that many of the rules about the bank had been intentionally or unintentionally revealed before, and now they were being brought up in court to be officially announced to the world.

Naturally, some things will inevitably come into play at this time. It is at this time that the preparations for the bank will be clarified, or rather, the pilot projects in Yingtianfu, the Maritime Trade Office, and other locations will be completed.

They were just waiting for the Emperor Emeritus's birthday, when the banks, which had already been prepared, would be officially launched. During this time, many people in the Ministry of Revenue and the Banking Department were working with great enthusiasm, and they had indeed been preparing for a long time.

There may be doubts, or there may be disdain, but no matter what those courtiers thought, the implementation of the bank was an unstoppable trend.

In fact, many people even feel that banks are doing something unnecessary. After all, the Ming Dynasty had been issuing paper money for so many years, and many people were already used to its existence.

It must be said that Zhu Yunying's subtle influence had indeed left a fairly good impression on many people. The court, in fact, had considerable experience regarding the quantity of paper money issued, or rather, how to ensure the value of paper currency.

My dear reader, there's more to this chapter! Please click the next page to continue reading—even more exciting content awaits!