§ 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 is110W 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.