Foreign Relations of the United States, 1949, The Far East: China, Volume IX

893.5151/7–549: Telegram

The Minister-Counselor of Embassy in China (Clark) to the Secretary of State

Canton, July 5, 1949.
[Received July 5—4:19 p. m.]

Cantel 690. Official exchange rates based silver currency introduction follow (Cantel 683, July 3, repeated Nanking 458, Shanghai 395).

HK²¹ $1.00 to S $0.24, US $1.00 to S $1.55, Lb²² 1.00 to S $3.72, ounce gold S $75.00. Current Government revenue estimated 10–15 million silver dollars monthly versus 4 [sic] million expenditures, with deficit expected met by bond issues and increased taxes.

Sent Department Cantel 690; repeated Nanking 465, Shanghai 400.

Clark

21. Hong Kong.
22. British pound.