Asia’s Silver Absorption through the Triangular Settlement System, 1846–1870
研究了1850–60年代英国、印度和中国之间的三角结算体系如何运作以吸收白银，并稳定了1870年前的全球货币体系。
This study reveals the operation of the triangular settlement system for Asia’s silver absorption over the 1850s–60s, which contributed to the stabilization of the pre-1870 global monetary system. First, we demonstrate that the triangular settlement system among Britain, India, and China was established based on exchange operations. Second, we validate the bullion point method for Asia’s settlement analysis and devise the triangular silver point mechanism. Third, through reconstructing silver points and comparing the arbitrage profits with the silver trade, we found that silver was imported into Asia from Britain through both the bilateral and triangular settlement systems.