In this paper，the author tries to do some research on the flow of silver capital in the internal market and international market，to disclose the real course of the Chinese economic prosperity and depression in the 1930s’. First，the paper focuses on the research on the depreciation and appreciation of Chinese silver currency vis-à-vis foreign gold standard currencies，and its effect on Chinese foreign trade；second，the ill-balance of internal trade leading to the accumulation of silver in Shanghai，and its effect on Chinese macro-economic development；lastly，the paper studies the influence of American Silver Purchasing Act on China’s financial crisis.