Foreign Relations of the United States, 1948, The Far East: China, Volume VIII

893.515/8–2548

Memorandum of Telephone Conversation, by the Chief of the Division of Chinese Affairs (Sprouse)

[Washington,] August 25, 1948.

Mr. Tsui⁶³ telephoned this afternoon to say that the Chinese Embassy had received word from the Foreign Office at Nanking that the public reception in China to the new currency had been very satisfactory and that the Foreign Office had instructed the Chinese Embassy to convey this information to the Department. He continued that figures had been released on conversion rate and other aspects of the new measures, that prices were reported to be dropping⁶⁴ and that the Chinese Government considered this step in the nature of action taken by the Chinese themselves toward solving their problems. I thanked him for the information but made no comment other than to say that we viewed sympathetically measures of self-help taken by the Chinese Government.

63. Tsui Tswen-ling, Counselor of the Chinese Embassy.
64. In airgram No. A–807, August 24, the Consulate General at Shanghai reported a downward tendency in prices after the currency reforms (893.515/8–2448).