893.5151/12–1049
Memorandum by the Assistant Secretary of State for Far Eastern Affairs (Butterworth) to the Secretary of State
[Washington,] December 10, 1949.
Symptomatic of the difficulties inherent in China which operate against any Chinese Government under present circumstances is the fact that the official rate of exchange between the U.S. dollar and the Communist currency has moved since April of this year from 1 to 600 to the present 1 to 18,000.
W. W[alton] B[utterworth]