Introducing New Currency To China
SHANGHAI, Sun. (10 a.m.).—All banks, share and commodity markets remain closed as the Government promulgates the various measures introducing its new currency and economic reforms.
These include presidential decrees ordering the registration by Chinese nationals of all holdings and property abroad valued in excess of SOOO United States dollars, and prohibiting the circulation, possession, or sale of all foreign currencies in China along with gold and silver bullion and silver coins. RE All TEST Economists say the real test of China’s new currency regulations will be the Government’s effort to freeze price levels. If the price of daily necessities is kept within reach of the salaried man’s pocket, they say the battle will be won and inflation arrested.
Meanwhile, stores are doing business as usual, in most cases at unchanged prices. The Foreign Minister (Mr Wang Yun Yu) said the Government hoped to secure a monetary loan from the United States either for the direct purpose of backing the new gold yuan currency or otherwise stabilising the economic situation.
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Northern Advocate, 23 August 1948, Page 5
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174Introducing New Currency To China Northern Advocate, 23 August 1948, Page 5
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