Chapter 392: Currency War (Part 2)

In the luxurious room, Xing Si was sipping tea, occasionally glancing at the man in black behind him. He didn’t know this man either, but he had produced Li Qing’an’s gold medal. Li Qing’an had personally told Xing Si to assist whoever carried his medal to the best of his ability.
It had been almost two years since Xing Si encountered trouble. Compared to then, he had clearly gained weight and became much more confident in his movements. It was no wonder—his patron Wang Gong had become the Left Prime Minister, so his status in Chang’an had naturally risen as well. Moreover, he owned the largest tea shop in Chang’an. Last year alone, Anxi ordered 200,000 dan of tea from him, bringing him great wealth.
Xing Si was a grateful man. He would always remember Li Qing’an’s life-saving kindness. But he also knew that given Li Qing’an’s status, it would be difficult for him to repay the favor. All he could do was erect a memorial tablet for Li Qing’an and offer sacrifices to him throughout the four seasons.
Unexpectedly, the man in black came to him today, showing Li Qing’an’s gold medal and claiming he was sent by Li Qing’an to meet Wang Yuanbao, asking Xing Si to act as a guide. Without hesitation, Xing Si led the man to Wang Yuanbao’s residence.
He tried several times to ask questions but saw that the man had no intention of answering, so he gave up. At that moment, Wang Yuanbao’s laughter came from outside the door. “You came to my house for dinner? Do you want to free-ride?”
The door opened, and four servants carried in a soft sedan chair. Once it touched the ground, they helped the obese Wang Yuanbao out.
“It’s so troublesome being fat—can’t even cross a threshold. Oops! My apologies.”
Wang Yuanbao smiled and bowed to the two of them. Xing Si replied with a smile, “Let me make it clear—I came after dinner and didn’t intend to free-ride on your meal. Besides, seeing you, I wouldn’t dare eat anymore.”
“What are you saying? Are you mocking my weight? I’m getting angry.”
Though he said he was angry, Wang Yuanbao’s face was full of smiles, with no trace of anger. He glanced at the man in black, who had taken off his conical hat. The man appeared to be around 34 or 35 years old, tall and thin, with particularly long arms and sharp, eagle-like eyes, giving him an air of sharpness and competence.
Wang Yuanbao felt a strange sensation upon seeing him wear a conical hat in his residence. This man was too mysterious. He bowed to the stranger and asked Xing Si, “Who is this?”
Xing Si whispered in his ear, “He was sent by Li Qing’an. He’s very mysterious. I don’t even know who he is.”
Wang Yuanbao was shocked. It was someone sent by Li Qing’an who had come to see him. He suddenly remembered the strange events at the Anxi store and grew increasingly suspicious.

At that moment, the man took out a gold medal and placed it on the table, saying, “This is my identity. My surname is Hu, and I am the fifth in line. Master Wang may call me Hu Wulang.”
The man’s name was Hu Yunpei. He was the head of the Han-Tang Association in Luoyang and also a member of the Hidden Dragon Association. He was now the chief administrator of the Anxi Internal Affairs Bureau in Chang’an and the intelligence chief for Anxi in the Tang Dynasty’s mainland. He had received a message via messenger pigeon from Anxi and came personally to carry out the important task assigned by Li Qing’an.
Li Qing’an had a total of twenty-four gold medals, distributed among his trusted subordinates. Many people were aware of this, and Wang Yuanbao also knew something about it. He took the gold medal and examined it. It was the first time he had seen Li Qing’an’s gold medal. On the front side, there was a faint image of a dragon soaring through the clouds, with the words “Anxi Li Qing’an” below. On the back was a number: sixteen. Wang Yuanbao was shocked. This person ranked sixteenth among Li Qing’an’s trusted subordinates—definitely not an ordinary individual.
Although Wang Yuanbao didn’t know whether the gold medal was genuine or not, Xing Si should be aware. Wang Yuanbao immediately returned the medal with both hands, saying respectfully, “It’s an honor to meet Envoy Hu.”
“Master Wang, please don’t mention it. Actually, we’re in the same business.”
Hu Yunpei smiled and took out a white jade lion seal, placing it in front of Wang Yuanbao. Wang Yuanbao recognized it—it was the precious seal of the Anxi Trading House, usually held only by those at the owner’s level; even the senior managers couldn’t possess it. Now, Wang Yuanbao was convinced. He quickly waved his hand and said, “Envoy Hu, please sit down!”
Hu Yunpei was clearly a man who valued efficiency. He neither drank tea nor wasted time in pleasantries. After sitting down, he went straight to the purpose of his visit. “I’m here because our general wants to make a deal with Master Wang.”
Wang Yuanbao was about to drink tea when he heard this. His hand trembled, and half of the tea spilled out. Without even bothering to wipe the tea stains on his clothes, he quickly put down the cup and bowed, saying, “Envoy Hu, how about we discuss this in my study?”
“Good. I’ll follow your lead.”
Hu Yunpei stood up with a smile and glanced at Xing Si. Xing Si replied with a smile, “You two go ahead! I’ll rest and drink tea here.”
He was a smart man—less he knew about certain things, the better. He didn’t want to get into trouble. Hu Yunpei didn’t insist and nodded, then followed Wang Yuanbao to his study.

Actually, going to the study was just an excuse for Wang Yuanbao; he needed some time to think of a strategy. Li Qing’an actually wanted to cooperate with him. Besides the money exchange shop, what else could Li Qing’an cooperate on with him? Wang Yuanbao immediately thought of the abnormalities at Anxi Money Exchange Shop these past few days, and he began to feel uneasy. He was just a merchant; his involvement in politics was merely to find a backing, not to really get involved in political struggles. Yet he couldn’t afford to anger Li Qing’an, so Wang Yuanbao reluctantly brought Hu Yunpei to his study.

When they reached the study door, they happened to encounter Wang Yuanbao’s eldest son, who came to see him. Wang Yuanbao’s eldest son was named Wang Muyun and was in charge of the Wang family’s external communications. As Wang Yuanbao turned around, a screen blocked Hu Yunpei’s view from behind. Wang Muyun didn’t see him and stepped forward to greet him, saying, “Father, I have important matters to report to you.”

Wang Yuanbao quickly waved his hand and gave him a subtle signal. Only then did Wang Muyun see Hu Yunpei. He was stunned—who was this man?

“This is Envoy Hu, a very important guest. You should also go into my study!”

Wang Muyun glanced at Hu Yunpei doubtfully, then nodded and followed his father into the study. The study was a man’s last line of defense for freedom, having little to do with reading. Even a wealthy merchant like Wang Yuanbao had his own study, luxuriously furnished with a rosewood desk, bookshelves made of gold, a pen holder carved from top-quality jade, and walls covered with authentic paintings by famous artists. Books, on the other hand, were rather unremarkable.

Wang Yuanbao invited Hu Yunpei to sit down, while his eldest son stood behind him. A maid brought tea, and finally, they got to the point. Wang Yuanbao took a sip of tea, trying to suppress his nervousness, and said, “Envoy Hu, please go ahead! What does Prince Zhao want to cooperate on with someone as humble as me?”

“You’re being too modest, Master Wang.”

Hu Peiyun smiled and said, “I’d like to ask first—how much cash does Wang Baoji Money Exchange Shop have in reserve? I mean copper coins, within the regions of Guanzhong and Henan Prefecture.”

“Well…”

Wang Yuanbao was hesitant. This was his business secret, and the other party represented Anxi Money Exchange Shop. Could he reveal it? With a wry smile, he vaguely replied, “I don’t have exact figures, but probably several hundred thousand guan!”

“More than a million guan?”

“No!” Wang Yuanbao breathed a sigh of relief and quickly added, “It’s not even fifty thousand guan.”

Hu Peiyun nodded and said, “If we were to buy the copper coins from Master Wang using Anxi silver coins, would you be willing?”

Wang Yuanbao’s eyelids twitched violently as he considered exchanging his copper coins for Anxi silver coins—a dream he had longed for. Anxi silver coins were highly sought after by merchants, and most of them would specifically ask to have their money exchanged for them when visiting his shop. Over the past year, Wang Yuanbao had exchanged a large amount of Anxi silver coins. He even had a dream in which he led a group of men to the basement of the Anxi shop and seized all their silver coins for himself. But now, as his dream was about to become reality, he hesitated. For some reason, the Anxi silver coins suddenly seemed too risky to handle. The problem wasn’t the silver coins themselves, which were still just as desirable, but rather this man in front of him—the one holding Li Qingan’s No. 16 gold medal. What exactly did he want?

Wang Yuanbao sipped his tea, pretending to be deep in thought, but his mind was in chaos. Hu Yunpei seemed to know what he was thinking and threw out another tempting offer. “Of course, since this is a partnership, we will also consider Master Wang’s interests. We can offer a one-to-one exchange rate—one Anxi silver coin for one guan of copper coins. We will exchange all of Master Wang’s copper coins.”

Merchants had to be persuaded with profit. Indeed, upon hearing this rate, Wang Yuanbao’s heart started pounding. The black-market price of Anxi silver coins had already reached 300 wen per guan, meaning Anxi was essentially giving him a 30% profit margin. Such a huge profit instantly overshadowed any potential risks. Wang Yuanbao quickly did some calculations. He had one million guan in copper coins stored in Chang’an and Luoyang. Exchanging them for one million Anxi silver coins would earn him an extra 300,000 guan. Even if he couldn’t earn 300,000, 200,000 guan would definitely be possible—that was his annual net profit. Moreover, by building good relations with Anxi, he could directly purchase silver coins from them, which would bring tremendous long-term benefits.

After pondering for a while, Wang Yuanbao remembered something: Could they really provide that much silver? He knew that after the imperial court took control of Hexi, it blocked the route for silver to flow eastward. With so much silver being exchanged in the market lately, he was worried they might not have enough in stock.

“Lord Hu, if I gather one million guan in copper coins from various places to exchange for your silver coins, can you really provide that much?”
“Chang’an doesn’t have that much silver—only 400,000 coins.”

Hu Peiyun said frankly, “But soon a large amount of silver coins will flow into the capital. We not only need to exchange the copper coins in Master Wang’s possession but also as many copper coins as possible. Please rest assured, Master Wang—the imperial court can’t stop us. We can gather two million silver coins in Chang’an within a month and plan to buy all of them as copper coins. If you’re willing, we can entrust Wang Baoji’s bank to handle all the exchanges, as they can obtain the coins at the same price as Anxi Bank.”

Master Wang Yuanbao’s narrowed eyes lit up. If he missed this chance to make money, even his ancestors wouldn’t forgive him. He was about to agree immediately when his son, standing behind him, knocked him in the waist with his knee. Master Wang Yuanbao immediately snapped back to reality. He cleared his throat hastily and said, “Envoy Hu, this is a matter of great importance. Please allow me some time to think.”

“Sure! I’ll give you one night to consider it. If you’ve made up your mind, I’d ask Master Wang to personally visit Anxi Bank and inform Manager Chang. The deadline is before noon tomorrow. After that, our cooperation will be considered failed. Goodbye.”

Hu Peiyun turned and walked away. At the door, he stopped again and said without looking back, “I remind Master Wang once more—this is a partnership between General Li, the governor of Anxi, and you. I hope you keep that in mind.”

He opened the door and strode out. After seeing Hu and Xing leave, Master Wang Yuanbao hurried back to his study. As soon as he entered, he asked his son, “Is there something wrong with this?”

Wang Muyun closed the door before calmly responding, “Father, have you ever considered why Li Qing’an is doing this? Why does he want to buy copper coins from Chang’an and Henan Prefecture?”

These words reminded Master Wang Yuanbao. He had already had a vague idea, but it was like seeing through fog—his thoughts weren’t clear. His son’s reminder helped him understand a bit better.

“You mean Li Qing’an is targeting the imperial court’s upcoming issuance of silver coins?”

Wang Muyun nodded. “I think that’s exactly it. Li Qing’an intends to disrupt the court’s issuance of silver coins.”

“But can he really disrupt it just by buying copper coins? I’m not quite sure. The Tang Dynasty has minted countless copper coins over the past hundred years—how much can he acquire?”

“Father, you don’t understand. He’s not trying to buy the Tang Dynasty’s copper coins. He wants to disrupt the court’s issuance of silver coins. As long as he blocks the flow of silver coins, he’ll achieve his goal.”

Wang Yuanbao was also a shrewd man; he quickly understood that the purpose of issuing silver coins was to exchange them for copper coins at a ratio of one to fifty. Although there were many copper coins in the Tang Dynasty, the vast majority were in the hands of ordinary people. Neither the common folk nor merchants would want such inferior silver coins. The lessons from the excessive issuance of silver coins over the past two years were already severe enough, and the powerful elites who owned large amounts of copper coins would certainly not accept it. The court could only issue them to officials, but in limited quantities. The key was to use force to force the money houses with the largest reserves to exchange them, so Li Qing’an took the initiative first, using silver coins to withdraw the copper coins stored in various money houses, thereby depriving them of the means to exchange.

But Wang Yuanbao frowned and said, “I still don’t understand. If the court changes to mandatory exchange of silver coins, say at a ratio of one to twenty, isn’t that the same?”

“No! It’s not the same.”

After all, Wang Muyun had long been involved in official affairs and saw things more clearly than his father. He shook his head and smiled, “Father, have you forgotten? The emperor issued an edict just a few days ago denying the status of Anxi silver coins as Tang Dynasty currency. If he were to publicly allow the exchange of silver coins for other coins, wouldn’t that mean acknowledging Anxi silver coins as Tang currency again? Or he could claim they are illegal and seize them by force, but who would be so foolish as to let them take away the silver coins? Moreover, those who run money houses have backers. At worst, they can simply close down and transfer the silver coins away. Without anything to exchange, let’s see what he can do.”

Wang Yuanbao finally understood Li Qing’an’s intentions, and he began to feel afraid. If he got involved in the conflict between the emperor and Li Qing’an, it would put the Wang family in extreme danger. That was not something he wanted to do, but the huge profits made him hesitate. He asked his son, “Yun, what do you think? Should we go through with this deal? I’m really worried.”

“Father, when I stopped you from agreeing on the spot just now, it wasn’t that we shouldn’t do this deal. What I meant was that it would be best to consult Prime Minister Zhang and hear his opinion. After all, he is our backer!”

Wang Yuanbao nodded. His son was absolutely right.

……

Zhang Yun was still the Minister of Revenue. He had held this position for nearly ten years, almost completely controlling the Ministry of Revenue. But since the beginning of the year, his control had begun to weaken. The reason was that Pei Min had become the Deputy Minister of Revenue, and after Li Yu ascended the throne, Pei Min was promoted to become prime minister in the Political Council. Clearly, Li Yu was using Pei Min to undermine him. Pei Min was Li Qing’an’s brother-in-law, and with Li Qing’an’s support, he wouldn’t easily side with Wang Yuanbao.

Zhang Yun didn’t argue either. He simply stayed at home, tending to his flowers and fishing to cultivate his temperament, waiting for an opportunity to arise. In the evenings, Zhang Yun would read books in his study as usual. While reading, he disliked being disturbed, but his brother Zhang Jie showed up uninvited. “Elder brother, I heard some news!” Zhang Jie rushed into Zhang Yun’s study like a gust of wind, with the old butler struggling to keep up and stamping his feet in frustration. Zhang Yun put down his book and frowned, saying, “Why are you in such a hurry? You’re over fifty—don’t you even have any self-control?” “But this news is crucial; I have to act quickly!” Just as Zhang Jie was about to speak, Zhang Yun stopped him and waved at the butler to leave. “Go on! What news makes you so anxious?” Zhang Jie turned and closed the door, then leaned closer to his brother and whispered, “I just got news from the palace—the former emperor has awakened.” “What!” Zhang Yun was shocked. “You mean the former emperor? The one who’s been unconscious on Qinggang Mountain?” He couldn’t believe his ears. “Yes! But it’s top-secret news. I just heard it myself. He can’t speak yet, but he’s opened his eyes.” “Good heavens!” Zhang Yun was stunned. Li Longji had awakened—what did that mean? It meant further upheaval in the Tang Dynasty. If he issued an order for the princes to return, would they obey? More importantly, if Li Longji recovered, would he be content living without power? “Elder brother, what should we do?” Zhang Jie asked anxiously. Zhang Yun’s mind was in turmoil. He tried to calm himself down and said, “We won’t do anything. We’ll wait and see what happens.” At that moment, the butler reappeared at the door, opening it slightly and reporting, “Master, Wang Yuanbao has arrived and requests to see you!” Zhang Yun had no mood to see him now, so he waved his hand and said, “Tell him I’m unwell. We’ll meet another day.” The butler hesitated before adding, “But he says he has important matters to report to you, and it’s very urgent.” No matter how urgent, it was just a merchant. Zhang Yun was preoccupied with Li Longji’s awakening and said impatiently, “I said, I won’t see him!” But Zhang Jie became interested. His birthday was next month, and he was expecting Wang Yuanbao to bring him generous gifts! How could the God of Wealth be so bluntly rejected? He persuaded his elder brother, “Elder brother, meet him! Haven’t there been rumors that the emperor plans to issue silver coins? It might be related to this.” “Hmm!” Zhang Yun nodded and said, “Alright! Bring him in.”