FO371-24687 — Page 231

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Chuengling.

No 338

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Tipsentimental 2

Refert to Herghoy

for the Hell

Conto #7

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1. Norman Young (Tuarry)

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OUT FILE- 1519

telegram to Sir A. Clark Kerr Changing

Repeated Hong Kong for Hall Patch and Rogers.

Chinese Ambassador has given us substance of a telegram from Dr. H.H. Kung on "proposed Chinese exchange control". This contemplates action by (A) Chinese, Government (B) Chinese Banks (C) Foreign banks as follows:-

(A) Strict. examination and control of applica- tions for foreign exchange, with speciál pre- Cocautions (i) against enemy and puppet regime ob-

taining foreign exchange. (ii) against speculators. Besides budgetary economy (said to be achieved). restriction of note issue, and strengthening of reserves.

(B) to attempt to increase holdings of foreign

exchange,

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