INFLATION GATHERS PACE IN SHANGHAI
(Rec. 11.45 a.m.) SHANGHAI, February 23. The runaway inflation gathered pace in Shanghai today with the news of further Government reverses in Manchuria. The city’s commodity and finance markets made hourly gains. The American dollar which was quoted at 230,000 Chinese dollars on the black market this morning touched 270,000 by the evening, while an ounce of gold fetched 17,000,000 Chinese dollars, an increase of 2,500,00 in 48 hours. Foreign and Chinese shares registered 10 to 15 per cent, increases over Saturday’s closing quotations.
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Greymouth Evening Star, 24 February 1948, Page 5
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89INFLATION GATHERS PACE IN SHANGHAI Greymouth Evening Star, 24 February 1948, Page 5
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