清代前中期，在相对封闭的经济环境下，自由竞争的货币体系能够保持独立平稳运行。晚清及民国，在开放经济环境下，近代中国自由竞争货币体系的核心——白银不是由政府管理控制的，而是由众多供给者自由竞争的市场所决定，并且具有显著的外部供给性。同时，世界白银市场却不是自由竞争的市场，而是因各国政府时常干预而剧烈波动的市场，因此世界白银市场对中国货币及社会经济产生严重冲击，使近代中国落入“白银陷阱”。

In the early and middle Qing dynasties, in a relatively closed economic environment, the free and competitive monetary system was able to maintain independent and stable operation. In the late Qing Dynasty and the Republic of China, in an open economic environment, silver was not controlled by government management, but by the free competition market of many suppliers, and had significant external supply. At the same time, the world silver market is not a free competition market, but a market that fluctuates sharply due to the frequent intervention of various governments, so the world silver market has a serious impact on China's currency and social economy, making modern China fall into the "silver trap".（AI翻译）