Office of the Historian

893.5151/12–1548: Telegram

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

Nanking, December 15, 1948.
[Received December 16—12:10 a.m.]

2528. According to notice posted Central Bank Nanking, sales gold and silver dollars have been suspended from this afternoon pending [Page 440] enforcement revised measures under promulgation by Executive Yuan governing future sales policy.20

Sent Department 2528, repeated Shanghai 1270.

Stuart
  1. In telegram No. 2541, December 16 (893.5151/12–1648), the Ambassador in China reported that revised measures covering sale of gold and silver to the public had been approved by the Executive Yuan the previous day. They placed various restrictions on sales, particularly a limit of 1 teel (1.1 ounce) of gold to each adult purchaser every 3 months. In telegram No. 2613, December 23, 5 p.m. (893.5151/12–2348), the Ambassador reported a Central Bank estimate that 275,000 ounces of gold had been sold between November 22 and December 15, resulting in a withdrawal of 500,000,000 gold yuan from circulation.↩