Peiping, Mar. 12.
The newly established "Federated Reserve Bank" of China will not for the present operate in Shanghai. Officials of the institution, which opened its doors two days ago, said they would watch the situation in Shanghai with "calm attention." The new institution, they said, must now be regarded as the central banking organ in China.
The Bank's policy, which will extend beyond finances, has already been defined, following protracted conversations with Japanese authorities in North China, the officials revealed.
Among the main tasks facing the Bank, they added, is the reform of the currency system, revision of the tant policy and development of industry and agriculture.
While the general lines of North China's economic. development will be laid down by the projected Sino-Japanese Economic Council, the Bank will devote its attention to increasing production of raw cotton, for export {o Japan; Increase output of leaf tobacco and leather and hides and control import of wheat to adjust North China's trade balance.
Text read from the printed page and cleaned; old type leaves the occasional error.