EXCHANGE: Tobogganing in China

For ten months, currency in Free China had remained steady at a black market rate of 200 Chinese dollars to one U.S. dollar. This gave rise to a faint hope that the rate might be stabilized, a start made towards a basis for postwar trade. Last week this hope went aglimmering. The Chinese dollar, which slipped after the fall of Kweilin and Liuchow, tobogganed to one-third of its previous value. Last week it took 600 Chinese dollars to buy one U.S. dollar. Businessmen, who have long staggered under loads of currency on their way to...

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