Chapter 203

The Empress, both embarrassed and furious, demanded, “Let me go immediately!”

Only then did Yang Yi seem to realize that he was still holding her. He flashed an innocent smile. “I apologize for my rudeness…” Releasing his grip, he stepped back.

The Empress steadied herself, adjusting her garments as her chest rose and fell with uneven breaths. Her porcelain-like face burned with heat, and her clear, dark eyes flickered with suspicion as she glared at Yang Yi.

Was that really an accident? Had he done it on purpose?

Wu Zhao took a deep breath, about to speak, when hurried footsteps echoed outside the hall.

“Your Majesty…”

Shangguan Wan’er appeared in their line of sight. She paid no attention to the Empress’s flushed face, her lips pressed together, concern gleaming in her eyes.

“Something serious has happened.

“The Ming Dynasty has announced a large-scale silver acquisition, claiming it will be used as a strategic reserve currency. They intend to collect nearly one and a half million jin…”

Silence fell over the hall.

Wu Zhao’s sharp eyes narrowed. Pushing aside the remnants of her earlier embarrassment, she asked in a steady voice,

“When did this happen?”

Shangguan Wan’er immediately replied,

“The news spread from the Ming Dynasty yesterday. Additionally, the latest edition of the Ming Daily subtly criticized our Great Zhou’s paper currency, hinting that our banknotes are worthless and merely a tool for the government to extract wealth from the people.”

Wu Zhao clenched her pale fist. Gritting her teeth, she muttered,

“These Ming officials… such underhanded tactics.” Cold light flashed in her eyes as she turned to Shangguan Wan’er. “Send someone to question them immediately. I want to know exactly what they’re planning!”

THREE DAYS LATER

The Tang and Han Dynasties soon followed suit, enacting similar policies. However, their silver hoarding was less aggressive than the Ming Dynasty’s, merely adjusting prices upward in response.

Inside Qianyuan Hall, a heavy silence filled the air. Ministers sat with grim expressions, the weight of the situation pressing down on them.

Wu Zhao’s face was composed but cold, her gaze as sharp as a blade. “Where are the envoys from the Ministry of Rites?” Her voice carried an icy edge. “Did they not assure us that these nations had agreed to our terms? Now, suddenly, they join hands to undermine Great Zhou?”

The Minister of Rites trembled under her scrutiny, sweat trickling down his back. He had never imagined such a critical diplomatic misstep.

Falling to his knees, he stammered, “Your Majesty, I have failed in my duty. Please punish me.”

Wu Zhao cast him a cold glance. “You certainly deserve harsh punishment…”

The official paled, his body rigid with fear, but Wu Zhao had already shifted her attention to the gathered ministers.

“My lords,” she continued, “aside from Song, which has openly supported our paper currency, the other three nations have made their stance clear.

“The Qin Dynasty remains ambiguous, likely watching from the sidelines… but with these new policies in place, our Great Zhou banknotes, which we worked so hard to stabilize, will undoubtedly depreciate again.” She turned to Yao Chong. “What is the current exchange rate?”

Yao Chong gave a wry smile. “Previously, a banknote valued at one thousand coins could be exchanged for one liang of silver. But in just a few days, the rate has risen—now it takes twelve hundred coins to obtain the same amount.”

His voice grew graver. “People are growing anxious, fearing further devaluation. While our citizens remain relatively stable, unrest is stirring in Qing and Song territories. Profiteers are resurfacing. The government has cracked down, arresting several silver merchants, but beneath the surface, the black market is undoubtedly thriving.”

A heavy silence settled over the court. The oppressive atmosphere made it difficult to breathe.

Wu Zhao’s expression darkened, her eyes gleaming with a ruthless light.

“They intend to prevent us from establishing a currency system based on banknotes… and by inflating silver prices, they aim to turn our Great Zhou currency into worthless scraps.

“Forget Tang and Han for now—Ming alone, with its demand for one and a half million jin of silver, is enough to wreak havoc!” She scanned the court. “What should our response be?”

The ministers sat straighter, their minds sharpening.

Xu Jingzong broke the silence. “Your Majesty, we recently collected a significant amount of silver from the Qing and Song territories using Great Zhou banknotes. Our treasury is well-stocked. Perhaps we could release some of it into circulation? If we flood the market with silver, the price will naturally fall.”

Yao Chong, however, shook his head. “That won’t work. Great Zhou’s silver reserves are nowhere near as deep as the Ming Dynasty’s. Moreover, we cannot ignore the possibility of collusion between Tang, Han, and Ming. If they’ve reached an agreement, then even if we release our silver, they could counteract our efforts with ease.”

A grim realization settled over the room.

“If we confront the Ming Dynasty directly, and Tang and Han intervene as well, no amount of silver in our reserves will be enough to withstand a coordinated attack,” Yao Chong concluded.

The logic was sound. Their opponents wanted to drive up silver prices. One way to counter that was to release silver into the market, but their reserves might not be sufficient to make an impact.

Wu Zhao understood this all too well. Ultimately, the problem boiled down to insufficient silver reserves. If Great Zhou had enough, there would be no need for concern.

She frowned. “So what then? Do we simply stand by and watch as the Ming Dynasty manipulates the market?” Her voice grew colder. “We only just stabilized the value of Great Zhou banknotes.”

The ministers exchanged uneasy glances before, almost instinctively, turning toward Yang Yi.

After all, it was Yang Yi who had eliminated the profiteers the last time.

The situation was similar now, except this time, instead of individual speculators, they faced an entire nation. Could Yang Yi counter such a threat?

Wu Zhao, recalling his calm demeanor just days before, felt a flicker of confidence. She turned to him.

“Yang Qing, do you have a plan?”

Yang Yi stroked his chin, his expression composed. Since he had dared to push forward Great Zhou’s paper currency, he had already anticipated resistance from other nations.

Zhu Yuanzhang’s Ming Silver Act—their attempt to weaponize silver prices—was almost laughable.

Smiling, he said, “Your Majesty, I do have a strategy that can break this situation.”