June 28.
The Legislative Yuan has approved the scheme for the creation of a Central Reserve Bank for China. This marks a definite advance toward completion of the currency reforms outlined by Dr. H. H. Kung in his statement of November 3, 1935 when the Government of China abandoned the silver standard and started on the system of managed currency. On the whole the Government has been successful in handling the problems arising from the severance of China's long-standing silver rela~ tionships. It has imposed the circulation of its own notes as legal
Text read from the printed page and cleaned; old type leaves the occasional error.