HC Deb 07 March 1946 vol 420 cc109-10W
68. Mr. W. Fletcher

asked the Chancellor of the Exchequer what arrangements he is making for Chinese currency to be quoted officially in Shanghai in sterling as well as in gold dollars.

Mr. Dalton

The Chinese exchange race has now been decontrolled, and the present quotation for sterling is more in accord with economic realities. This will remove a serious obstacle to our trade with China. The rate published daily is the rate at which the Central Bank is prepared to give cover. I do not propose at present to take steps to arrange that this rate, which is not an official rate, should be quoted in sterling as well as in U.S. dollars.