THE CHINA MAIL, NOVEMBER 1, 1939.
CHINA DOLLAR'S NEW LEASE OF LIFE
Shanghai, To-day. THE VARIOUS INFLUENCES at work in the recent steadiness of the Chinese dollar is the subject of a lengthy comment by "Finance and Com- merce," the well-known Shanghai financial weekly, in a review of the local exchange mar- ket in the past week. The journal points out in the first place that the steady appreciation of the Chinese dollar dur- ing the week was accompanied by a general feel- ing that the dollar has definitely escaped the quicksands and will stay, in the future, on higher and more solid ground.
"Finance and. Commerce," discus- | and how long it will be before there
Page
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sing the situation, says that the fact is a right-about-face, is a difficult NEXT CHANGE. "OUT WEST WITH THE HARDYS“
that this impression prevails is itself question to answer." of very
market.
material assistance to the
"What may be termed mob psy- chology has a considerable influence pn exchange.
"A few weeks ago, when the dollar was standing at 3d., the opinion was expressed that there was noth- ing to prevent its plunge into the abyss and its final disappearance.
REVIVED STRENGTH
STERLING SALES
"Finance and Commerce" then de- clares that the selling of sterling from Hong Kong, accentuated by the re- cent exchange restrictions in the Co- lony, probably brought the first much- needed assistance to the China dollar. "There has also been selling, in sim- ilar circumstances, from Singapore, while Indo-China and Manila contri- buted their quota in connection with
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"Since it has been showing signs trade requirements, and now the local⚫LAST 4 TIMES TO-DAY•
of revived strength and vitality, pub- lic confidence has been to some ex- tent restored
When one turns we all turn."
"The state of mind implicit in that motto has affected the course of ex- change more than any other single factor, but such questions as who or what started the turning movement
Chinese, of whom large numbers pos- sess varying small amounts of ex- change, are keeping the ball rolling.”
The selling in Shanghai is not of a speculative varity. They are purchas- ing dollars again because of the per- iod of steadiness and the suggestion of an upward trend, which has con- (Continued on Page 4)
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