811.515/8–845: Telegram
The Ambassador in China (Hurley) to the Secretary of State
[Received August 9—1:50 a.m.]
1303. Secretary [of the] Treasury, Washington, from Adler. Following background of Kung’s purchase of U. S. $10,000,000 currency in Washington in June will be of interest. Acting Manager of Central Bank informs me that he had asked Kung to obtain $100,000 to $200,000 of U. S. currency to enable Central Bank to control any untoward developments in open market for U. S. currency. Kung, on [Page 1119] own initiative and without consulting either Minister of Finance or Executive Yuan, asked for $10,000,000 of U. S. currency, which Treasury agreed to give him in small denominations gold seal, $1,000,000 of which he brought with him. It transpires that market here has no use for gold seal currency, but I learned informally that Chinese Government does not intend to bring remaining $9,000,000 to China. Minister of Finance has promised to keep me informed of any further developments. [Adler.]