With the fall in the Chinese dollar, operations of the Hua Hsing Commercial Bank assumed importance yesterday. According to a Domei Report, conversions from the Chinese national dollar to Hua Hsing yuan amounted to Yuan 3,000,000 on Thursday, the first day the divorce between the Hua Hsing yuan and the Chinese dollar became effective, bank officials stated. This included bulk conversions of deposits in national dollars into Hua Hsing yuan, they said.
The rate of exchange, which opened at $120 for HLHLY. 100, closed at $140 for H.HLY. 100, when the Chinese dollar continued its downward tobogganing. Setting up an official exchange rate of 6d. for its yuan, the Hua Hsing Commercial Bank on Thursday announced its New York rate as U.S. $1 for HLHLY. 100.
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