Foreign Exchange Problem Believed Reason Peiping, Apr. 21 The sudden drop in the value of Federal Reserve Bank currency, In terms of National currency, has caused some anxiety locally For some weeks the National currency has been at a premium of about eight per cent. over Federal Reserve currency, but the increase started on April 15, reaching over 23 per cent. on April 19. after which it levelled out to just over 17 per cent.
The fall is generally ascribed to the failure of the Federal Reserve Bank's scheme to sell foreign exchange at 144. and to the resulting demand for National currency which is necessary for the purchase of foreign exchange at foreign banks—
Reuter
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