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The Chargé in China ( Vincent ) to the Secretary of State

576. For Treasury from Adler. TF–110, April 17. Ministry of Finance informed Board April 13 that it has drafted a temporary measure according to which:

diplomatic and consular establishments in China would be allowed to convert foreign exchange at official rate plus 50% for duration of war and
foreign exchange received from diplomatic and consular establishments would be put in a separate account in Central Bank and not credited to the Board. Central Bank would handle all transactions connected therewith and advance the national currency. Settlement of the account would be made after the war.

Board has replied to Ministry of Finance taking note of its proposal and asking for clarification of one or two minor details. Proposed arrangement would not appear to require modification of GL 7522 as Board’s consent has been obtained.

Foregoing is of interest in connection with Embassy’s 527, April 11, 9 a.m., and 549, April 16, 2 p.m. [Adler.]

  1. General License 75.