CHINA TO PURCHASE MORE GOODS FROM STERLING AREA
NEW YORK, September 26. “China’s battle to conserve its dwindling foreign exchange has led to an official campaign to increase imports of acutely needed commodifies from the sterling bloc countries instead of those tied to the dollar,” says the Nanking correspondent of the New York Times. ‘■Chinese embassies and consulates in Europe have already been ordered to change from a dollar to a sterling basis for transactions. Since the end of the war, the unfavourable trade balance has drained off’ more than 500,000,000 , dollars in. exchange assets, including gold and silver holdings, are now estimated at less than 300,000,000 United States dollars. “In implementing, a policy of exchange control, China has ’been trying to pare its. import's, to the bone and to increase its exports. Within the limits of the available exchange, however, the new move ai?pears designed to capitalise at least temporarily—in the absence of a further United States loan—on such advantages as may lie in the sterling bloc." - -
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Greymouth Evening Star, 27 September 1947, Page 8
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168CHINA TO PURCHASE MORE GOODS FROM STERLING AREA Greymouth Evening Star, 27 September 1947, Page 8
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