In the 18th c., did/would China accept gold from Europe as trade payment? Why / why not?

History

Why did Ming China demand that Europeans pay for goods with silver or gold?

Why did Ming China demand that Europeans pay for goods with gold or silver? The Ming viewed European textiles and metalwork as inferior to those of China. Because they had nothing the Chinese wanted, the Europeans had to pay for Chinese products in gold or silver.

What did China trade with Europe in the 1800s?

By 1800, Europeans began to move away from exporting silver to China and began to trade opium instead.

What did China receive when trading with Europe?

Now what was going on there and what does it mean? The Europeans of course were not shipping the silver to China as an act of donation or charity. They were getting goods in return, such as silk, porcelain, and later especially tea.

What did China trade in the 1800s?

Tea was the most important imported commodity Americans obtained from China through the end of the 19th century. Initially, American imports from China largely consisted of cloth (nankeen and silk) as well as tea.

Why did China only accept silver?

The government had been issuing paper money (Jiaozi 交子) since the 11th century, but people didn’t trust its value. Throughout their history the Chinese have a saying: “only trust silver.” That’s because the temptation was (and is) always there for the authorities to print more money (sound familiar?)
 

Why did Europe have to still use silver in trade with China?

Europeans had to use silver because they didn’t really produce anything else the Chinese wanted, and that state of affairs continued through the 18th century. For example, in 1793, the Macartney Mission tried to get better trade conditions with China and was a total failure.
 

When did China restrict trade with Europe?

The major characteristics of the system developed between 1760 and 1842, when all foreign trade coming into China was confined to Canton and the foreign traders entering the city were subject to a series of regulations by the Chinese government.

What happened to China during the 1800s?

By the mid-nineteenth century China’s population reached 450 million or more, more than three times the level in 1500. The inevitable results were land shortages, famine, and an increasingly impoverished rural population. Heavy taxes, inflation, and greedy local officials further worsened the farmer’s situation.

What was happening to China in the 1800s?

During the late 1800s, China was ruled by the weak imperial Qing dynasty. Their weakness translated into opportunity for European interests eager to add China to their own list of imperial possessions — if not all of China, then at least portions of it.



Why was the demand for silver so high in Ming China?

Global trade
However, the Chinese had a voracious appetite for silver. During the latter part of the 16th century, during the Ming dynasty, Beijing ruled that taxes should be paid in silver, and without domestic recourse to the precious metal, the demand for imported silver soared.
 

What did the Ming Dynasty use silver for?

Over most of the period of Ming China, however, silver was the subordinate part of the bimetallic monetary system of ‘copper coins–silver bullion’, but later became the legal currency and accepted medium for domestic taxation, significant transactions, as well as foreign trade in the late 16th century (Huang 1998).
 

Why were Europeans required to pay silver or gold when trading in the Indian Ocean?

Explain why Europeans were in need of more gold and silver? European goods were not desirable in Asian markets. To receive Asian goods, they had to pay with gold or silver, as those were the only things that Europeans could get their hands on that were of value in Asia.

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