CHINESE GOLD RESERVE
AMERICAN BACKING PURCHASE OF SILVER WASHINGTON, July 9. Mr. Henry Morgenthau, junior, Secretary of the Treasury, following a conference with the Chinese Minister of Finance, Dr. H. H. Kung, announced that the United States would “purchase a substantial amount” of Chinese silver with gold from the United States sterlised fund, which totals £528,800,000. Silver certificates will be issued against this silver purchased and the gold will remain in the various banks of the United States, thus providing a gold reserve for Chinese currency and also a stabilising influence on exchange transactions. It will not have any connection with the tripartite agreement.
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Bibliographic details
Poverty Bay Herald, Volume LXIV, Issue 19374, 12 July 1937, Page 5
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104CHINESE GOLD RESERVE Poverty Bay Herald, Volume LXIV, Issue 19374, 12 July 1937, Page 5
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