The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
7/9/37 — This will be released at 3:30 P.M. today A.L. Th@ monetary cooperation will oh resulted from the conference of tfct Secretary of the treasury of the United States of America with r@pr#©@ntatl¥ss of the Chinese Hltiti|)r of FInanoe in U®$, 1956, has O0ntri)3ut@& to the ¥erj suGoessful fiiatifliiif of the new Chinese monetary gjstea with benefits bath to the internal ©cono^ of China and to teen can trad®. We &r® now & M s ta announo© further progress In monetary cooperation between the two countries In pursuit of the understanding r@*0h®& s year ago* At th&t time th©fl+iflfWJf of the treasury, in a pulalle statement, said; 8 1 feel confident that tfct moaetarj program "being pur- sued Tggr the Matioaml 0O¥eriiia@nt of Chin®, is not onlj along souad lines, but ©constitutes an important step toward the desired goal of stability of world currencies "To supplement their efforts tow&rd that objective and to cooperate with the® la their program of monetary reform and currency stabilisation, and la aooordanee with our silver purchase policy, we ha¥@ def initeij Indicated our willlngBegs, under conditions mutually acceptable, to m&k® purchases fron the Central Bank of China of substantial amounts of silver, and also to sake available to the Central B&&k of China, under eon&itlcms which safeguard the interests of both countries, dollar exchange for currency stabilisation purposes. • k% the MBMB tise, the Minister of Finance of China in a public statement expressed the firm belief that the new measures m §m of monetary reform wl and the a insure UMl stability than being adopted by the Chinese aad« with the United States would Chinese QVLTF®nc^9 Mtt this would t l f l l l ably l®ad to grtmttr of Qhlnm will pureh&s® from the United States Treasury ft tufestmnti&l amount of gold, fo aid the IffctlWSS QtQVBTtment tMus to augment i t s r©®e3r?tsf and in aeeor&ane® with the IliM of the Halted State® Act of 1954, the United States freaEur^r will purehas® ouai of slXr^r from the Ohiaess 0oTarnaent, United States !PtftM9y vilX also' broaden the s@op# of the under wxiich the O@ntrml Bank; of China h&B lm®n enrtled, oonditlons ittiich suftguaM the interests of both eomntrlts, to obtain dollar tatfeMgft for cu^nreaoy stabilisation of the treasury and the Finance Minister beneficial of Oiiina are greatly grmtifitd bj the / r e s u l t s to hot'h. tevt been the consequence of their understanding reached l a s t and they are equally gratified to he ftMi to announce furtiaar progress in their cooperation. I t is a source i f satisfaction to th#m that the program of monetary reforms and ourreney stat&lisstion in Chins lims ifttft carried out with great success aaA kas been an increase of trade betwttn China ftM other nations* the United States* which occupies the f i r s t place in China's foreign IMit. B®causii of his d©air@ to express the appreciation of the Chinese §o¥@rna@nt and the people of Cbin&# the Chinese Minister of Finance came in person to the United S^ateg to conduct the negotia tions which have just been concluded* Tfce Secretary of the Treatux^ greatly Rppr^oiatee had this opportunity for per»oa»l contact with the Finance of C M n a and of undart&iting in conrerenes with aXu to further welfare of both countries.
@FedFRASER