BUSINESS ABROAD: China Blues

In Hong Kong's South China Morning Post last week, the three British banks still technically doing business on the Communist-ruled Chinese mainland ran an important ad: they would pay off all their depositors in local currencies on a sliding scale, depending on the dates when their cities were "liberated" by the Communists. The payment would be liberal—and with reason: the Red government had ordered the banks to refund not only the original deposits, but what they would be worth in terms of China's grossly inflated currency. The move would also be a windfall for the government. Unclaimed deposits, said...

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