893.51/7665
Press Release No. 34–79 Issued by the Treasury Department on December 31, 1942
Secretary Morgenthau announced that the stabilization arrangement of July 14, 1937 under which the Central Bank of China has been enabled to obtain up to 50 million in U. S. dollar exchange has been extended for a period of six months beyond December 31, 1942.
Secretary Morgenthau also announced that the Government of China had completely liquidated all obligations which it had incurred in the past under the 1937 arrangement. China’s favorable record under this arrangement, the Secretary declared, was another example of China’s creditable dealings with the United States.
This arrangement was extended at the request of the Government of China. The Treasury, in accordance with its traditional policy of giving full financial cooperation to the Chinese Government, was pleased to agree to this request, the Secretary stated.