Disposition of Gold Shipped to China under the 1942 Financial Aid of $500 Million Extended by the U.S.
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OCR Page 1 of 11September 4, 1951
Disposition of Gold Shipped to China under the 1942 Financial
Aid of $500 Million Extended by the U. S.
1. of the $500 million in financial aid extended to China by the
United States, the sum of 220 million was made available in the form of
gold at the request of China. Funds were transferred to Chinese accounts
in the United States for the purchase of gold in the following amounts
and on the following dates:
Amount
Date of Transfer
(millions)
Feb. 1, 1943
$ 20
Oct. 13, 1944
20
May 22, 1945
60
June 12, 1945
60
July 27, 1945
60
Total
$220
2. The gold was obtained by China for shipment to that country
for the purpose of selling gold to the public in an attempt to retard the
serious inflation. Gold shipments from the United States to China were made
as follows:
Value
Year
(millions)
1943
$ 10.5
1944
15.4
1945
122.9
1946
68.6
217.4
Add: amount obtained from
U.K.'s gold stock in
India in exchange for
transfer from Chinose
account in U.S. to
U.K. account
1.4
Total
$218.4
3. Detailed information on the sales of gold undertaken by the Chinese
Government is not available. On June 9, 1948, the Department of State sent
a letter to the Chinese Embassy in the United States enclosing a questionnaire
which raised, among others, a series of questions relating to these gold
sales. In reply to this letter, the Chinese Embassy in a letter dated
February 4, 1950 to the Department of State submitted the following informa-
tion with regard to gold sales. The letter, it may be noted, recognized the
fact that this reply "may not be as comprehensive as was desired".
DECLASSIFIED
E.O. 12065, Sec. 3-402
State Dept. Guideline, June 12. 1979
TREASURY GUIDELINE 6-27-79
By NLT-
HL
NARS, Date 7-17-80
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