Foreign Relations of the United States, Diplomatic Papers, 1945, The Far East, China, Volume VII

893.5151/11–845: Telegram

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

Chungking, November 8, 1945.
[Received November 8—8:33 a.m.]

1945. For Secretary of the Treasury from Adler.

1. When asked at a press conference in Chungking on November 7 when the Government could announce a fixed rate of exchange, Dr. P. H. Chang,⁶⁷ the Government spokesman, said, “Of course, the Government will readjust the present rate. But this question of rate of exchange is a highly complicated matter. The Government will make a decision after a careful and thorough study of the whole question is completed.”

2. When asked why separate currencies have been issued in Manchuria and Formosa, he said, “Before Japan surrendered, Formosa was a part of the Japanese territory. During the war on account of Japanese maneuvers, Manchuria was more or less isolated from China economically. Their currencies were directly linked with the Japanese yen and should not be considered as on the same basis as the puppet notes FRB (Federal Reserve Board) or CRB (Chinese Reserve Bank). Therefore, it is necessary to issue the so-called scripts as a temporary measure to cope with the special situation in the northeastern provinces and Formosa. China’s currency will be unified.” [Adler.]

Robertson

67. Reserve member of the Kuomintang Central Executive Committee.