In October 1934, the National Government of Republic of China increased the silver-based export duty and adjusted the duty with an so-called "equalization charge", making the duty based on the foreign currencies. The Government later issued a new currency called fa-pi. These changes were responses to the deflation in China caused by the US Silver Purchase Program in 1933. The US purchase of silver in the International market increase the price of silver, causing an outflow of silver in China who based the economy on silver standard currency, which forces China to abandon the silver standard.