Tokyo, July 20.
Continued British support of Chinese national currency was held unlikely by Japanese banking circles here today who pointed that it took only three months to exhaust the £10,000,000 Exchange Stabilization Fund established under joint Sino-British auspices.
This comment was evoked by the action of the Hua Hsing Commercial Bank of Shanghai in divorcing its currency from the national dollar, pegging its yuan at 6d, "Basic economic factors" were principally blamed for the continued fall of the Chinese national dollar.
Japanese bankers praised the action of the Hua Hsing bank, pointing out that since its notes were designed to serve as a trading currency their stability was a prime requirement, This stability, they added, could be easily maintained in view of the foreign exchange reserves held by the bank.
Text read from the printed page and cleaned; old type leaves the occasional error.