Blame For China's Currency Slump
(Roc. 1.30 p.m.) NANKING, Mar. 5. Five members of the control branch of the Government who investigated China’s recent currency collapse and economic crisis, in a report described as "The Bitter Inside Truth.” placed responsibility on the former Prime Minister (Dr T. V. Soong) and three Central Bank of China officials, namely the president (Pei tne manager (Lin Fengpao) and the assistant manager (Yan Ganjen). The report said that as a result of policies formulated and executed bv those four, the Shanghai money market got out of control, precipitating an economic crisis. Dr Soong and Pei Thuyee were blamed for failing to abandon the Government sale of gold after it became apparent that such a measure would not affect the market. Lin and Yan were accused of mishandling the bank funds and of deliberate irregularities resulting in private profit. Public funds and production loans were used in currency speculation.
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Northern Advocate, 6 March 1947, Page 5
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154Blame For China's Currency Slump Northern Advocate, 6 March 1947, Page 5
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