811.42793 SE/10–1747: Telegram

The Ambassador in China (Stuart) to the Secretary of State

2089. ReEmbtel 2072, October 14.27 Embassy has agreed on minor changes of article 11 which now reads as follows:

Article 11: “The Government of the Republic of China shall, within 30 days of the date of the signature of the present agreement, deposit with the Treasurer of the U. S. of America an amount of Chinese national currency equivalent to $250,000 (U. S. currency). Thereafter commencing with January 1, 1948, the Government of the Republic of China shall during each calendar year, deposit with the Treasurer of the U. S., upon demand of the Government of the U. S., amounts of Chinese national currency not to exceed the equivalent of $1,000,000 (U. S. currency) and in aggregate totalling the equivalent of $20,000,000 (U. S. currency). The first deposit of Chinese national currency equivalent to $250,000 (U. S. currency) shall be considered as part of the deposit for the calendar year 1918. The rate of exchange between currency of the Government of the Republic of China and U. S. currency to be used in determining the amount of currency of the Government of the Republic of China to be deposited from time to time hereafter, shall be at the par value between Chinese dollars and U. S. dollars established in conformity with procedures of the International Monetary Fund or in the absence of such a par value the rate shall be the open market rate as established by the Central Bank of China.

Should this latter rate for any reason appear to be inequitable or be abolished, it can be the subject of discussion between the Government of the Republic of China and of the United States of America.”

Department is requested to expedite urgently approval and authorization for signature.

Stuart
  1. Not printed.